No hassle with our Remortgage Transfer Service
Remortgaging should be simple. After all, you're not buying or selling a house, you're just changing your mortgage deal. So once you've found the right mortgage scheme, why spend lots of time and money sorting out solicitors and paperwork? Our Remortgage Transfer Service will take care of all of that for you.
Just choose your mortgage and apply online. We'll send you a copy of your application form to check and sign, along with an instruction letter which sets the legal work in motion. Our solicitor will then contact you and arrange everything for you.
You could complete your move to the Coventry within ten days of receiving your mortgage offer - saving you time and of course money.
This service is available for remortgages in England, Wales, mainland Scotland and Northern Ireland. Depending on the mortgage scheme you have chosen the Remortgage Transfer Service will either be discounted or free.
Please remember that the solicitor will only act on our behalf in the matter of transferring your mortgage to the Society. If you require advice about any legal aspect of the transfer this must be arranged independently by yourselves. The solicitor can be approached in this matter, but terms will have to be agreed between you and the solicitor.
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, this is currently £50
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
- 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
- Where we pay the remortgage costs, you can choose between having your Solicitor's fees paid for you if you use our nominated Solicitor, or receiving £200 cashback towards your legal costs if you prefer to use your own Solicitor
- If a fixed fee is charged, this is currently £250 for residential mortgages and £285 for Buy to Let mortgages. You are advised to pay this amount into your 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 you may choose to ask us to use our nominated solicitor subject to you paying our nominated solicitors' charges direct. Our nominated solicitor can confirm the charges
- Should you cancel your application, request to change the mortgage scheme you have applied for to one that does not have the remortgage transfer service, or have your 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