1. Firstly, the solicitor will get your title deeds from your current bank. These will have to be reviewed to ensure that good marketable title can be given to the new bank . In order to get your deeds, your solicitor will have to obtain the written authority of the borrowers.
2. The borrowers will give the details of their solicitor to their new bank. The new bank will send the loan offer and legal pack to the solicitor. The solicitor will review the loan offer to ensure that the borrowers can comply with all of the special conditions in it.
3. The borrowers will sign the loan offer and legal documents with their solicitor. The solicitor will send these to the new bank and arrange to drawdown the new mortgage. When the funds are received , the solicitor will redeem the old mortgage.
4. The solicitor will ensure that the old mortgage is removed from the title of the property. The solicitor will then apply to the Land Registry to register the new mortgage on the title of the house. When this is completed the solicitor will send all of the title deeds to the new bank.