Switching Your Mortgage – The Legal Process
The legal process for switching a mortgage or a re-mortgage is straightforward but does require the services of a Solicitor. Once you have identified the best value mortgage either by using a broker or approaching the banks directly you are obliged to complete the loan application form and return it with the supporting documentation e.g. bank statements / pay-slips / id etc. This is the reason why so many people give up. However, once you are approved, the hard work is done and you can save €000’s.
As part of the loan application, you have to identify your Solicitor. At this point, you should ask your Solicitor to start working on your behalf. Your Solicitor should do the following:
- Provide you with an estimate of the costs;
- Send you an authority to take up the Title Documents from the current lender; The Solicitor will need to know the following to prepare that authority:
- Name and addresses of mortgage holders;
- Name of the current lender;
- Mortgage account number;
- When the loan is approved, the loan offer will be sent directly to the Solicitor with a loan pack.
- Complete the documentation and request that you call into the office to sign the documentation:
- Accept the loan offer;
- Authority to act on behalf of the bank to put the mortgage in place;
- Mortgage document(s);
- Family Home Declarations;
- Assignment of the life policy;
- Comply with any special conditions in the loan offer;
- The Solicitor then carries out searches against the property, arranges to draw down the new mortgage and pay off the old mortgage;
- Prepare a statement of account and pay any surplus funds to you;
- Register the vacate (discharge) of the old mortgage and record the new mortgage in the Land Registry or Registry of Deeds;
- Send the Title Documents to the bank to be held until the mortgage has been paid off.
By instructing Anthony Joyce & Co. Solicitors, you can be confident that your transaction will run smoothly. Anthony Joyce & Co. are one of only a handful of Law Firms in Ireland who carry the International Lexcel (Legal Excellence) Certification. Our highly experienced team work within the Lexcel framework to deliver a high quality service to our clients. We encourage you to make that effort to switch and by offering a fixed fee of €1,500 you will be saving further. We understand that some banks have a switching or re-mortgage offer of €2,000 or more towards the legal fees!