Remortgaging your residential property?

The primary role of a solicitor in a remortgage is to handle the legal work required by your lender. Even if you’re staying with the same lender (a “product transfer”), many lenders will still require a solicitor to conduct certain checks to protect their interest. This includes:

• Verifying property ownership: We confirm that you legally own the property and there are no issues with the title that could complicate the new mortgage.
• Title checks & land registry updates: We review your property’s title, ensuring there are no legal restrictions, errors, or claims against it. If necessary, we update the Land Registry records to reflect the changes.
• Bankruptcy & financial checks: Lenders need assurance that there are no outstanding financial issues, such as bankruptcy filings, that could impact your ability to repay the new mortgage.

If you’re switching to a new lender for better rates or borrowing extra funds against your property, the legal work becomes even more crucial. A solicitor’s role includes:

• Discharging your existing mortgage: We handle the paperwork to pay off your current mortgage, ensuring there are no penalties or additional fees left unpaid.
• Creating a new mortgage deed: The new lender requires a signed mortgage deed, which is a legal document outlining the terms of your new loan. We guide you through signing this document and ensure it is registered correctly.

The remortgaging process can present unexpected legal complications, such as:

• Disputes over property ownership: If there are joint owners or if the property was transferred recently, issues can arise. We manage these complexities, ensuring they do not delay the remortgage process.
• Errors in the title: Sometimes, errors in the property’s title surface only during the remortgage process. Our team identifies and resolves these issues swiftly, preventing delays.
• Lender-specific requirements: Each lender has unique conditions and requirements that must be met before they approve the remortgage. We handle these specifics, so you don’t have to worry about last-minute surprises.

Attempting to handle remortgaging without legal support often leads to delays, unexpected fees, or costly mistakes. Our experienced solicitors ensure:

• A faster process: By managing the legal checks and paperwork efficiently, we help you complete your remortgage faster, reducing the risk of losing out on a better interest rate.
• Avoidance of hidden costs: We identify and clarify any potential penalties or fees early in the process, allowing you to budget accurately and avoid surprises.

When you first decide to remortgage, the process begins with a consultation. During this stage:

• We gather key information: We’ll discuss your current mortgage, the lender you’re moving to, and any specific requirements or goals you have (e.g., borrowing additional funds or switching to a fixed-rate mortgage).
• Providing you with a quote: Transparency is key. We’ll provide a clear quote for our services, including any potential third-party fees, so you know exactly what to expect.

Once you’ve instructed us, we’ll begin the essential legal checks to ensure there are no issues that could delay your remortgage:

• Title check: We review your property’s title to confirm there are no legal issues or errors. This includes verifying ownership details and identifying any charges or restrictions on the title.
• Land registry search: We conduct a search of the Land Registry to check for any updates or changes that may affect your remortgage, such as changes in ownership or recent disputes.
• Bankruptcy search: To satisfy the lender’s requirements, we complete a bankruptcy search, ensuring there are no financial risks that could affect the new mortgage.

Our team works directly with your chosen lender to handle all necessary communications, saving you time and hassle:

• Requesting your mortgage offer: We obtain a copy of your mortgage offer from the new lender and review the terms carefully, making sure there are no unexpected conditions that could affect your remortgage.
• Fulfilling lender conditions: Each lender has specific requirements, such as additional searches or checks. We ensure that all conditions are met quickly and accurately, avoiding delays.

Once the legal checks are complete, we move forward with the financial aspects of your remortgage:

• Redeeming your existing mortgage: We coordinate with your current lender to pay off your existing mortgage in full, managing any early repayment fees or redemption penalties.
• Signing the new mortgage deed: You’ll need to sign a new mortgage deed, which we will prepare and explain to you in detail. This document legally secures the new mortgage against your property.
• Transferring funds: We handle the transfer of funds from your new lender, ensuring that everything is completed on time and that the correct amounts are allocated.

The final step involves completing the remortgage and registering the new mortgage with the Land Registry:

• Registering the new mortgage: We update the Land Registry records to reflect your new lender’s interest in the property.
• Confirming completion: Once the registration is complete, we’ll provide you with confirmation of your remortgage and all relevant documentation, including a breakdown of any fees paid.