Remortgage conveyancing costs and process: All you need to know

It’s possible to apply for a new mortgage with a new lender while still living in your current home. In this case, you’re not taking out a second mortgage with the same bank you already have.

Remortgaging one’s home can be done for several reasons. What’s more, it’s possible that your current mortgage deal is coming to an end and there is a better deal available somewhere else, or that you have a better loan-to-value ratio and can apply for a broader range of products. Home improvements or a specific purchase may be the reason you’re trying to raise money.

Do I need a solicitor to remortgage?

You don’t need a remortgage conveyancing solicitor if you’re just applying for a new loan from your current mortgage lender, which is referred to as a “product transfer.” Remortgage conveyancing solicitors must handle remortgage transactions when a new lender is involved.

Remortgage conveyancing costs

In this section, you will get an idea about remortgage conveyancing costs. First of all, you will receive a statement from your remortgage conveyancing lawyer before finalising the transaction. This will ensure:

  • For completing the remortgage, the outstanding balance you are required to pay

Or,

  • When the remortgage conveyancing process will complete, the amount you are going to receive.

The remortgage completion statement from your Solicitor will also include an itemised list of fees and disbursements, including the mortgage advance from your new lender, local Authority search fees; HM Land Registry fees; fees for ID, and bankruptcy checks these costs.

Remortgage process the UK

Here are the remortgage process in UK:

  • Your lawyer will conduct the necessary money laundering checks and verify the identities of all parties named in the mortgage and property deeds.
  • Anti-money laundering regulations require that your solicitor verify the source of your funds if you are paying off a portion or all of your mortgage. Depending on the basis, you’ll have to provide different types of proof.
  • Title registration documents will be obtained from HM Land Registry by your remortgage conveyancing law firm. Your legal ownership of the property you wish to remortgage is confirmed by presenting an official copy of these documents. Any legal charges against the property are also included in these documents. The legal charge of the previous lender must be removed from the property once your solicitor has repaid the mortgage.
  • Your lender makes a formal mortgage offer to your remortgage conveyancing solicitor. The mortgage lender’s requirements are outlined in this document.
  • In order to redeem (pay off) the mortgage, your solicitor will request a current mortgage statement from your current lender.
  • Your new lender’s property search requirements will be met by the solicitor’s application for the necessary searches. Search indemnity policies, which are less expensive and more convenient, are acceptable in some cases. Learn about property searches.
  • During the 30-day “priority period,” your remortgage conveyancing lawyer requests a pre-completion search called an “Official search with priority: whole title (OS1),” which prevents any other charges from being registered against the property. A new OS1 must be requested if the priority period is not met before the project can be completed.
  • To ensure that no legal owners are bankrupt, your lawyer will conduct a bankruptcy search on the property you are purchasing.
  • All registered owners of the property, as well as the property itself, must meet the new lender’s requirements before a completion date can be established. Remortgage funds are released after the solicitor sends a ‘Certificate of Title’ to your new lender, which confirms everything is fine and asks the latest lender to remove them.

Wrap up

After reading this article, I hope you got an overall idea regarding comparing approved remortgage conveyancer costsand process. You can quickly compare remortgage conveyancing costs using the Homebuyer Conveyancing comparison website. No need to enter your personal details to browse the nationwide Solicitor quotes online. No spam so great news.

Share your love
Christophe Rude

Christophe Rude

Articles: 15888

Leave a Reply

Your email address will not be published. Required fields are marked *