Remortgaging is when you decide to change the mortgage lender for your property. If you are looking for a better mortgage deal in Royal Tunbridge Wells, have debts to pay off, or want to refurbish your home, you can opt for a new mortgage lender. Remortgaging is also advisable if you borrow money with your property as a security.
When moving to a new mortgage lender, you should hire a licensed conveyancing solicitor to take you through the legal process. Getting the best conveyancing services in the UK should not be that difficult if you take the help of experienced conveyancing lawyers in Royal Tunbridge Wells like AVRillo. This way, you save money and time. Remortgaging takes at least three weeks when you work with a licensed conveyancer.
What does remortgaging conveyancing involve?
Remortgaging process involves various steps that your approved conveyancer takes you through. These are the steps your conveyancer will take when remortgaging in Royal Tunbridge Wells.
Step #1 – Conducting checks and local authority search
When remortgaging, there are no more searches you are required to do. The mortgage lender requests some basic searches like local authority search, property search, and title deed. You have to check for planning, building control, and environmental issues affecting your property.
The mortgage lender must see evidence of all checks and searches before releasing funds to your conveyancer’s account.
Step #2 – Issuance of redemption statement
The second step involves your conveyancers communicating with the existing lender about your intentions to clear the outstanding mortgage balance. Your conveyancer will ask for a redemption statement that details how much you owe, including the costs for early repayment, fees, and penalties.
Step #3 – Reviewing mortgage offer
A mortgage lender will carry out property valuation before making a formal mortgage offer. The lenders will send the offer to you and your conveyancer. This offer details how much they are willing to give as a mortgage.
The conveyancer goes through the details of this offer and ensures everything adds up. A review of the offer is vital to ensure you make no costly mistakes once the mortgage is processed.
Step #4 – Transferring funds
You need a conveyancing solicitor to transfer funds when remortgaging. Once the mortgage lender is ready to transfer, they deposit the funds to the conveyancer’s account. Your conveyancer will use these funds to pay your old mortgage balance full, including the early repayment fees charged if you have increased the loan size. The extra funds will be paid to you.
Step #5 – Contacting Land Registry
The conveyancer will contact the Land Registry as soon as the previous mortgage lender confirms that the mortgage has been paid in full.
The Land Registry updates the details of the title deed to include the new mortgage lender. Updating the register may take several months after completion in case the property is leasehold. This happens as you wait for notification from the freeholder to the property.
Remortgaging is a process most homebuyers consider if they are looking for a better deal. When remortgaging for the first time, you should hire a conveyancer approved by the lender to take you through the process.