You may be considering a remortgage of your home for several reasons. Since it’s most likely to be the greatest financial commitment of your life, it’s only normal to make sure that it’s in the best shape possible. Looking around for better options given your situation is advisable if your current deal is about to end.
Mortgages that are about to end will involve different exit costs that may be due to changes in interest rates. Switching is a good option if your projected savings will outweigh the costs, but changing your provider is another option if you’d like to pay more into the mortgage sooner! Whatever reason you may have, opting to remortgage is a big decision.
However, buying or selling property is not always guaranteed to be immediate if you want to buy a new mortgage. Another suitable option includes remortgage conveyancing, which is a similar process with some differences. It’s much quicker because no buyer or seller is waiting on the other side, so there are fewer delays! Waiting times for official searches are also much shorter because lenders typically require a local authority search, which is a query about the local area where the property resides.
This article covers the process of conveyancing for a standard property and how to get the best value for conveyancing your own home.
Get a Conveyancer or Solicitor
Once you’ve decided to sell or purchase a property, instructing a solicitor or conveyancer to help you complete the transaction is crucial. They can proceed with the process straight away once you find a buyer or a seller.
It is during this stage that you should request for a conveyancing quote for London solicitors, who should provide you with the initial figures and request for all the information needed. A better alternative is to use a conveyancing fees calculator to know what to expect from the different service providers and pick out the best one that suits your budget and needs.
Choosing your conveyancer should not be done in a rush since they bear a great responsibility for you and your property. Appointing the right one to carry out the needed administrative and legal tasks will determine how smoothly your house purchase process will turn out.
Choosing a conveyancing firm with a good track record of experience and recommendations from former clients is your best option. Don’t just read through filtered testimonials; be sure to check out reviews on Google and their social media pages as well!
Complete ID Checks
After applying for a new mortgage and finding a remortgage solicitor, provide two proofs of address and one photo ID. Should there be more than one person named on the mortgage, then both people should provide IDs for checking.
Provide Your Source of Funds
Those who are still paying off the existing mortgage are required to provide documents for their source of funds. These can come from your savings account, pension release, a property sale, an inheritance, or share sales of dividends. Keep in mind that cash typically isn’t accepted as a way of repaying your existing mortgage, although your solicitor can advise you of available options.
If you plan to use funds from outside the UK for the remortgage, then you’ll have to check with your solicitor if it is eligible given the list of high-risk countries. You’ll also need to provide the required documents to prove where the funds came from.
Check the Land Registry Title Deeds
To confirm that you are the legal owner of the property to be remortgaged, your solicitor will provide you with title registry documents. Any charges or restrictions registered on the property will be detailed in these title deeds, which ensure that other parties—such as other mortgage lenders—benefiting from the sale of the property will be paid.
Review Mortgage Offer and Request for Certificate of Current Mortgage
Your lender will now issue the formal mortgage offer to your solicitor. Lenders will have different criteria that your solicitor must set out to meet according to the requirements.
After this, the solicitor will request a current mortgage statement from your current lender to confirm how much is left to pay off on your mortgage. As the remortgage conveyancing process is completed, the outstanding balance on the current mortgage should be paid.
Wait for Local Authority Searches to be completed
Property searches include the enquiries that your solicitor will have to make to gather more information on a property that you plan to purchase. He or she will carry out these searches with the local authority and other parties as part of the home-buying or remortgaging process.
Regulated searches are typically faster and cheaper than official LA searches, which can take weeks. Your solicitor should check with the lender what type of search is required to ensure that all bases are kept and met. Most lenders will only require a local authority search rather than a full search involving environmental, chancel, and water searches.
The solicitor may also conduct other searches to ensure that the property is legally clear before you are able to complete the remortgaging process.
Send the Certificate of Title
Once you and the property have met all of the lender’s criteria, a date will be agreed upon to complete the remortgage process. A certificate of title will be sent to your new lender through your solicitor to trigger the release of the remortgage funds.
Complete the Necessary Steps to Close
Your remortgage solicitor will send you a final statement to confirm the outstanding balance to be paid to the remortgage. Other fees incurred during the remortgage process will be included in the statement, such as the solicitor’s fees, HM Land registration fees, Local Authority search fees, and ID and bankruptcy check fees.
Your new lender will then send the funds through your solicitor, which will be used to redeem your current mortgage. These funds will also settle the bill for any legal fees and disbursements needed. Any remaining funds will be paid directly to you.
Register the New Mortgage
The final step after you’ve completed the remortgage is for your solicitor to register your new mortgage at HM Land Registry. Although this will not affect the start date of your new mortgage, be prepared for this to take several months for your new property.
People who are looking to accomplish their remortgage may depend on a solicitor to take care of the conveyancing process for them. Doing so will give them peace of mind as the solicitor organises and coordinates the necessary legal matters, financial arrangements, and regulations for compliance. Finding the right solicitor is just a step away with the right portal that provides the best conveyancing quotes from around the UK.
Here at Conveyancing Calculator, we provide immediate quotations and conveyance fees in the UK using our trusted and accurate calculator. Whether you’re selling a house or remortgaging a property, we can help you find the prices for fully regulated conveyancing professionals today! Connect with us and get a quote today!