Remortgaging refers to the process of moving your property loan from one product to another. In doing this there are important checks, searches, legal and financial procedures that must be adhered to. When remortgaging a property to ensure that this is carried out it is best to employ a solicitor or licensed conveyancer so that they can satisfy your mortgage lender. Our expert solicitors at Ackroyd Legal can manage the entire process on your behalf, whatever your individual requirements may be.
If you are looking to remortgage your home or a property your conveyancing solicitor will cover all legal work needed to complete the process.
Checks: Firstly, your remortgage solicitor will carry out a series of ID checks to protect against money laundering
The Current Mortgage: The solicitor will then get details of your current mortgage and from your existing lender where they will ask for a redemption statement. This statement will show how much you owe and if there are any exit fees or early repayment charges.
Leasehold checks: Your solicitor will then need to check the lease terms and the remaining time left with your lease to ensure that it complies with your new lender’s requirements.
Mortgage Offer: Depending on the lender they may then require property searches to be carried out. After which your new lender will value the property and send across a formal mortgage offer to your solicitor
Check the Offer: Your solicitors will then run through the fine print of the offer and raise any issues with the new lender. And when you are happy you will sign the new mortgage deed.
The Final Checks: To ensure nothing has changed since the beginning of the process a solicitor will run a priority search with the land registry and also a bankruptcy search to make sure you have never been declared bankrupt.
Completion: Once all of the above has been completed the new lender will complete payments of the old mortgage fees and transfer you any remaining money.
Registering the Changes: Once the old mortgage has been discharged by the previous lender you solicitor will update the Land Registry and will update the legal title on the property.
The remortgage conveyancing process is quicker than when initially purchasing the property and can take anywhere from 1 – 2 months. The process is accelerated if you are remortgaging with the same lender.
You can remortgage properties for a variety of different reasons yet one of the most common reasons is that you can save money!
Some reasons to consider a mortgage:
Whatever the reasons for wanting to re-mortgage at Ackroyd Legal we offer fixed legal fees on all re-mortgages and refinancing services. Fill out the form below or contact us on
Our remortgage and refinancing services
GET IN TOUCH