Conveyancing and remortgaging
Remortgage conveyancing is the process by which one obtains a new mortgage through appointing a conveyancer to ensure that the process runs without any complications.
It can often be a complicated process, and one which can require extensive legal knowledge. It involves reviewing a mortgage currently in place, and then switching a current mortgage to a new provider.
What is remortgaging?
Remortgage conveyancing is a service which is increasingly being used as individuals try and save as much money as possible. It is a way of attempting to save an individual a large amount of money, especially if the mortgage has been with the same lender for a long period of time.
For most individuals their biggest financial outgoing is their mortgage, and this is the reason why remortgage conveyancing is such an important issue. Furthermore, people’s personal situations change with time, and this is another reason why remortgage conveyancing is so important.
The process of remortgage conveyancing can be split into three simple steps:
- The first stage includes examining the deeds and any other documentation relating to title
- The second stage includes carrying out any searches, issuing a redemption statement and agreeing a completion date
- The final stage involves dealings with the Land Registry and paying off any remaining fees
This is indeed just a small example of the various steps involved, and it is clear that the process requires someone who has a good understanding of the detailed procedure, as well as being able to relay the information back to clients in a clear and coherent manner, without using complicated legal jargon.
Furthermore, there are often deadlines which must be met and various costs to be taken into consideration. If you are interested in a remortgage you should obtain legal advice in order to ensure that the process runs smoothly and is hassle-free.
Why do I need a solicitor?
If you want to switch your mortgage from your current lender to a new one, you may well require the services of a solicitor who deals in remortgage conveyancing. The process can often be a complicated and time-consuming one, and without legal help it can become extremely expensive.
The reason that specialist legal advice is so important is that if you want to switch your mortgage the new lender must see a detailed legal assessment of the property, and be sure that there are no legal charges or other issues which could have an effect on the value. It is not recommended to attempt this process alone as it requires specialist knowledge for a successful remortgage application.
Have more unanswered questions? See our FAQ on changing mortgages.
Do you want to remortgage your property because your financial circumstances have changed? Caven works with specialist conveyancing solicitors around the country who can advise you on the pros and cons of remortgaging your property. Please call us on 0808 129 5758 or complete the web-form above and we will call you back.
- Last Updated on 31/10/2013