Completed Remortgage - need some guidance.

mrsmsebastian

Hi we have completed our remortgage yesterday with Lloyds Bank and everything went smoothly. I have already received excess money to my account after they have paid my previous lender.
I have so many things in my head that I need clarification and guidance please.

• Should I expect any paperwork/clearance from my previous lender stating that I am now free of any mortgage obligation with them. If so, can I now bin all the paperwork I have had with them and cancel my mortgage direct debit?
• With remortgaging, is it only the Lender that has changed and everything else stayed the same in our property ie nothing has changed in the Land registry, the method of co-ownership and etc?
• is there any paperwork I should expect from the free legal conveyancer and with the new lender? the paperwork I have received so far is the mortgage illustration, mortgage offer, redemption statement and lastly the Completion statement. Have I missed anything?

Thank for those who will reply and will offer some guidance.

Edi81

Personally I wouldn’t throw anything away from your old lender for a few years. 

But yes, you can cancel the direct debit once you can see the new Lloyds one has been set up. 

In terms of ownership nothing has changed unless this is something you asked for. 

Eventually, may be some months away the soliciotor who dealt with the demo wI’ll send you a new extract from land registry showing that the legal charge on your property is held by Lloyds. 

Edi81

One other thing. I previously had a mortgage with Lloyds and when I moved I didn’t get any final closure letter. 

dimbo61

Land Registry is taking months to update any changes to properties at the moment.
Now as your already registered as the owners at the moment that makes little difference as only the mortgage lender is changing.
Please don't cancel your Direct debit as your old lender may well send any excess funds back to your bank by dd.
Can't do that if you cancel the DD!
You will receive paperwork in the post.
Keep the old paperwork from your old lender including annual statements.
Many lenders are now sending out the deeds before you have paid off the mortgage as it's less documents to store please keep all the old documentation safe for the future.

Windofchange

I have a similar question. We are with the Halifax and our payment date was (is) the 1st of each month. We completed our remortgage on April 1st and I received a couple of hundred quid back from the solicitor, but that was just what was left over out of the transaction. Halifax took just shy of £2,100 out on the 1st as I was on their SVR, but that is for April's payment to them which I should not have had to make as we are now with platform as of then. I went onto my online banking area for Halifax and the mortgage account has disappeared, so I can't check where this money has gone, but I believe that I am owed back the £2,100 from Halifax? Is it a case that they will be doing some activities to shut down the account and I will receive this back at some point in the future? If so, how far in the future are we talking? It's quite a lot of money! 

user1977

Windofchange said:

Halifax took just shy of £2,100 out on the 1st as I was on their SVR, but that is for April's payment to them which I should not have had to make as we are now with platform as of then. I went onto my online banking area for Halifax and the mortgage account has disappeared, so I can't check where this money has gone, but I believe that I am owed back the £2,100 from Halifax? Is it a case that they will be doing some activities to shut down the account and I will receive this back at some point in the future? If so, how far in the future are we talking?

Normally it comes back almost immediately.

Windofchange

Ok. Maybe the weekend has got in the way then as my Halifax Mortgage account disappeared around dinner time on Friday night, so I suppose the banking network has been shut for the weekend and it may transact tomorrow?

kingstreet

A refund of a mortgage payment will take upto two weeks to be returned to the payor account so don't cancel the direct debit as that will prolong the issue.