Remortgage Conveyancing
Need quick and hassle-free remortgage services? Our expert solicitors make remortgaging simple and stress-free, keeping your interests safe the whole way through.
Remortgaging can be a smart financial move, but navigating the process can be challenging without professional help. At Triangle Legal Services, our specialist remortgage conveyancing solicitors are here to make securing the best deal quick and straightforward.
Whether you’re remortgaging to get lower monthly payments, unlock equity in your home, or consolidate your debts, our experienced team is ready to guide and support you every step of the way.With extensive experience supporting both freeholders and leaseholders, we protect your interests and make the process as smooth as possible.
What is remortgaging?
Remortgaging involves switching your current mortgage to a new one. It’s a great way to take advantage of better interest rates, access your property’s equity, or consolidate your debts.
You might consider remortgaging when you want to lower your monthly mortgage payments or shorten your mortgage term. It’s also useful if you need funds for home improvements or other significant expenses. Additionally, remortgaging can help you consolidate high-interest debts into one manageable payment.
Why do I need a solicitor for remortgaging?
When you’re remortgaging, having a solicitor makes things so much easier. At Triangle Legal Services, we handle all the legal aspects, so you don’t have to worry.
If you are remortgaging with your current lender, you typically won’t need a solicitor, as it’s considered a product transfer. However, if you are switching lenders, you will need a solicitor or conveyancer for the due diligence and to make certain your property is registered with HM Land Registry, including the new lender’s charge.We check your property and loan terms to spot any issues, making sure your interests are protected. Our team negotiates with lenders to get you the best deal, giving you peace of mind.We ensure everything complies with the law, making the process seamless and efficient. With us, you can remortgage without the stress.
Contact Our Remortgage Solicitors Today To See How We Can Support You.
Why choose us as your conveyancing solicitors?
Choosing the right solicitor for your remortgage is important, and Triangle Legal Services is here to make it easy for you. With years of experience, our team knows how to handle all types of remortgages, no matter how complex, always keeping your best interests in mind.
We know that timing is essential, so we work efficiently to complete everything quickly and cost-effectively. Throughout the process, we keep you informed with regular updates and clear explanations so you always know what’s happening with your remortgage.Our commitment to excellent customer service means we respond promptly to your questions and concerns, making the entire experience as smooth and stress-free as possible. At Triangle Legal Services, we’re dedicated to making your remortgage journey a positive one.
The Remortgage Conveyancing Process
When you are remortgaging, there are several steps to complete before the legal process begins.
You’ll need to start by consulting with a mortgage broker or your bank to discuss your current mortgage, financial situation, and goals. They will assess your options and recommend the best course of action.
Once you decide to go ahead, fill out your remortgage application and gather the necessary documents. Your new lender will then conduct a property valuation, and if everything is in order, you’ll receive a remortgage offer outlining the terms and conditions.
If you are remortgaging with your current lender, you typically won’t need a solicitor, as it’s considered a product transfer. However, if you are switching lenders, you will need a solicitor or conveyancer for the due diligence and to make certain your property is registered with HM Land Registry, including the new lender’s charge.
Remortgage Conveyancing Steps
Step 1: Identity Checks
Your solicitor will need to check your identity to assure the new lender that you are who you say you are.
Step 2: Title Checks
Your solicitor will check the title to verify ownership and look for any charges on the property at HM Land Registry to confirm you have the right to remortgage.
Step 3: Searches
The solicitor will apply for necessary searches, usually a local authority search. Depending on their policy, lenders may sometimes accept indemnity insurance instead of a search.
Step 4: Pre-completion Checks
Before completion, your solicitor will perform a final check with HM Land Registry to prevent new charges from being registered against your property. This is known as an OS1 or official priority search.
Step 5: Bankruptcy Checks
Your solicitor will conduct a bankruptcy search on all parties on the title deeds to check no one is bankrupt or facing bankruptcy, protecting the new lender.
Step 6: Redemption Statement
The solicitor will request a redemption statement from your current lender detailing the exact amount to be repaid, including any accrued interest. Your existing lender will not release their charge on the property until this debt is fully repaid.
Step 7: Certificate of Title
Once your solicitor is satisfied that everything is in order, they will issue a certificate of title to the new lender, confirming that all conditions are met and funds can be released.
Step 8: Completion
On the day of completion, your solicitor will handle the release of funds from the new lender, repay the old lender, and transfer any remaining balance to you after deducting their fees and other costs. You will receive a completion statement detailing:
- The amount of your new mortgage
- The amount repaid to your old lender
- Legal fees and disbursements
- The balance you will receive or need to pay
Step 9: Post Completion Registration
Finally, your solicitor will register the new mortgage and the new lender’s charge with HM Land Registry. This step can take some time due to current backlogs.
Remortgage Conveyancing Solicitors FAQs
How long does remortgage conveyancing take?
Remortgaging is usually quicker than buying a new property, but it can still take time. We advise you to start your research into new mortgage deals about 4-6 months before your current mortgage term ends. This will give you enough time to contact your current mortgage lender and shop around for the best mortgage offer, either independently or with the help of a mortgage broker.
