Remortgaging is an option that can be used to get a better mortgage deal, or release some equity in a property or possibly to consolidate debts. Why is it recommended and beneficial to use the services of a conveyancing solicitor if you are going to remortgage?
Legal and financial procedures
When remortgaging a property, there are important legal and financial procedures that need to be handled correctly. Various checks and searches also need to be carried out to ensure that interests of the money lenders involved are protected, and a smooth, fault-free transaction is completed. A conveyancing solicitor should be the natural choice to perform the following duties:
- checks and searches
- liaising with current lender for redemption statement and property deeds
- reviewing a mortgage offer and confirming that any conditions have been met
- Land Registry and updating title deeds with details of your new lender
- transferring of funds
Control and protection of funds
The lender will require various assurances and guarantees that all elements of the financial transaction will be carried out legitimately. The solicitor will ensure the property is appropriately and legally registered, and that all processes are completed before the lender releases any funds.
“Some lenders are reluctant to lend large sums to individuals without a solicitor being involved due to the potential risk of fraud.”
The solicitor provides security for the financial transaction by controlling the release of funds from the lender and thereby protecting both the lender and borrower. Some lenders are reluctant to lend large sums to individuals without a solicitor being involved due to the potential risk of fraud.
How long does a remortgage take?
The remortgage process can generally take between one to two months. If a remortgage is being completed before an existing term or deal expires, it is worth having a buffer of at least two months.
Simply moving to a new rate or deal and staying with the same lender is considered a product transfer or product switch and should require no additional legal work.
Security and peace of mind
Using a conveyancing solicitor is recommended when remortgaging to ensure peace of mind and assurance for all parties – both borrower and lender, and peace of mind that the remortgaging process will be completed legally, securely and professionally.
Valentine & Co have an experienced conveyancing team that will ensure the remortgage conveyancing process is as straightforward and stress-free as possible.
For more information or advice on remortgaging, please don’t hesitate to contact us…