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.

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.

Frequently Asked Questions

The following are common questions we get asked about buying and selling your home. If you cannot find the answer here, please contact us for an answer.

Yes, the VAT is added to your final bill once the sale or purchase has been exchanged.

The information from a property search is vital to a buyer. You need to know, for example, if the area is about to be extensively developed as that would be highly disruptive in terms of resulting traffic and noise levels.

The average freehold transaction which proceeds without undue delay from lenders or local authorities in processing search requests, can usually take around 6 to 10 weeks from receipt of papers, leasehold transactions usually take longer due to the more complicated nature of the title and maintenance arrangements.

Additional ‘disbursements’ are merely payments to 3rd parties such as to local authorities for search fees and to the Land Registry for title deeds.

After you have gone through our quotation system and signed our instruction form, if you’re selling you’ll need to let us have any deeds you hold and guarantees and other certificates. Providing your ID documents at an early stage always helps, and if you’re buying, evidence of the source of your funds.

There are two key events in the sale of a property in the UK – ‘exchange’ and ‘completion’. The ‘exchange of contracts’ happens when both parties sign a legal contract and their legal representatives agree the terms and date the Contract that makes all aspects of the purchase legally binding and enforceable. ‘Completion’ is the final stage in the sale of a property, when property legally changes ownership.

This is a request to the Local Authority to provide any information that they may have relating to the property being bought; this includes any planning entries, financial charges and local road schemes, but does not cover any neighbouring land.

Difficulties can arise when there are disputes as to title (ownership) of any part of the property, with alterations if the property is a listed building, lack of landlords consent for alterations to flats, or with a failure to have planning permission for changes to a property.

You should find a solicitor to act for you in your property sale or purchase as early as possible: you don’t need to wait until you’ve had an offer or found a new home to get the ball rolling.