Remortgaging is the process of moving your mortgage to a new lender from your existing lender. People may choose to remortgage for various reasons, including to pay off other debts, to reduce monthly payments, or even to pay off the mortgage earlier. This article will guide you through the legal process of remortgaging and how you can go about doing it.
Remortgaging is the process of moving your mortgage to a new lender from your existing lender. People may choose to remortgage for various reasons, including to pay off other debts, to reduce monthly payments, or even to pay off the mortgage earlier. This article will guide you through the legal process of remortgaging and how you can go about doing it.
What is meant by ‘legal process’?
In a remortgage, a solicitor is required in the same way you require a solicitor when buying a property. In this case the term ‘legal process’ means the work required to be carried out to sign your new loan documentation, to certify title to the new bank, to redeem your old mortgage and register your new mortgage with the property registration authority.
What is the remortgage legal process?
The remortgage legal process involves several stages that can take between three to four weeks to complete. The process will require various documents and so, it is recommended that you contact your solicitor early if considering remortgaging so that you can gather the documentation required which will substantially speed up the process once your loan pack is issued.
Step 1: Client onboarding and Identity verification
Your solicitor will have its own onboarding requirements and ID checks before they can begin to act for you.
Step 2: Title deeds
The title deeds should be held with your previous bank and so your solicitor will issue you with an authority to be signed which authorises them to take up the title deeds to the property during the remortgage process. It can take 2 weeks or more to obtain title deeds from the bank and so it is important to deal with this as soon as ever possible to avoid any delay.
Your mortgage solicitor will then need to review the title to your property to ensure there is good title. There may be some documentation required from you ie up to date LPT receipts, Architects certification for any works carried out since you bought etc. Your solicitor will run through these items with you once a full review has been carried out.
Step 3: Sign loan documentation
Once the title is in order, your solicitor will meet with you to run through the loan pack issued from your new bank and to sign the documentation required to allow funds to be released to complete.
Step 4: Redemption figures
In conjunction with Step 3, your solicitor will obtain up to date redemption figures from your old bank which set out the funds required to release the old mortgage from the title.
Step 5: Closing searches
Your solicitor will carry out searches prior to the completion date to ensure nothing appears that affects the property or the banks ability to release funds for a remortgage.
Step 6: Drawdown
If all is in order, the bank will release the remortgage funds to your solicitor. In turn your solicitor will discharge the old mortgage.
Step 7: Registering your new mortgage
Once completed, your new mortgage will be registered by your solicitor with the Property Registration authority.
Step 8: Return deeds
Once registration is complete, your solicitor will lodge the deeds with your bank who hold them as security for the term of your new mortgage.
Step 9: Cashback
A number of banks are offering cashback incentives on a remortgage. Once the above process is complete, the cashback funds will be lodged to your account directly by your new bank and so are not processed through your solicitor.
The legal process involved in remortgaging is quite similar to the process involved in buying a property when it comes to the bank documentation and process. It requires a solicitor with solid conveyancing experience to ensure that this process goes smoothly for you.
Should you wish to discuss further, do not hesitate to contact us.
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