There are many reasons that someone may require a remortgage, including to release equity, save money or clear debts. Our Residential Property team is skilled in guiding clients through the process of switching from one mortgage lender to another, ensuring that everything goes smoothly, and the transaction is legally sound.
The benefits of instructing our experienced team for your remortgage process include:
- Peace of mind: We ensure all legal requirements are met, preventing any issues with the property’s title or lender’s rights.
- Detailed, easy-to-understand advice: We can provide clarification on terms of the mortgage offer and answer any questions about the legal documents you’re signing.
- Coordination with lenders: We manage communication with both your old and new lenders, ensuring a smooth transition between mortgages.
- Compliance with regulations: We handle regulatory compliance, including ID checks, to prevent fraud and meet anti-money laundering requirements.
Below is a detailed look at what we do in the remortgage process:
Verification and initial checks
- ID verification: We will conduct identity and anti-money laundering checks to confirm your identity, as well as your right to remortgage the property.
- Review of title deeds: We check the property’s title deeds to ensure you are the legal owner and confirm that there are no existing issues (such as restrictions or unresolved legal matters) that could hinder the remortgage.
CONTACT US
If you wish to discuss a case with us, please contact Tracey Longdon on 01420 81285 or fill in the form below.
Requesting a redemption statement
- We will contact your current lender to obtain a redemption statement. This document details the exact amount needed to pay off the remaining balance on your existing mortgage, including any fees or early repayment charges (if applicable).
Title check and property search (if necessary)
- As well as the review of the title deeds mentioned above, there may be additional searches required, such as a local authority search. This will depend on the lender’s requirements and the specifics of the property. However, searches are less common in a remortgage than in a property purchase. No search indemnity insurance may be obtained.
Reviewing the new mortgage offer
- We will review the mortgage offer from your new lender to ensure that the terms are clear and accurate. We check for:
- Any specific lender requirements, such as insurance or proof of income.
- Legal and administrative conditions that need to be met before the funds can be released.
Preparing the legal charge
- We will prepare the mortgage deed.
- We will arrange for you to sign this document, granting the new lender a legal charge over the property until the mortgage is repaid.
Arranging for funds transfer
- We will prepare a completion statement, summarising all the financial transactions (such as funds to be received and paid out, along with any other fees).
Repaying the existing mortgage
- On the agreed completion date, we will use the funds from the new lender to pay off your existing mortgage. This includes any remaining balance and any applicable fees outlined in the redemption statement.
- After the existing mortgage is fully repaid, we will handle any formalities required by the old lender, such as obtaining a discharge of the mortgage, if needed.
- If you’ve released equity as part of the remortgage, we will transfer any remaining funds to your bank account.
Registering the new mortgage
- We then register the new mortgage with HM Land Registry, updating the title register to show the new lender as the current mortgage holder.
- HM Land Registry will remove the old lender’s charge from the property, replacing it with the new lender’s charge.
Contact us
If you have any questions about the remortgage process or how we can help, please contact us at [email protected] or 01420 82879
