Remortgaging can be an effective method of freeing up equity or cutting costs.
The remortgaging process involves changing your current mortgage for a new deal on a property you already own, whether with ‘your current mortgage provider or a new one’.
If you’ve never remortgaged a property before, you might be wondering whether you need a solicitor when remortgaging.Â
In the majority of circumstances, you will need a solicitor when remortgaging unless you’ve chosen a product transfer mortgage.Â
If you remortgage with your current lender, moving to a new deal or rate, this is known as a product transfer mortgage that doesn’t require additional legal work.
Otherwise, it is highly recommended to use a conveyancing solicitor when remortgaging, as it requires complex legal work.
Remortgaging isn’t a small decision, and an expert solicitor will be able to offer legal advice on your options and how the process works.
What Do Solicitors Do When Remortgaging?
If you’ve never been through the remortgaging process, you might be unaware of the steps it entails and the role a solicitor plays.
A solicitor has many responsibilities in the remortgaging process.
These responsibilities include, but are not limited to:
- Preparing documentation
- Property searches
- Preparing for completion
- Completion
- Registering changes with the Land Registry
1. Preparing Documentation
A solicitor will ensure that all the necessary paperwork and documentation is in order.
Your solicitor will obtain title registration documents for your property from the HM Land Registry.
If you’re remortgaging a leasehold property, they will check the title deeds to confirm the leasehold title meets your new mortgage lender’s requirements.
They will also assist you with any documentation that must be completed as part of the remortgaging process.
2. Property Searches
A solicitor will also conduct any property searches. Although searches aren’t typically compulsory when remortgaging, this will depend on the individual lender’s requirements.
Your new lender may request property searches be conducted before they are prepared to lend on a property.Â
This will help prevent any unexpected issues from occurring further down the line that could potentially hinder the progress of your remortgage.
Property searches can result in a slower transaction, but your solicitor will manage the process from start to finish.
3. Preparing For Completion
Once your solicitor has checked through the terms associated with the mortgage offer and all of the documentation has been accepted, your solicitor will prepare for completion.Â
They will prepare your financial completion statement and outline all your payments and receipts report to your lender so that you can request the release of your remortgage advance.
At Harding Evans, our experienced solicitors have years of experience in remortgaging. No matter your circumstances, we can offer our expertise to make the remortgaging process as smooth as possible.
Visit our website or get in touch with a member of our team to discuss the next steps today.
4. Completion
On the day of completion, your chosen solicitor will receive the mortgage funds from the new lender and will ensure that any existing mortgage is paid off in time.
They will also make sure that any outstanding fees are deducted and that any remaining funds are transferred to you on the completion date.
At this point, you can begin to enjoy the financial benefits of remortgaging your home.
5. Registering Changes With The Land RegistryÂ
Lastly, your conveyancing solicitor will also take care of registering changes with the Land Registry.
Once completion has gone through and your old lender has confirmed they’ve received the money and discharged the mortgage, your solicitor will register your change of lender with the Land Registry.
They will also send a copy of the new land registry title to you as their client as well as your lender.
How Long Does It Take To Remortgage In The UK?
Generally speaking, remortgaging a property can take anywhere from 4 to 8 weeks.
Providing all the relevant documentation at the same time can speed up the process.
That said, you should bear in mind that this can vary, and it’s best to begin the process at least three months before your current deal expires to allow as much time as possible.
How We Can Help
At Harding Evans, our solicitors recognise that when it comes to remortgaging, prompt action is required so that you can begin enjoying the financial benefits as soon as possible.
We understand that the remortgaging process can feel overwhelming. Once you have found the right remortgage product, our team can handle the legalities and guide you through every step of the process.
Get in touch with a member of our team today.