How remortgaging works and the benefits it brings
With the mortgage market remaining competitive, it pays to shop around from time to time as there may be a cheaper deal available that could be more cost-efficient and better suited to your needs. The process of getting a new loan put in place is referred to as remortgaging.
Mortgage deals are usually offered for a fixed-rate term, typically from one to five years, which means there comes a time when your deal will come to an end and you’ll want to find another one. Or you may be going through divorce and need to remortgage a family home, or you may want a mortgage for a different period of years, or with different terms. Figures show that in the UK around 50,000 homeowners remortgage every month.
The legal help you need
The legal process involved in remortgaging is referred to as conveyancing, and needs to be carried out by a qualified conveyancing professional. There are various checks and searches that will need to be completed, and by instructing a solicitor to work on your behalf you will have the peace of mind of knowing that they will protect your interests, handle all the transactional matters for you, and keep you up-to-date on progress.
Here are the main areas that our remortgaging service covers:
Making checks and searches
Your new lender will want a number of checks carried out, so we will verify your identity, make the necessary money laundering checks, review the title deed, and make any property searches they require. This could include local authority searches such as planning, building control or environmental issues that might affect your property. In some instances, it’s possible to take out an indemnity insurance policy rather than carry out searches. This is quicker and cheaper, but needs the lender’s approval.
Reviewing your mortgage offer
When your mortgage application has been approved by your new lender, they will make you a formal mortgage offer. We can talk you through the details, making sure that you are clear about the terms of the proposed mortgage, and answering any questions you may have.
Transferring the funds
When your new lender is ready to make your mortgage funds available, we will handle this process on your behalf. The funds will be sent to us and we will pay off your old mortgage and any fees due.
Updating the Land Registry
When we receive confirmation from your old lender that your mortgage is repaid, we will contact the Land Registry and update your property’s title deed to show details of your new lender.
If your property is leasehold, then there are a few additional steps we’ll take on your behalf. We will check that the length of time remaining on the lease meets your new lender’s requirements. Details of your lease, service charges and ground rent payable will need to be obtained and supplied to your new lender. They will also need to see a copy of the building insurance policies that relate to the property.
What we offer
We’re known for offering a fast, reliable and cost-effective conveyancing service for remortgaging, and will always work hard on your behalf to make the process as smooth and stress-free as possible.
To arrange an appointment to discuss remortgaging your property with one of our Residential Property solicitors, call us on 0330 221 8855 or contact us online.