Reasons to remortgage – and when quality conveyancing can help

From releasing equity to consolidating debts, there are many reasons to remortgage a property. It can be an attractive option for those who want to reduce their monthly payments, although any potential savings should be outweighed against other fees including broker costs and legal bills. In fact, it is thought that around a third of all UK home loans are remortgages.

Exchanging Contracts

Indeed, while it may not always be necessary to appoint a solicitor, there are times when it is advisable to seek guidance from a quality conveyancing expert.

Is it always necessary to use a solicitor when remortgaging?

If you simply increase the amount you want to borrow, then there won’t usually be any additional legal work to be done. Similarly, a solicitor won’t get involved if you continue to use the same provider for a new rate or deal as this is a straightforward ‘product transfer’.

However, a conveyancing solicitor will oversee the process when it comes to other scenarios including adding or removing somebody from the mortgage. There may also be the need to have your home valued again.

Check with your lender

If you’ve decided on the lender you would like to use for your remortgage, you may find that conveyancing services are offered or included in your deal. However, it is important to check that any advice is indeed free and there are no hidden charges. If it isn’t free, then you should be given the option to look elsewhere.

While it is true that the process required for a remortgage is less involved than the initial purchase, a quality conveyancing service will handle any checks and forms that need to be completed.

Quality conveyancing

A conveyancing solicitor undertakes a number of important tasks so that remortgaging is as seamless and stress-free as possible, acting as the medium between old lender, new lender and homeowner.

For a start, they are responsible for consulting the Land Registry to make sure there have been no changes to the property. A conveyancer will also:

  • Let the Registry know that a remortgage has taken place
  • Scrutinise the terms of your new agreement so that there are no nasty surprises lurking in the small print.

Then, when it’s time for your new lender to release your new mortgage funds, they will be the go-between who pays off the old lender and releases any additional money to you.

Contact Anthony Stockton Solicitors for advice

If you would like help with any aspect of conveyancing, including remortgages, contact Anthony Stockton Solicitors by calling us on 0800 652 3737 or contact us to request a free quotation.