It’s advisable to appoint at solicitor when dealing with a remortgage so that you have complete peace of mind that everything has been done by the book and there is no room for costly errors.
Although less complicated than the original purchase of your home, remortgaging does involve some specific legal legwork best carried out by your conveyancer.
Below are 10 good reasons why you should use a conveyancing solicitor for your remortgage.
You will need to provide your solicitor with proof of ID as protection against money laundering
2. Your current mortgage details
Your solicitor will get details of your current mortgage from your existing lender and ask for a redemption statement. This provides details about how much you owe and if there are any exit fees or early repayment charges due.
3. Leasehold checks
A solicitor will check the lease terms and make sure that the remaining time left on the lease complies with the new lender’s requirements.
4. Property searches
This may be a requirement of your new lender before they are prepared to lend on a property.
Your solicitor (and you) will receive a formal mortgage offer from the lender after the property has been valued and they can use their experience to make sure everything is accurate.
6. Fine print
There’s always room for error when checking the small print, which is why it’s best to let your solicitor check through the terms of the offer and raise any issues with you and/or the lender.
Your solicitor can witness the signing of the mortgage contract once you are all happy with its terms.
8. Final checks
These may include bankruptcy checks on you and a priority search with the Land Registry to make sure nothing has changed on the property deeds since the remortgage process began.
Your solicitor will receive the mortgage funds from your new lender, which gives them the green light to pay off your old mortgage plus any fees required before sending on any remaining money to you.
10. Registering changes with Land Registry
Once the completion has been confirmed, your solicitor will inform the Land Registry that a remortgage has taken place and update the legal title for your home by registering the new mortgage details.
To enquire about Alexander Grace Law’s conveyancing services for your remortgage, please contact Kerry Gudgeon at email@example.com