Remortgage Transfer Service

At the Coventry, we offer the Remortgage Transfer Service to look after the legal aspects of your remortgage and provide a seamless transfer from one mortgage to another.

Your Coventry mortgage advisor will appoint a solicitor for you, who will carry out all the essential title checks and Land Registry searches.

Your solicitor will obtain a redemption statement from your current lender to confirm the balance of your current mortgage and the amount required to repay it, including any fees.

They will also prepare and collect the signed mortgage deeds, register your new mortgage at the Land Registry, arrange repayment of your current mortgage and complete the transfer to the Coventry.

Benefits for you

• Dependant upon the product chosen, our Remortgage Transfer Service offers you either your legal fees paid, or a reduced fee package.
• You don't need to worry about finding a reputable solicitor, as your mortgage advisor will appoint a solicitor for you from our carefully selected panel.
• It's so quick and easy that most transfers are completed within 10 days of the mortgage offer.

The Remortgage Transfer Service includes:

• Standard legal process on the remortgage
• Essential title checks
• Preparing and collecting the signed mortgage deed
• Preparing and collecting non-owner 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 (up to the value of £50). Land Registry costs are calculated on a sliding scale. Please contact the conveyancer for further details.
• 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 redeeming their original loan and moving money through the banking systems.

It does not include:

• Any cost of paying off existing loans including account closure, early repayment charges, etc.
• Cost of sending monies to solicitors
• Cost of sending monies to existing lenders by same day bank transfer
• Land Registry fees to register the remortgage, any change of ownership and any other land transaction that exceeds £50
• Sending borrowers' money by same day bank transfer
• The fees for returning title information to borrowers that is no longer required by the Society
• Reassigning life insurance policies that are associated with old loans
• Dealing with existing second lenders whether they are paid off or postponed
• Resolving 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, 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. 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 RMTS, 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

Your home may be repossessed if you do not keep up repayments on your mortgage.