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    4. Remortgaging

    Remortgaging

    As a homeowner, at some point you may wish to consider remortgaging – either to take advantage of a better mortgage deal or to release money from your property. And with different mortgage providers offering different deals, you may wish to consider changing to a new lender.

    At QualitySolicitors J A Hughes we make remortgaging as quick and simple as possible. We’ll guide you through the process, taking care of any paperwork and legal checks. We’ll also review the terms of your existing mortgage so that you don’t uncover any surprises further down the line.

    Our friendly solicitors are experts in all areas of property law but will always speak your language – not legal jargon, giving you the confidence that you’re making the right decisions at every stage.

    Mortgage or Re-mortgage of your existing property

    Stages of the process:

    • Take your instructions and verify your identity and carry out money laundering checks.
    • We gather details of your current mortgage, particularly a redemption statement.
    • If you are paying off all or part of your existing mortgage we need to check source of funds in accordance with Anti Money Laundering Regulations.
    • Check HM Land Registry title deeds to confirm you are the legal owner of the property.
    • Your new lender will value your property.
    • Review your mortgage offer and ensure that the mortgage lender’s requirements are satisfied. Go through the conditions of the mortgage offer with you.
    • Request a current mortgage statement (if there is an existing mortgage to pay off) to confirm the amount required to redeem the mortgage.
    • Apply for a local search or investigate whether the lender will accept a search indemnity policy.
    • Attend with you to sign the new Mortgage Deed.
    • Agree a completion date.
    • Carry out protection and bankruptcy searches.
    • Submit a Certificate of Title to the lender which confirms all matters relating to the property are acceptable.
    • Complete the mortgage/re-mortgage. We will receive funds from your new mortgage and we will use these funds to pay off your existing mortgage. If any funds are due back to you we will also send this balance to you as soon as we can.
    • Deal with the application for registration at the Land Registry to update the title to reflect the new mortgage.
    • Store your file at the end of the transaction in accordance with SRA guidelines.

    The timescale for completion is usually 6-8 weeks, the time scale depends on how quickly the Land Registry process the transaction once the application is sent to them.

    With our free initial telephone conversation and no hidden costs policy, finding out more about your remortgaging options is straightforward.

    Call us today on 01446 411 000 to arrange a chat with one of our experts today.

     

    Team members

    Jeremy Davies
    Partner
    Penarth
    Contact
    Gareth Davies
    Partner
    Penarth
    Contact

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    Why QualitySolicitors?

    QualitySolicitors is the largest network of law firms in the UK, with local law firms spanning the whole of England and Wales and customer service at the heart of everything we do.

    We are dedicated to providing the highest quality legal advice and expertise for our clients, but in a way that’s far friendlier, more accessible and clear-talking than you might expect from a law firm.