What is the remortgage conveyancing process?
Even if you’re lucky enough to buy your own home, for one reason or another, you may need to remortgage. The good news is that the conveyancing work needed to secure a remortgage on your home is less complicated than when you purchased your home.
It’s still important to be aware of all the steps in the remortgage process, so our specialist remortgage solicitors have laid the remortgage process out for you.
Instructing a solicitor for your remortgage
Like any conveyancing process, securing a remortgage involves a strict legal process, so instructing an experienced remortgage solicitor is important.
Your mortgage lender may recommend their preferred legal firm, or you could be offered ‘free legals’. Although this might seem like the easiest option, we recommend that you consider appointing a local or high-street conveyancing solicitor.
Not only can this make the remortgage conveyancing process quicker and more convenient, but your solicitor will also benefit from local knowledge and experience and will be on hand to support you throughout the process.
If you choose to instruct us, you can pop into any of our five offices to drop off any paperwork or make an enquiry, and we’re on the panel for most mortgage lenders. We also welcome clients from across the UK, not just from Bristol and South Gloucestershire.
What is the remortgaging process?
We will undertake ID checks to confirm your identity and ensure no fraud is taking place. With property transactions requiring large sums of money to be transferred between third parties who may not have even met one another, there is an increased risk of fraud. Sadly, mortgage and property fraud is not uncommon, so ID checks are crucial in keeping everyone safe.
Your conveyancer will check that you are who you say you are, and that you are legally entitled to buy or sell your property. Suitable ID includes, but is not limited to:
- A current signed passport
- A current UK or EEA photo card full or provisional driving license
- A utility bill within the last three months
- A bank statement within the last three months
If you have a current mortgage, we need to gather the details of this so that we can ask for a redemption statement. A redemption statement is a document provided by your mortgage lender and gives details of how much you owe the lender to redeem (pay off) your mortgage in full, and if there are any exit fees or early repayment charges on your mortgage.
New mortgage terms
Your solicitor will check your new mortgage offer and ensure that any special conditions are dealt with.
Special conditions may include ensuring we have all the planning and building regulation consent in relation to any alterations that have been carried out to the property, or that any other mortgages or debts are repaid, before the mortgage is taken out.
If your property is leasehold
Buying a leasehold flat or house means you are actually paying for the right to occupy that property for the fixed term on the lease, rather than owning the land the property is built on.
If your property is leasehold, your solicitor will check the terms of your lease, such as the ground rent and the remaining time left on the lease. This ensures that your lease complies with the new lender’s requirements.
Your new mortgage lender may request Searches to be carried out to make sure you’ve never been declared bankrupt. The lender will also complete an official Priority Search at the Land Registry, to ensure nothing has changed on the property deeds since the remortgage process began.
Your remortgage will complete once your solicitor has received the mortgage funds from the lender in relation to your new mortgage, they have redeemed your old mortgage, and have sent any remaining money to you.
The Land Registry process
Once your remortgage has completed, your solicitor will register the new mortgage with the Land Registry and ensure your old mortgage which has been redeemed is correctly removed from the title deeds. Your lawyer will receive the mortgage funds from the new lender, they will then redeem your old mortgage and send any remaining money to you.
Our remortgage services
Our remortgage conveyancing solicitors have experience in all aspects of remortgaging and can also provide more general advice and support on any other aspects of residential property law.
Barcan+Kirby will ensure your remortgage is dealt with as quickly and smoothly as possible. You can speak to your solicitor directly throughout the matter, and pop into any of our five offices with any paperwork you wish to return, and your identity documents.