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At Sinnott Solicitors, we have extensive experience of property transactions and we provide a full legal service to purchasers and vendors of real estate in Ireland.

RE-MORTGAGING

There is a growing trend towards re-mortgaging of property at present.  Some of the Lending Institutions are offering their customers better mortgage terms and interest rates than those that they are currently on.  Most Lending Institutions will make a contribution towards legal fees as part of their offer to their customers and therefore re-mortgaging has become a very attractive offer for homeowners.

 

Steps involved in a re-mortgage transaction

  1. Your Solicitor will take up your title deeds from your current lender’s Deeds Securities Department.  This involves an undertaking by your Solicitor to the Lending Institution to take responsibility for the title documentation.
  2. Your Solicitor will get up to date redemption figures which will be required at the end of the transaction to pay off your existing mortgage.
  3. Your Solicitor will receive a loan pack from your new Lending Institution with a number of legal documents to complete.
  4. Your Solicitor will complete all necessary documentation and request you to sign all necessary documentation.  It will also be necessary for your Solicitor to certify the title to your property as good title.
  5. On the date that funds are received from your new lender, searches are ordered in order to ensure that there are no other outstanding mortgages over the property or debts due by the customers.
  6. If all matters are in order your Solicitor will release the funds to pay your existing mortgage and will send you the balance of any funds due to you after the payment of your legal fees.
  7. Your Solicitor will then send the title documentation of your property to your new Lending Institutions Securities Department.

 

Fees

Typically, the fees for re-mortgaging are between €1,500 to €2,000 plus VAT and outlay depending on the nature of the transaction.

The typical outlays in a re-mortgage transaction are as follows: –

  • Land registry fee on mortgage €175.00
  • Taking up title deeds from old Lending Institution €35.00 to €100.00 (depending on the Lending Institution
  • Searches approximately €100.00

If you have any further or other queries regarding our services we would be happy to speak with you and to provide you with any quotation or information necessary.

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