Remortgaging with a new lender will require the services of a conveyancing solicitor to assist with the legal issues and paperwork involved in paying off an individual’s existing mortgage loan and arranging a new one. Legal assistance is important to ensure a person gets the right deal, whether the purpose of the remortgage is to reduce their monthly payments, release equity, borrow more money or adjust their finances in another way. A solicitor can help evaluate whether a new mortgage deal meets an individual’s medium and long-term financial expectations, as well as minimise the potentially high costs that the process can entail.
The first step that a conveyancing solicitor will take will be to confirm an individual’s identity and undertake the necessary anti-money laundering checks. Title deeds to the property in question will need to be checked and lease terms examined, and the details of a person’s current mortgage will be obtained from their existing lender along with a redemption statement, which will confirm the exact amount required to fully repay the mortgage, as well as the existence of any extra charges and fees due for early repayment. Searches requested by the new lender (e.g. local land charge and local authority searches) will also need to be carried out and any related enquiries answered. Once a formal mortgage offer is made by the new lender a conveyancing solicitor will assess the terms, highlight any issues that need to be raised and prepare the necessary documents for signing.
After the mortgage documents have been signed a conveyancing solicitor will then be able to arrange a completion date with the new lender. On the day of completion the new lender will transfer the mortgage funds to the conveyancing solicitor, who will then pay off their client’s existing mortgage, settle any outstanding fees and remit the remaining funds to the client. The new mortgage will need to be registered with the Land Registry and the legal title to the property will subsequently be updated to reflect this. The remortgaging process will take 4-8 weeks in normal circumstances.
Bartletts Solicitors offers a transparent fixed fee remortgaging service. For remortgage transactions up to £200,000 our fees for freehold properties are £300.00 plus VAT and disbursements: