The Remortgage Conveyancing Process Explained – An Overview
When your fixed-rate mortgage expires, you need to get a new mortgage with better conditions. You can obtain finances by selling your property, transferring equity, or remortgaging.
Remortgaging is the process of changing mortgage providers, or securing a new deal with your current provider while conveyancing is the legal work required to complete the deal. This process usually necessitates the services of a property lawyer or conveyancer. These professionals will ensure that your current mortgage is recorded against the legal title of your property.
A conveyancer represents both you and your lender. A conveyancer will ensure that everything fulfils the requirements of your new lender, as well as updating your legal title and notifying the land registry.
Let’s see the steps a conveyancer takes when you remortgage your home:
1. ID Checks
You will need to provide proof of valid identification so your lender can conduct their background check. This is necessary, so the lender knows if you comply with their regulations and, in addition, the government’s anti-money laundering laws.
It’s also excellent practise since it lets us know that your conveyancer is doing what’s best for you at all times.
2. Existing Mortgage
Your conveyancer will ask for a redemption statement to show any outstanding loan amounts, early redemption or departure costs, and when they expire.
3. Check Lease Terms, If Applicable
The conveyancer will also check the lease terms and the remaining term to make sure you comply with your new lender’s requirements. Your landlord will also be contacted by the conveyancer to gather any further information that is required.
4. Property Valuation
Once terms have been confirmed, your new mortgage lender will assess your property and provide a copy of the valuation following a mortgage offer. This copy of the property appraisal will be sent to your conveyancer.
5. Property Searches
Your new lender may prefer a conveyancer to conduct searches on your property. The conveyancer will make sure there aren’t any issues that might affect the residence’s value regarding the mortgage. Often searches are not undertaken as they will have been done when you purchased the property, no search indemnity insurance is used in these circumstances.
6. Checking, Verification, and Deed Signing
Conveyancers will go through the fine print and terms of your mortgage offer with you and your lender. This is necessary to point out any concerns that may occur regarding the remortgage process.
Once all parties are satisfied with the terms, the conveyancer will ask you to sign the new mortgage deed.
7. Completion of the Sale
On the day your conveyancer receives the funds from your new mortgage, the conveyancer uses it to pay off your existing mortgage. If a number of funds are due back to you, the conveyancer will send a copy of your remaining balance as soon as possible.
8. Apply Changes in the Land Registry
Once the conveyancers receive confirmation of your old mortgage’s payment, they will then update the Land Registry that a remortgage has taken place.
Keep in mind that a conveyancer can act on behalf of yourself and your new lender. This helps them go through the process of changing your legal title and notifying the land registry.
Conclusion
The conveyancing process for a remortgage is less complicated than a property acquisition or sale. Conveyancing solicitors often complete the legal process on a remortgage in a matter of weeks.
It is best to get professional conveyancer services if you intend to remortgage or transfer equity. This ensures that all the nitty-gritty of the remortgage process is accomplished without you having to stress about it.
At Conveyancing Supermarket, we provide the best conveyancing quotes fixed-fee conveyancing costs for those buying, selling, or remortgaging their home in England and Wales. To ensure a smooth and fast completion, we only use qualified property lawyers. Use our conveyancing calculator now to quickly and easily find the most competitive conveyancer prices available!
