If you are nearing the end of an existing mortgage agreement or are looking to change your current terms you may be thinking of remortgaging your property.
Remortgaging involves repaying your existing mortgage and replacing it with a new mortgage. It is always advisable to obtain independent financial advice before switching to a new mortgage agreement.
As Property Lawyers we cannot advise on financial products or mortgages but we can deal with the legal work to switch the mortgage over at Land Registry.
The Remortgaging Process
Our Property Lawyers will guide you through the remortgaging process and complete all essential administrative processes on your behalf.
We aim to keep paperwork to a minimum, whilst continuing to maintain a high level of client care.
Once you have chosen to work with our experienced property lawyers, we will
- Ask for further details
To manage the Remortgaging process on your behalf, we will require detailed information about the owners. This includes standard documents, such as your Identification and current building insurance.
- Finalise your current mortgage agreement
We will request a redemption statement from your existing mortgage lender showing the amount to pay off your mortgage together with any early repayment charges.
- Review your new mortgage offer
We will review the terms of your new offer and any special conditions before arranging for you to sign your mortgage deed.
- Ensure the conditions of your loan are met
If your mortgage lender includes stipulations in their offer, we must confirm to the lender that these conditions have been fulfilled.
- Arrange completion
On the day of completion, we will receive the funds from your new lender and ensure that your current mortgage is repaid, before transferring any remaining money to you.
- Register your new mortgage lender
The final step is to update your property’s title deeds. This involves removing your former lender’s details and registering your new mortgage provider. We will then send you an updated copy of your title deeds.
Why Choose Jackson Lees?
If you would like legal advice and assistance with your remortgage, please contact our expert Property Lawyers online, or by calling 0151 282 1700.
We are proud members of the Conveyancing Association, a collection of the top specialist UK Conveyancers. The association aims to work proactively to improve the conveyancing process, and to formulate and implement best practice nationwide.
We can also provide guidance on other areas of mortgaging, including Home Equity Release Mortgages. We brief clients fully on the implications of pursuing this option, allowing them to understand the legal obligations of their mortgage.
Here are a few links that you might find useful:
How long does it take to remortgage?
The remortgaging process usually takes between four and six weeks. At Jackson Lees, our lawyers work as quickly as possible to complete all paperwork and legal services.
Delays may be caused if your new mortgage lender requires property searches and surveys to be completed.
You can help to speed up the process by completing and returning any documentation as soon as possible.
How much do solicitors charge for remortgaging?
Our Property lawyers charge very reasonable rates for their expert conveyancing service. You can obtain a quote by calling us on 0151 282 1700, via our conveyancing calculator or by using our online enquiry form.
Legal fees may vary, depending on any complications during the process. You may also need to consider fees to your existing mortgage lender, such as early repayment charges, interest rates and admin charges. Some new lenders will charge for a valuation and/or booking fee.
Do I need a deposit to remortgage?
You do not require a deposit for remortgaging but we do ask for a small payment on account at the outset. This will be credited to your completion statement at the end and is used to cover initial costs incurred.
Is it better to remortgage or get a loan?
If you looking for the best way to borrow a large sum, both remortgaging and private loans may be valid options. It is essential that you take independent financial advice to find the right product for you.
Do I need a solicitor to remortgage with the same lender?
Even if you choose to stay with your existing mortgage provider you may need or wish to seek legal advice and representation. Talk to our experienced Property lawyers.