Remortgage Solicitors
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Conveyancing Solicitors for Remortgages
Our Remortgage Solicitors know from experience that there are many reasons for a homeowner looking to remortgage their property. You may be looking to get a better deal, extend the loan agreement to lower your monthly costs or pay off your mortgage more quickly. Whatever the reasons for your decision to remortgage, you can count on us to provide you with bespoke legal advice in completing your new property transaction.
Once you have been accepted for a remortgage, our expert Remortgage Solicitors can help you get started. You can get a no-obligation conveyancing quote on our online calculator, or if you’d prefer to speak to a specialist, call our conveyancing team on 023 8023 4433 during office hours.
Get your instant conveyancing quote online
Step 1 – We Verify your identity
We take your ID to verify you and anyone else on the mortgage agreement.
Step 2 – We check the source of your funds
We may need to submit an Anti-Money Laundering (AML) check, so we may ask for documents that detail your savings, pensions, property sales, inheritance and share of sales or dividends.
Step 3 – We check HM Land Registry for title deeds
We will obtain the title registration documents for your property from HM Land Registry, which confirms you are the legal owner.
Step 4 – We review your mortgage offer
Your lender will release your mortgage offer to us, where we can work to satisfy the lender’s requirements.
Step 5 – We request your current mortgage statement
We will ask your existing mortgage lender to provide an up-to-date mortgage statement so that we can confirm the amount required to redeem the mortgage. The outstanding balance will be repaid when the conveyancing process is complete.
Step 6 – We apply for local authority searches
If your lender requires us to perform LA searches, we can seek to negotiate a search indemnity policy instead. This will make the process quicker and reduce costs.
Step 7 – We perform an Official search with priority and bankruptcy check
We will carry out a pre-completion Official search with priority: whole title (OS1). This prevents any other charges from being registered against the property and the registered title cannot be changed until after the re-mortgage process is completed.
We will also carry out a bankruptcy check to make sure that none of the legal owners is bankrupt.
Step 8 – We send the Certificate of Title
Once we are satisfied that you and anyone else on the agreement and the property meet all of the new lender’s conditions, we agree on a completion date. We send the ‘Certificate of Title’ to your new lender confirming that all the checks relating to the property have passed their conditions. We will then request the lender to release the re-mortgage funds.
Step 9 – Completion day!
Before completion, we will send you a statement that confirms:
- Any outstanding balance that you must pay to complete the remortgage or;
- The money that you will receive once the remortgage process completes
The statement defines the mortgage advance from the new lender and includes an itemised list of fees and disbursements incurred during the conveyancing process.
On receipt of your funds from your new lender, we will use this to repay your current mortgage, and any legal fees and disbursements acquired from the lender.
If you have taken out a larger mortgage where funds were intended for other purposes, these funds will be paid to you.
Step 10 – After completion
After completion, we will register the new mortgage with HM Land Registry.
In addition to the advice from our Remortgage Solicitors, you may also find the following websites useful:
FAQ’s
What is a remortgage?
Remortgaging a property essentially changes your current mortgage provider to a different lender. You can remain with the same lender, which will not require any legal work to be done but if the terms of the borrowing have significant changes, then you will need a conveyancer to proceed.
Can I remortgage?
You should be able to remortgage if:
- The value of your property has increased since you brought it, which gives more equity to release
- Your financial circumstances are the same or improved since you got your current mortgage
How long does remortgaging take?
Remortgage conveyancing normally takes quicker than those of purchasing a property but does depend on the complexity of the transaction and time spent on correspondence between the lenders. You can usually expect to be completed within six weeks to four months.
FAQ’s
What is a remortgage?
Remortgaging a property essentially changes your current mortgage provider to a different lender. You can remain with the same lender, which will not require any legal work to be done but if the terms of the borrowing have significant changes, then you will need a conveyancer to proceed.
Can I remortgage?
You should be able to remortgage if:
- The value of your property has increased since you brought it, which gives more equity to release
- Your financial circumstances are the same or improved since you got your current mortgage
How long does remortgaging take?
Remortgage conveyancing normally takes quicker than those of purchasing a property but does depend on the complexity of the transaction and time spent on correspondence between the lenders. You can usually expect to be completed within six weeks to four months.
