It is better to use your own solicitor when you remortgage home. Your new lender will probably ask you if you want to use their in house solicitor or whether you want to use your own family solicitor. Although a lender may offer a special deal or offer free legal fees, you must bear in mind that the chosen solicitors will be acting for the lender and not for you. This means that the solicitors may not be situated in your area and may take extra time in processing a mortgage.
At Sarginsons Law we will be acting for you and we will have your best interests in mind. We can make the process as quick and painless for you as possible, especially if we have acted in the house purchase or a previous remortgage.
On checking your existing mortgage terms, you should ensure that you are fully aware of any penalties payable to your existing lender. Most existing lenders charge for deeds release and administration fees when you redeem your mortgage. We would always suggest that you approach your existing lender for a redemption statement which would detail these fees. Making these early checks will ensure that you will have sufficient funds to pay off your existing mortgage and leave you with any surplus you have requested. It will also enable us to collect any shortfall from you if you are reducing your mortgage.
Your new mortgage offer
Contact us at the earliest possible opportunity, especially if you are looking to complete your remortage quickly. We can then commence the work required by your new lender, including obtaining your title deeds from your existing lender and/or a copy of your deeds from the Land Registry. Most mortgage lenders do not insist upon up to date Local Searches being obtained so this will make the process much quicker.
Your new lender will produce a mortgage offer once they have undertaken all of their checks. This offer will contain conditions that we will need to comply with, before they will release the funds to us. These conditions usually ask you to provide details of your Buildings Insurance Policy for the property so that we can check, to ensure that they meet your new lenders requirements. We can discuss these conditions and go through the mortgage paperwork with you.
On completing the transaction, we will prepare a report to the new lender and provided all mortgage conditions have been met, agree a completion date with you. On the completion date, we will receive the new mortgage funds from your new lender and pay off your existing mortgage, then send you any surplus. We subsequently, will deal with the registration formalities at the Land Registry, who alter the title deeds to reflect the change of lender.
For a comphrensive guide to our pricing for conveyancing costs, please click here.
If you would like an no obligation quote for your remortgage please contact us via;-
Telephone: 02476 55 31 81