No hassle with our Remortgage Transfer Service
Let Coventry Intermediaries look after your clients' legal needs with our Remortgage Transfer Service package. It provides a quick and easy way to remortgage to us, and removes the stress of searching for a reputable solicitor.
What is the Remortgage Transfer Service?
Dependant on the product chosen, the remortgage transfer service offers your clients either their legal fees paid for them or a reduced fee package. Your client's case will be fast-tracked through the legal process by a Solicitor acting on our behalf. All your client needs to do is instruct us at the time they complete their application, and then leave the rest to us.
What's included?
- Standard legal process on the remortgage
- Essential title checks
- Preparing and collecting the signed mortgage deed
- Preparing and collecting signed occupier forms
- Obtaining a redemption statement on existing loans
- Preparing a financial statement
- Completing Land Registry searches
- Completing the remortgage
- Arranging for the repayment of the existing first charge secured on the property
- Registering the mortgage at the Land Registry
- Payments to the Land Registry for their search services and paying the registration fee up to a specified limit
It is our experience that the majority of borrowers pay nothing for the remortgage legal process. Borrowers with a leasehold property will usually pay for elements connected with leasehold ownership. All borrowers will pay any costs relating to clearing their old loan and moving money through the banking systems.
What's not included?
- Any cost of paying off existing loans including, account closing, early repayment charges etc
- Cost of sending monies to existing lenders by same day bank transfer
- The fees of the Land Registry to register the remortgage, any change of ownership and any other land transactions that exceed £50
- Sending borrowers' money by same day bank transfer, rather than cheques or BACS
- The fees for returning to borrowers title information no longer required by Coventry Building Society or Godiva Mortgages (as applicable)
- Reassigning life insurance policies that are associated with old loans
- Sorting out existing second lenders whether they are paid off or postponed
- Dealing with title issues associated with leasehold property, e.g. giving landlords notice of the remortgage and clearing restrictions
- Resolving title issues including possessory title, shared ownership, notices, restrictions, cautions, matrimonial home rights, equitable charges and other title anomalies
- Arranging for a change of ownership as a preliminary step before completion of the remortgage (also referred to as Transfer of Equity) and any associated costs including any tax
- Correcting name errors to ensure that the mortgage can be registered at the Land Registry
- Recorded delivery and special delivery and other non-standard postal costs
Terms and conditions
- The scheme only applies to a Solicitor nominated to act for us for a remortgage in England, Wales, mainland Scotland and Northern Ireland
- We will either pay the remortgage costs or charge a fixed fee to the mortgage on completion
- If a fixed fee is charged, this is currently £250 for residential mortgages and £285 for Buy to Let mortgages. Your client should be advised to pay this amount into their mortgage account immediately after completion to avoid incurring interest charges on the fee
- This service and any associated fees will only cover the costs of using a Solicitor nominated by us and the legal fees
- Refer to individual product details to confirm eligibility for this scheme
- If the product chosen is not eligible for the remortgage transfer service or the fixed charge transfer service then your client may choose to ask us to use our nominated solicitor subject to your client paying our nominated solicitors' charges direct. Our nominated solicitor can confirm the charges
- Should your client cancel their application, request to change the mortgage scheme they have applied for to one that does not have the remortgage transfer service, or have their application declined, we reserve the right to recover all costs
- The Solicitor will act solely for us in the transfer of the mortgage
- We undertake to comply fully with the terms of the Law Society's Solicitors Introduction and Referral Code 1990 as amended