If you are taking out a new mortgage on your property, you need a conveyancing solicitor to handle the legal work. We can manage this for you, putting everything in place to ensure a seamless transition from your old mortgage to your new one.
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If you have a mortgage on your residential property, there will likely come a time when you need to remortgage.
Often this happens when a fixed term mortgage comes to an end, after which the interest rates increase. If so, you might want to save some money by shopping around for a new deal. Alternatively, there may have been a change in circumstances. For example, it could be that you are –
- Separating or divorcing from your partner, meaning one person needs to be removed from the mortgage
- Getting married or sharing the mortgage with someone, meaning one or more people need to be added to the mortgage
- Looking to release some equity to raise some money, meaning you want to increase your mortgage
Do I need a solicitor to remortgage?
If you are remortgaging your property, you almost always need the input of a legal expert. The exception is if the remortgage is very straightforward – for instance, you are staying with the same lender and you are simply transferring to a new product.
Otherwise, a remortgage involves a lot of legal work and a conveyancing solicitor is required.
Sometimes you are obliged to use your new lender’s legal team. If not, you are free to select your own conveyancer. This means you can choose a solicitor you know and trust, and who can provide you with a dedicated service.
What does a remortgage involve?
The remortgaging process is not as extensive as the conveyancing process, although it has many similarities. Every mortgage lender has different requirements, so it does differ from case to case. Generally speaking, once a mortgage application is approved, your conveyancer must –
- Get copies of your ID and proof of funds
- Request the title deeds
- Request a copy of the lease, if applicable
- Order local authority searches or get indemnity insurance
- Order other searches the lender requires, such as drainage searches
- Provide anything else the lender requires, such as copies of planning permission
- Carry out a bankruptcy check
- Complete the mortgage transfer
- Register the new mortgage with the Land Registry
Remortgage with our conveyancing solicitors
If you are thinking about remortgaging your property, contact us at Harrisons Solicitors and speak to our residential property team.
There is a lot to think about when it comes to remortgaging and it is not always the best way forward. We can advise whether remortgaging is a viable option in your circumstances, and whether there are any adverse consequences you are not aware of. This might include early exit charges if your mortgage term has not yet come to an end.
If you would like to proceed with a remortgage, we can carry out all the legal work for you. This removes the burden from your shoulders, ensuring your remortgage is simple and stress-free.
There are fees associated with remortgaging a property. We can explain these at the start so you know what to expect in terms of cost. In fact, before we start any work, we are happy to provide you with a free, no obligation quote for our conveyancing services.
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Meet our specialists
Chloe joined Harrisons in July 2021 and is a paralegal in the Residential Conveyancing Department.
Heather qualified as a Solicitor in 1996 and joined the Harrisons residential property team in September 2017.
Jennifer was awarded a Training Contract in September 2015 and qualified in August 2017. She joined Harrisons Solicitors in May 2023 as a Solicitor.