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I was hoping that remortgaging would be a breeze, and whilst it hasn't been that bad at all I still find myself left a bit in the dark at stages of the process and scratching my head at some of the terminology.
A couple of costs that I'm not sure about:
Cost 1 (£24) "the post completion title document is an updated copy of your title deeds which show my new lender's charge against your property and serve as evidence that the transaction has completed successfully".
Whilst £24 aint a great deal, do I actually need it? Suggested that I can opt out, but I don't want to make things awkward for any future admin needs for simply not paying £24.
Cost 2 (£120) for "Notice of charge" (shown on draft completion statement)
Have emailed back to ask what this is, but if someone could explain what this is for in plain English I'd appreciate it.
Appreciate those more educated in these matters giving me an idea!
You can buy a copy of your updated deeds for a mere £7 from the Land Registry
https://www.gov.uk/get-information-about-property-and-land/copies-of-deeds
Cost 1 is only issued when you've paid off the mortgage.... to confirm you actually OWN the property.
There is a "charge" on the property, most likely by your mortgage lender. This "charge" normally puts the lender at the front of the queue if/when you run out of funds and your creditors come knocking.
EDIT: ignore the first point, I misread. Your solicitor can clarify but for £24 just pay.
Thanks footflaps, think I'll be opting out of that one then if it's simply a copy of a doc I could get cheaper elsewhere.
Cost 1 is only issued when you've paid off the mortgage.
Not according to the description in the OP's post. It would be updated deeds to say that the remortgage has been successful and that the New Bank / Building Society have a claim against it for the loan and that the previous claim (from the old Bank) has been removed.