Madden Law – The re-mortgaging specialist
Why choose Madden Law when switching mortgage?
We have over ten years experience in property law. We provide transparent costs. We offer a range of flexible appointment options. We offer video consultations to discuss your mortgage documents. These can be booked online at a time that suits you. There is ample free parking outside our office at the Bryanstown Centre, Drogheda.
What is the role of a solicitor in the mortgage switching process?
Firstly, the solicitor will get your title deeds from your current bank. These will have the 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 from the borrowers.
How long does the legal process take to switch mortgage?
It usually takes 6 weeks from the date the new loan offer is received from your new lender and the title deeds are received from your old lender.
What do I need to do to start?
Sign the authority from your solicitor, to get your title deeds from your current bank. You can download the form by clicking on the button below.
The Legal Process of Switching Mortgage
Download authority to take up your deeds from your current lender (below) and send it to us.
New Loan Offer
The new loan offer and pack will be sent from your new lender to our office. We will contact you when it arrives You will then sign the legal documents with a solicitor in our office.
We will drawdown your new mortgage and pay off your old one straight away. A full statement will be provided to you.
We will change the registered lender in the Property Registration Authority, When this is completed, your title deeds will be sent to your new lender.
Steps and advice when switching mortgage
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.
Then, what happens?
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.
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.