How long will it take to complete my transaction?
GEP aim to complete your remortgage within 4-6 weeks from the date of your Mortgage Offer, subject to all conditions being satisfactorily met in accordance with your lender requirements.
However, completion can be delayed beyond this timescale if your remortgage involves additional work, for example, a Transfer of Equity or Deed of Postponement.
How will I receive my funds on completion?
We send your balance funds to you by one of the following methods:
- some lenders may send the balance due to you direct
- by Telegraphic Transfer (TT) direct from ourselves (we make a standard charge for this which is set out in our introduction letter)
- by Cheque direct from ourselves (which will be posted first class within 24 hours of completion).
- Options (a) and (b) are covered in our Client Questionnaire and you must ensure that you complete the details to enable us to comply with the option which suits you best.
What happens upon completion and who will pay off my mortgage?
On the day of completion we will:
- pay off all secured lending on your property. The only time we will not repay all lending on your property is if you have instructed us that you wish to postpone any of your charges on your property, this is subject to lender approval
- send any balance monies to you by way of Cheque or TT as indicated in your Questionnaire
- serve Notice on your Landlord/Management Company if your property is Leasehold
- confirm to you and your existing lender in writing that completion has taken place.
How will I know what stage my remortgage is at?
You can call your Solicitor or his/her Assistant on the telephone number provided on your introductory letter.
What is a shortfall?
A shortfall can occur when you owe your current lender(s) more than you are borrowing from your new lender.
Why do people who will occupy the property I am buying have to sign a consent form?
Occupiers need to sign a form to confirm they are aware of your Mortgage. By signing the consent they are confirming that if you default on your mortgage they will leave the property if required to do so by your new lender. The consent may need witnessing by an independent solicitor.
What will happen to my over payments?
If any overpayments are made to your current lender these will be refunded to you by one of the following methods:
- direct from the lender into your account
- by way of cheque from the lender
- via ourselves from your lender
When should I stop my direct debits?
You should only cancel Direct Debits once you have been advised by us on completion to do so. This will be confirmed to you in writing by us on the day of completion.
You must not recall any payments made to your existing mortgage account as these will be included within the redemption figure we use when redeeming your mortgage.
It is a condition of your mortgage that all existing mortgages are repaid in full on completion of your remortgage.
What is a Deed of Postponement?
A Deed of Postponement is a document which confirms that the lender of second charge/second secured loan allows you to postpone their charge, allowing your new lender to have a first charge.
This must be agreed and all documentation signed before completion of your new remortgage.
What is a Transfer of Equity?
A Transfer of Equity is where you either transfer someone on or off the Title Deeds. We must ensure that the names mentioned on the Mortgage Offer match the names mentioned in the Deeds or on the Title at the Land Registry.