Remortgage Register Update - Needed for Housesale

Hi,

My current property is about to go through a same lender remortgage (03/02/2024). I am however in the process of moving home. My conveyancer told me nothing can proceed until the register is updated with the new mortgage. 

I know timelines can't be given, but conventionally is this usually a quick thing to update, or should I look to expediate it to ensure the house sale/purchase doesn't fall through.

Thanks,
Ed

Hi Ed - no point waiting and wondering so if there's an urgency please ask the conveyancer to expedite the application or make the request yourself.

Wait times can be several weeks at present

Thanks Adam, is it best to wait for the remortgage to go through, ie after 03/02. Or is this something that can be done straight away? 
 

Ed - not too sure I understand as thought you said the new mortgage application was already with us? Where does the 3rd Feb come into it?

Our current mortgage deal expires on 03/02/2024 with Santander. We are staying with Santander so this is simply a product transfer. Same lender, same terms, slightly different balance due to product fee. 

I was told by our conveyancer for our house sale (they are not dealing with the immediate product transfer as that was simply done through Santander themselves). that 'Despite the remortgage being with the same lender, it is essentially considered as a ‘new charge’ and the previous charge must be removed on the Register to be replaced with the new one'. 

Thanks

 

Ed - ok so I think what they are saying is we don't yet have an application to update the register re the removal of existing mortgage/charge and/or addition of new one. If so then there's nothing to expedite.
However if there is an application waiting to be processed and there's a linked/dependent transaction to follow you can request expedition now

Ok thanks - I'll wait until Monday to expedite then as that'll be when Santander put the application in, because as you say, any further applications relating to the sale of the property will be dependant on this one being updated ASAP. 

Thanks for clearing that up. 
Ed