Top Up Mortgage
Madden Law – A modern Solicitor's office
Why choose Madden Law when switching mortgage?
- adopts a modern approach to providing legal services
- 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 structure
- 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.
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.
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.
What legal work is included in the fixed cost fee of €1,500
The legal steps in switching 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.
We will drawdown your new mortgage and pay off your old one straight away. The cashback is paid to you after drawdown directly by your new bank,
We will change the registered lender in the Property Registration Authority, When this is completed, your title deeds will be sent to your new lender.
Steps and advice when switching mortgage
The borrowers will give the details of their solicitor to their new bank. The new 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.
Then, what happens?
The borrowers will sign the loan offer and legal documents with their solicitor. The solicitor will send these to the new bank and arrange to drawdown the new mortgage. When the funds are received, the solicitor will redeem the old mortgage.
The solicitor will ensure that the old mortgage is removed from the title of the property. The solicitor will then apply to the Land Registry to register the new mortgage on the title of the house. When this is completed the solicitor will send all of the title deeds to the new bank.
Do you have a question related to switching mortgage? Send us a message
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,
Tips for switching mortgage
When do I get a solicitor?
Get your deeds from your current lender early. It can take up to 3 weeks for the deeds to get to your solicitor, from the date they are requested.
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?
You must drawdown the new loan amount in one full amount, Usually this is a little more than you need to pay off your old loan. The difference is available to you to use.
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 re-mortgage and is an additional legal service.