Do I need a solicitor to remortgage my home?

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With the cost of living on the rise, many homeowners are deciding to remortgage their homes to ensure they have the best deal possible. Remortgaging can make real financial sense, but once you’ve found the package that’s right for you, do you need to instruct a solicitor?

What does remortgaging mean?

Remortgaging involves switching from one mortgage deal to another on a property that you already own. It may involve a new agreement with your existing mortgage lender or you might decide to move to a different provider, especially if they are offering a better rate.

Why do people choose to remortgage?

One of the most popular reasons for remortgaging is to secure a better rate and save money. However, after a challenging buyer’s market post-pandemic, many homeowners are choosing to stay put and use the money freed up by remortgaging to carry out home improvements such as extensions.

Whether you’re looking to reduce your monthly outgoings, invest in renovations, or your current mortgage term is coming to an end, there are many reasons to consider remortgaging.

Remortgaging can help you to:

  • Avoid your lender’s standard variable rate (SVR) at the end of your mortgage term
  • Increase the money you borrow on your mortgage to free up cash
  • Reduce your monthly repayments by switching to a mortgage lender with better rates (bearing in mind any early exit fees)
  • Change to a provider that allows you to overpay
  • Release equity
  • Switch to a mortgage lender that offers fixed payments, giving you more financial certainty.

Do I need a solicitor to remortgage?

If you are remortgaging with your current provider, you will usually not require a solicitor but you must check with your lender before proceeding. If you are changing lenders, you will need a solicitor.

Remortgaging is a big decision and it can have a large impact on your finances. An expert conveyancing solicitor can advise you on your options and how the process works, and handle the technical aspects of the transaction.

Many lenders have a conveyancing law firm on their panel that they recommend customers use. Whilst this can be convenient as it saves you from having to research a conveyancing solicitor, it can prove more time-consuming in the long run. Although you may be in a rush to push the remortgage through, especially if you are under time pressure from builders, it is worth taking that extra time to find a highly rated remortgaging solicitor to protect your interests all the way to the finish line.

What does a solicitor do when you remortgage?

A conveyancing solicitor can oversee the entire remortgaging transaction and provide you with updates from your lender throughout. During a remortgage, a solicitor will:

  • Request the title deeds and mortgage redemption statement from your current lender
  • Check the terms of your new offer and flag anything they believe to be important to you
  • Carry out the required checks and searches; this prevents any unexpected issues further down the line that may hinder the progress of your remortgage
  • Receive the funds from your new lender on the day of completion and ensure your current mortgage is paid off in time
  • Amend and register your title deeds with the Land Registry to reflect the change of lender

How long does remortgaging take?

A remortgage transaction can take up to eight weeks to complete, however, it is worth starting the process at least three months before the end of your current deal so that you allow as much time as possible for a straightforward switch.

It is also important that you have all your paperwork to hand and respond to your lender’s enquiries (via your solicitor) straightaway to avoid delays.

Contact our remortgaging solicitors in Bristol

Whatever your reason for remortgaging your home, our specialist remortgaging solicitors are here to help. We can reassure you throughout the whole process and ensure that your interests are protected.

To speak to our remortgage solicitors in Bristol, contact us on 0117 325 2929 or get an instant quote, free of charge, by completing our online form.

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