Once you’ve received our mortgage offer, we will send the offer to your chosen conveyancing firm so that they can handle the legal and administrative work for your property purchase or remortgage.
If you have appointed your own conveyancing firm, they will have responsibility for completing some of the steps outlined below. Contact your conveyancer if you have any questions about this process.
Purchase (dual representation)
- Your appointed solicitor will contact you to verify your ID documents, which will be done electronically.
- Your solicitor will receive a contract pack from the seller’s solicitor and raise enquiries and request searches. Extra checks may take place if the property is a leasehold.
- After all enquiries are satisfied, a report will be provided to you for your review. The report will include searches, contracts, transfer and stamp duty forms.
- If you are happy to proceed you will need to sign documents and pay your deposit so that contracts can be exchanged. At this point the purchase becomes legally binding.
- A completion date will be set on or before exchange.
- On completion, your solicitor will send the balance of the purchase money which will include the loan advance from Molo directly to the seller’s solicitor.
- The seller’s solicitor will confirm as soon as they have received the funds from your solicitor and that completion has taken place. You are now the owner of the property. Congratulations!
- After completion your solicitor will deal with submission of your stamp duty and registration of the property at the Land Registry.
Remortgage (dual representation)
- Your appointed solicitor will contact you to verify your ID documents, which will be done electronically. They will also send you a list of information and supporting documentation they require in order to investigate the property.
- You will need to sign the mortgage documentation and return this to your solicitor.
- While setting a completion date, your solicitor will request a redemption statement from your current mortgage company to confirm the amount needed to repay any mortgage balance.
- On completion, your solicitor will repay any balance owed to your previous mortgage company, and if applicable, transfer the remainder to your account.
- After completion, your solicitor will deal with updating the registration of the property at the Land Registry