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Why Do You Need Conveyancing Solicitors When Remortgaging?

by Pindoria Solicitors Creative legal solutions

There are many checks and searches to be done when remortgaging your property. This is known as conveyancing, and it's the same process as buying or selling a house. A qualified remortgage solicitor will usually handle this process on your behalf.

You can rest assured that your details are being taken care of by a licensed conveyancer or solicitor, which will protect you financially and ensure that the remortgage process goes smoothly.

What Are the Remortgaging Conveyancing Costs?

A licensed conveyancer or remortgage conveyancing lawyer can help you with the various steps of the remortgaging process.

Remortgage Conveyancing Process

Remortgage conveyancing is different from the process of buying or selling property. We'll be examining the various stages of the remortgaging procedure.

1. Verify Your Identity

The first thing your solicitor will need to verify is your identity. To prove your identity and address, you will need documents. This evidence can be provided by a passport, driving license, bank statement or utility bill.

2. Verify The Source Of The Funds

Your solicitor will need to verify the source of funds if you are paying off a portion of your existing mortgage. 

You will need to provide evidence that you have the funds and how you plan to pay them off. This is typically covered by a bank statement showing savings or the sale of another property.

3. Check Title Deeds

To prove that you are the legal owner of the property to be remortgaged, your solicitor will need the title deeds from the Land Registry.

Your property law solicitors should also check the title deeds to ensure there are no other charges. The usual commission will be from your current mortgage lender.

This will be removed after you have repaid your mortgage. There may be additional charges if you have a second mortgage on your property or other secured debts.

4. Redemption Statement

Your solicitor will then need to contact your mortgage lender to get information about your mortgage to obtain a redemption certificate.

This statement will show you exactly how much you'll have to pay to repay your mortgage. This statement will tell you if you have to pay exit fees or early repayment fees before you can remortgage.

5. Property Searches

Before your new mortgage lender can offer you a mortgage, it will need to conduct a Local Authority Search. Your solicitor will do this through a third-party service. You and the lender will receive the results.

6. Additional Searches And Checks

Your property lawyers London will conduct an "Official Search with priority: whole Title before you complete the remortgage.

This is to make sure there have been no last-minute changes to your property's title. To ensure that you are not bankrupt or your money is legitimate and legal, your solicitor will perform further checks.

7. Remortgage Offer Review

After your mortgage lender has completed a valuation of your property and is satisfied with the results, it will send your conveyancer an updated remortgage proposal.

Before you sign anything, your property solicitors London will carefully read and explain everything to you. After you have reviewed everything and are satisfied with it, you can sign your new mortgage deed.

8. Certificate Of Title

Your conveyancer will set a completion date for your remortgage. To confirm that the legal title is correct, the conveyancer will send the new mortgage lender a Certificate of Title. Your conveyancer can ask the latest lender to release the remortgage money.

9. Transfer Funds

The funds will be transferred to your conveyancer by your mortgage lender to be used to pay your remaining mortgage and any fees. Your conveyancer will spend the remainder of the funds. This takes place on the day of completion.

10. Update Transfer Deed

Your solicitor will complete the transaction and register your remortgage at the Land Registry. You'll also receive a copy of your Title Information Document together with your lender.

Conveyancing for Leasehold Property Remortgages

Remortgaging a leasehold home requires additional steps that your licensed conveyancer or conveyancing solicitor can help you with.

They will first need to verify that the remaining lease term meets the requirements of your new mortgage lender. Lenders will not approve a mortgage for a leasehold property that has less than 80 years remaining on it.

Your conveyancer will need to obtain details about your ground rent and service charges from your landlord or their agent. Also, a copy of the property's insurance documents.

Your new mortgage lender will need a copy of the lease you have signed. Your conveyancer may request a copy from the Land Registry if you don't have a copy.

Summary

You should hire a solicitor to assist you if you are remortgaging with your existing lender. A property law firm might be needed if you are adding or subtracting someone from your mortgage. This is called a product transfer.



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About Pindoria Solicitors Junior   Creative legal solutions

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Joined APSense since, April 27th, 2020, From London, United Kingdom.

Created on Nov 25th 2021 02:29. Viewed 241 times.

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