Top Up Mortgage
Madden Law – A modern Solicitor's office
Why choose Madden Law when switching mortgage?
Shona Madden:
- adopts a modern approach to providing legal servicesÂ
- gives access to clients to book a time online to have a call and catch up on your purchase
- will text clients with regular updates on their purchase
- uses plain English
- gives an easy to understand fee structureÂ
- has a fixed-price re-mortgage fee.
- offers a wide range of flexible appointment options.
- provides efficient service, getting you your new loan in place quickly.
- have over ten years experience in remortgaging.Â
What is the role of a solicitor in the mortgage switching process?
Firstly, the solicitor will get your title deeds from your current bank.
These will have the be reviewed to ensure that good marketable title can be given to the new bank. In order to get your deeds, your solicitor will have to obtain the written authority from the borrowers.
How long does the legal process take to switch mortgage?
It usually takes 6 weeks from the date the new loan offer is received from your new lender and the title deeds are received from your old lender.Â
What do I need to do to start?
Sign the authority , to get your title deeds from your current bank. You can download the form by clicking here.
All the details are set out in the Madden Law mortgage costs document here."
The legal steps in a top up mortgage
New Loan Offer
The new loan offer and pack will be sent from your new lender to our office. We will contact you when it arrives You will then sign the legal documents in our office.
Drawdown
Give us your bank details.
We will drawdown your new mortgage. Â
Certificate for stage payments
If it is by stage payments, a certificate must be provided by the architect or engineer.
Steps and advice when getting a top up mortgage
Check with the bank:
That a solicitor is required for the top up. A solicitor is only required when stage payments are being made for work being carried out on the property.
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What’s first?
The bank will send the loan offer and legal pack to the solicitor. The solicitor will review the loan offer to ensure that the borrowers can comply with all of the special conditions in it.Â
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Do you have a question related to a top mortgage? Send us a message
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re-mortgage Blog articles.
All went to plan, I know I choose the right solicitor for the job. You're a pleasure to deal with & I know where to find you in the future. Best Regards,
Noel Corrigan
June 2021
Tips for toping mortgage
Check if you need a solicitor?
Get this checked with the bankÂ
BER?
Check what documents your new bank before drawdown. If you are getting a “green” rate, the BER must be submitted in advance of releasing funds.
Will I get change?
When you are coming in to sign the loan offer, please bring in your bank details.Â
Who are the borrowers?
All borrowers must be the registered owners of the property. Often, only one person is the owner from the original purchase. This must be changed for the top and is an additional legal service. Â
All went to plan, I know I choose the right solicitor for the job. You're a pleasure to deal with & I know where to find you in the future. Best Regards, Noel Corrigan