Complete this short inquirer form to be shown a list of remortgage conveyancers located by you. You this information to save yourself money and time to find the best conveyancing service.
Compare Remortgage Conveyancing
When you re-mortgage you are taking out a brand new loan secured against a property. This is called a mortgage and generally they are used to settle a mortgage existing on the property. Another common use is for personal finance reasons. In order to process this you will require a re-mortgage conveyancer to liaise with the lender.
The reason why people re-mortgage is to try to get a reduced rate of interest. Mortgages rise when an introductory period expires. When people take out a mortgage they generally enter into a promotional rate or product which is valid for a number of year. Once this time period has finished which is usually for between 2 and 5 years, the customer can then find a new lender. If they stay on their existing deal it will be more expensive than changing to a new lender.
The process to carry out re-mortgage conveyancing has similarities to the work needed to be carried out by a conveyancer when handling a sale or purchase. Your conveyancer will be representing you and the lenders interests.
The loan provider will request that a brand new valuation or survey carried out. This will be required even if you have had one in the last two years. Due to the large levels of money been lent the lender needs to be certain of the value and state of the property.
All of our property solicitors are licenced by the council for licenced conveyancers. We have a wide selection of firms that cover every aspect of house conveyancing. When purchasing a home our property solicitor will represent the lender and you. The lender will have conditions to adhere to such as searches, surveys or insurance. This is part of their due diligence process and require it to safeguard the money which they are lending.
When handling re-mortgage conveyancing to discharge one mortgage with another, your solicitor will handle that transaction. They will repay what is owed on the current mortgage so that it can be discharged and replaced with the new one. With our panel of solicitor you can carry out everything online without the need for paperwork. All of our conveyancers are qualified to the highest level and have excellent reputations.
Process for Conveyancing Re-Mortgaging
The action of transferring a property loan from one lender to another is known as re-mortgaging. It can also take place with the same lender if you are changing mortgage products. If you are staying with the same lender you may not need a conveyance to carry out the work. The lender should have a team employed which can handle this.
Below is the process which is needed to be undertaken by a conveyance to complete a re-mortgage application:
Find a conveyancer to carry out the work. You can do this by filling out the short form at the top of the page. You will be shown quotes with a full breakdown of all the costs involved. That way you will be able to compare re-mortgage conveyancers and know the amount that the re-mortgage costs. Once you have located the one which suits your purposes you can directly instruct them online.
The conveyancer once instructed will write to the lender asking for the title deeds. They will examine the amount which if left to pay on the mortgage through a redemption statement.
When the valuation is complete and there are no problems the new lender will agree the mortgage. A copy will be sent to the conveyancers and a formal offer letter to you. This will include any instructions that have to be undertaken for completion to take place. Whilst this is taking place your conveyance will have requested any searches needed like Land Registry and Local Authority.
Once the conveyancer has drawn up the mortgage deed they will send you a copy. You will have to sign it and then return it to them. When additional money is required it must be sent at this time.
You will need to set a date of completion. Your new mortgage money will be sent to the conveyancers escrow account prior to completion. This money and any other funds you need to pay to settle the mortgage are sent to the lender. This is to settle your existing mortgage. If you are due any money from the new mortgage the conveyance will transfer it to your account. The house conveyancing costs will be paid on the day of completion.
The last part that needs to be carried out by your conveyance is the Land Registry Certificate. This is needed to show the lender is on the title deeds and the previous one has been taken off. The new lender will have a first charge on the property. This means that if you have any other finance secured against the property and you cannot pay, the lender gets their money back first. You will get a copy of the certificate sent to your house.