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TIPS AND ADVICE

Your Conveyancing Solicitors for Remortgaging

When you’re simply remortgaging your home with the same mortgage lender, you may not need any additional legal work – and will not need to speak to a solicitor.

However if you are borrowing from a new lender you may need to appoint a new solicitor to cover your remortgage.

There is no requirement for you to employ a conveyancing solicitor if you are remortgaging with your existing lender and just getting a new deal.

However if you are changing any other aspect of the mortgage, such as changing lender, or adding or removing people to the mortgage and effectively altering the property ownership, then you should speak to a property solicitor.As this is now known as a transfer of equity and you will need to amend the deeds to correctly state ownership.

If you are taking someone off the mortgage you also need to instruct a solicitor, as it is also a change in ownership that needs to be recorded at the Land Registry.

Cunningtons are market leaders in Residential Conveyancing, dealing with a large number of remortgages every year. We detail the legal process for remortgaging property below.

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Residential Conveyancing Services – Remortgaging

Cunningtons are market leaders in Residential Conveyancing, dealing with a large number of remortgages every year. We detail the legal process for remortgaging property below.

Once we have been instructed by you, the client, Cunningtons LLP will:

  • Obtain your title deeds
  • Obtain up to date copy of the title from HM Land Registry;
  • Deal with various searches and enquiries, and check results;
  • Receive mortgage offer from your lender;
  • Send mortgage deed to you for signature;
  • Arrange to draw down the new loan;
  • Obtain an up-to-date redemption statement from existing Lender;
  • Provide a Financial Statement setting out funds due to you (or from you);
  • Conduct final Land Registry searches.

Completion

  • Receive mortgage advance and redeem existing mortgage;
  • Account to you for any balance of funds;
  • Register re-mortgage at HM Land Registry.
  • Instruct Cunningtons LLP;
  • Forward any title deeds;
  • Return all documentation received by your mortgage lender ensuring that it is signed;
  • Arrange for both building insurance and life cover in readiness for exchange of contracts;
  • Sign the mortgage deed and return it to your solicitor;
  • Make any alterations required to insurance arrangements.

Completion

  • Cancel any Direct Debit instructions with the existing Lender;
  • Ensure new buildings insurance arrangements are in place.
  • Send us the title deeds if held;
  • Advise us of current redemption amount.

Completion

  • Send your mortgage advance;
  • Your existing Lender will produce evidence of discharge upon receipt of funds.