Here’s where you may find you need legal help.
A remortgage is the process of paying off one mortgage with the proceeds from a new mortgage on the same property with another lender.
There are good reasons to consider remortgaging: if you think you can get a better rate; to reduce your monthly mortgage payments; to consolidate debts or to release equity.
Before you decide to pursue a remortgage, you should consider the associated costs and get a full understanding of the options and legal implications involved.
Our specialised team at TLS Solicitors can help with this significant decision, giving you specific legal advice on your remortgage options and helping you understand the process and costs involved.
Once you have all the information on remortgaging and if you decide it’s the right option for you, our conveyancing team can handle the full process.
A remortgage can be a very easy procedure. Once you have instructed TLS Solicitors and notified your new lender as such, they will process your mortgage offer. The lender will then send you the mortgage offer once completed and send us a copy with their legal directions.
In most instances, if you are swapping lenders, the lender will need our team to carry out a Local Search.
“Search indemnity insurance”, an insurance policy which covers the lender against any opposing admissions which could be exposed on a Local Search, is another, much more cost effective alternative, however only some lenders will allow us to do this. TLS Solicitors will check with your lender for you to see if they will accept insurance.
Once this has been completed, we can outline to you your mortgage offer and then send you the deed to sign. With this signed mortgage deed sent back to us, TLS Solicitors can then command a redemption statement from your current lender with the completion date and send you a completion statement. We will redeem your current mortgage on the date of completion and any balance will then be sent to you.
Finally, we will need to register the new charge over your property with the Land Registry. Once it has been registered we will send you a copy of the title deed for your records. Your lender will hold the originals.
TLS Solicitors conveyancing team will streamline this whole remortgaging process for you, turning it into a simple transaction.