Remortgage

The legal process for remortgaging a property typically involves the following steps:

Finding a new mortgage lender: This involves shopping around for the best mortgage deal that meets your financial needs and requirements.

Appointing a conveyancer: Once you have found a suitable mortgage lender, you will need to appoint a conveyancer or solicitor to handle the remortgage process.

Providing information: Your conveyancer will request various information from you, such as proof of identity and details of your current mortgage. They will also carry out various searches and enquiries to ensure that the property has a clear title.

Preparing and exchanging contracts: Your conveyancer will prepare the remortgage documents and send them to the new lender for their approval. Once the new lender has approved the documents, they will be sent to you for signature. Once you have signed the documents, they will be sent back to the new lender and the remortgage process will be complete.

Completion: On the completion date, the new lender will release the funds to pay off your existing mortgage and the remortgage will be registered at the Land Registry.

The entire process typically takes several weeks to complete and requires close coordination between you, your conveyancer, and the new mortgage lender. The conveyancer's role is to ensure that the legal requirements are met and that the remortgage is carried out in accordance with the law.

How much does remortgaging cost?

The cost of conveyancing for a remortgage can vary widely depending on various factors such as the transaction's complexity, the property's location, and the experience and reputation of the conveyancer or solicitor.