Remortgage
Remortgaging involves switching your existing mortgage to a new lender or changing your mortgage deal with your current lender.
This process can help you secure a better interest rate, release equity, or switch to a more suitable mortgage product.
A skilled solicitor is crucial in navigating the legal aspects of remortgaging, ensuring a smooth and efficient transaction while protecting your interests.
Do you need help with the remortgaging of your property? Contact us now to ensure a smooth and hassle-free process.
Legal Processing of Your Remortgage:
Initial Instruction:
The remortgaging process begins with an initial instruction. Upon receiving your instruction, we gather all necessary information and documentation related to your current mortgage and property. We provide a detailed breakdown of our services and associated costs, so you know exactly what to expect.
Reviewing Your Existing Mortgage:
We carefully review the terms of your current mortgage, obtaining a redemption statement to understand the outstanding amount and any early redemption or exit fees that may apply. This helps in planning the financial aspects of the remortgage
Property Searches:
Depending on your new lender’s preferences, we may conduct property searches or take out indemnity insurance. Searches provide detailed information about the property, though indemnity insurance can be quicker and cheaper, but this is dependant on the lender’s requirements.
Reviewing the Mortgage Offer:
Your lender will issue a formal mortgage offer, which we will review meticulously to ensure all conditions are met. We address any concerns by communicating with both you and the mortgage lender.
Signing the Remortgage Deed:
Once you are satisfied with the terms, we will arrange for you to sign the new mortgage deed and other relevant documents.
Completion:
On completion day, we receive the funds from your new mortgage and use them to pay off your existing mortgage. Any surplus funds, if applicable, will be disbursed to you. This marks a significant milestone in the remortgage process.
Post-Completion:
After completion, we update the Land Registry to reflect the new mortgage and provide proof of this transaction to your new lender. This final step ensures all legal aspects of the remortgage are properly documented.
Leasehold Transactions:
For leasehold properties, we scrutinizs the lease terms and its remaining duration to ensure compliance with your new lender's requirements. We also communicate with your landlord or management company to gather necessary information and inform them about your existing and new mortgage.