Having your paperwork in order can help speed up the remortgaging process. Make sure your ID is valid and that you have at least 3 months of payslips if you are employed or 2 years of accounts if you are self-employed.
The conveyancing part of the remortgage process usually takes 4-8 weeks, depending on the complexity of the case. Once we’ve discussed the specifics of your remortgage with you, we can give you a clearer timeline, and we will keep you updated as we complete the legal work.
Can I remortgage if I have bad credit?
Yes, it is possible to remortgage if you have bad credit, but it can limit your options. Lenders may view you as a higher risk, which could result in higher interest rates or less favourable terms. However, there are specialist lenders who offer remortgage products specifically designed for those with poor credit histories.
Do I need a solicitor if I stay with the same lender?
If you’re looking to remortgage your home with the same lender, you typically do not need a conveyancing solicitor. This process is often considered a product transfer or rate switch, where the terms of your mortgage change, but the lender remains the same. Since there is no change in ownership or new mortgage lender involved, the legal requirements are usually minimal, and the lender handles most of the process internally.
However, if your remortgage involves more complex changes, like adding or removing someone from the mortgage, you might still need a conveyancing service. A solicitor will check the specifics of your case to ensure everything is handled correctly. Additionally, if you’re switching to a different lender, a solicitor can help navigate the process, review exit fees, and help you to secure the best remortgage deal. It’s always a good idea to check with your lender to understand their specific requirements and see if you need legal assistance.
What documents are required for remortgage conveyancing?
You will need the following documents when remortgaging:
- Identification: A valid photo ID, such as a passport or driver’s license, and proof of address, like a utility bill or bank statement.
- Title Deeds: Documents proving your ownership of the property.
- Redemption Statement: A document from your current mortgage lender detailing the outstanding amount on your existing mortgage, including any exit fees.
Having the document you need to provide ready will help secure a hassle-free and efficient remortgage process.
How’s a remortgage different from a normal mortgage?
A remortgage replaces an existing mortgage, while a normal mortgage is typically used for buying a new property.
The remortgage process involves switching mortgage deals, possibly with a new lender, and includes verifying ownership and updating records. It may also include costs such as early repayment charges and arrangement fees.
In contrast, a normal mortgage involves the initial property purchase, including higher costs such as deposits, stamp duty, and more extensive legal work to arrange the transfer of ownership.
Remortgaging is usually quicker than buying a new property, but it can still take time. We advise you to start your research into new mortgage deals about 4-6 months before your current mortgage term ends. This will give you enough time to contact your current mortgage lender and shop around for the best mortgage offer, either independently or with the help of a mortgage broker.
Having your paperwork in order can help speed up the remortgaging process. Make sure your ID is valid and that you have at least 3 months of payslips if you are employed or 2 years of accounts if you are self-employed.
The conveyancing part of the remortgage process usually takes 4-8 weeks, depending on the complexity of the case. Once we’ve discussed the specifics of your remortgage with you, we can give you a clearer timeline, and we will keep you updated as we complete the legal work.
Yes, it is possible to remortgage if you have bad credit, but it can limit your options. Lenders may view you as a higher risk, which could result in higher interest rates or less favourable terms. However, there are specialist lenders who offer remortgage products specifically designed for those with poor credit histories.
If you’re looking to remortgage your home with the same lender, you typically do not need a conveyancing solicitor. This process is often considered a product transfer or rate switch, where the terms of your mortgage change, but the lender remains the same. Since there is no change in ownership or new mortgage lender involved, the legal requirements are usually minimal, and the lender handles most of the process internally.
However, if your remortgage involves more complex changes, like adding or removing someone from the mortgage, you might still need a conveyancing service. A solicitor will check the specifics of your case to ensure everything is handled correctly. Additionally, if you’re switching to a different lender, a solicitor can help navigate the process, review exit fees, and help you to secure the best remortgage deal. It’s always a good idea to check with your lender to understand their specific requirements and see if you need legal assistance.
You will need the following documents when remortgaging:
- Identification: A valid photo ID, such as a passport or driver’s license, and proof of address, like a utility bill or bank statement.
- Title Deeds: Documents proving your ownership of the property.
- Redemption Statement: A document from your current mortgage lender detailing the outstanding amount on your existing mortgage, including any exit fees.
Having the document you need to provide ready will help secure a hassle-free and efficient remortgage process.
A remortgage replaces an existing mortgage, while a normal mortgage is typically used for buying a new property.
The remortgage process involves switching mortgage deals, possibly with a new lender, and includes verifying ownership and updating records. It may also include costs such as early repayment charges and arrangement fees.
In contrast, a normal mortgage involves the initial property purchase, including higher costs such as deposits, stamp duty, and more extensive legal work to arrange the transfer of ownership.
We’re Specialists in Remortgage Conveyancing for All Types of Properties.
Contact Us Today to Learn How Our Remortgage Conveyancing Solicitors Can Support You.