Remortgaging Simplified: Do You Need a Solicitor’s Help?

When remortgaging your property, you’ll need to work with a conveyancing solicitor if you’re switching to a new lender. Your solicitor will help you navigate the process and ensure everything is in order.

Here’s what your solicitor will typically do:

1. Verify your identity and proof of address
2. Check the source of funds for any mortgage repayment
3. Obtain title deeds to ensure you’re the legal owner
4. Obtain a redemption statement from your current lender
5. Conduct property searches to identify any potential issues
6. Perform additional checks, including bankruptcy and anti-money laundering checks
7. Review the new remortgage offer with you and ensure you’re satisfied
8. Prepare a Certificate of Title and arrange completion
9. Transfer funds to pay off your existing mortgage
10. Update the transfer deed and provide you with a copy of your Title Information Document

By following these steps, your solicitor will help you navigate the remortgage process with ease.

Please note: If you’re remortgaging with the same lender, you won’t need a solicitor. This is known as a product transfer, and you can usually handle the process directly with your lender.

However, if you’re making changes to your mortgage, such as adding or removing someone from the mortgage, you may need to consult with a solicitor for guidance.

Leasehold Remortgages: What You Need to Know

When remortgaging a leasehold property, additional steps are required. Your solicitor will help you navigate these complexities by:

  • Verifying leasehold title deeds to ensure compliance with lender requirements.
  • Obtaining essential documents, including service charge details, ground rent information, building insurance policy, and lease copies

Your solicitor will help you gather and review these documents to ensure compliance with lender requirements and ensure a successful remortgage process.

The conveyancing process typically takes one to two months. It’s recommended to start the process at least two months before your current mortgage deal expires to avoid delays.

By working with a solicitor, you can ensure a smooth and stress-free remortgage process.

Should I Use My Lender’s Conveyancing Solicitor?

Your lender may suggest using their solicitor for the remortgage, which can save money but not necessarily time. It’s recommended to choose a conveyancer or solicitor regulated by the SRA, CLC, LSS, or LSNI.

About Thursfields

If you need assistance with remortgaging, Thursfields solicitors are here to help. If you’re ready to get started, contact our Residential Property team on 0345 20 73 72 8 or for expert conveyancing support.

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