There are lots of reasons why you might be thinking about re-mortgaging your property.Having seen the equity in your home grow, perhaps you want to release funds.
Maybe your circumstances have changed since you purchased your property and you’d like to achieve a better rate of interest, or gain the security of a fixed rate mortgage having previously chosen a variable or tracker rate mortgage.
Whatever your reason for remortgaging, Anthony Stockton Solicitors are here to help.
Since re-mortgaging involves both legal and administrative work, engaging the services of a solicitor could save you a great deal of time and energy.
Choosing a solicitor
A conveyancing solicitor could be among your strongest assets when it comes to re-mortgaging your property.
Engaging a highly trained individual with specialist skills and knowledge is likely to save you time and energy in the long run.
Although it’s possible to re-mortgage without the assistance of a solicitor, it can be a stressful, time consuming and perplexing process. The majority of people feel more comfortable once they have engaged a solicitor to represent their interests.
If, like most people, you are too worried or time poor to re-mortgage without the assistance of a solicitor, get in touch for a free quote today.
First steps to re-mortgaging a house
Once you have instructed your Solicitor, he or she will request the title deeds to your property from your existing lender and the Land Registry, as well as a redemption statement, which details how much you still owe on your property and any other loans you’re paying off.
At this stage, your Solicitor will check title documentation and await your mortgage offer.
Your mortgage offer is received
As soon as your mortgage offer is received, your Solicitor will check special instructions from your lender. Depending upon your lender’s instructions, at this stage, usually your Solicitor will carry out searches against the property on behalf of your new Mortgage Lender.
Once any searches have been carried out, your Solicitor will forward the mortgage deed to you, which you’ll be expected to sign and ask you the date you would like to complete your new mortgage.
Once you have returned the documentation (and any balance payable, if applicable), your Solicitor will arrange completion with your Lender. (Usually, lenders require a minimum of approximately one week’s notice.)
On the day of completion, your Solicitor will pay off your existing mortgage, collect fees and disbursements and transfer any money remaining to you.
Finally, your Solicitor will arrange to register your new mortgage with the Land Registry.
As soon as the title is registered, your Solicitor will supply you with a copy of the updated Title Deed document, and send a further copy to your Lender.(If they require them)