What Is The Remortgage Conveyancing Process?

The remortgage conveyancing process is a lot simpler than buying or selling a home. However, there are still legal steps that are crucial within this process. Here at Burgh Thorpe Solicitors, our remortgage conveyancing specialists ensure that the process will run as smoothly and efficiently as possible.

The first part of the remortgage conveyancing process is instructing us. At this point our conveyancers will open your file. We will send you our initial client care pack. This will include the conducting of legal checks such as identification and anti-money laundering. At this point, our conveyancers will ask for the details of your existing mortgage lender and your new mortgage offer.

Once this is completed, the core legal work will begin. This is where your conveyancer will obtain an official copy of your Title Deeds from HM Land Registry. This will be reviewed in detail to satisfy the requirements of your new mortgage lender. We will ensure names match on the title and the mortgage application. The tenure of the property will be confirmed, and we will look for any defects, restrictions or changes on the title too.

Next, our property solicitors will formally contact your old lender and request a redemption statement. This is seen as the final ‘bill’ for your existing mortgage. It will state the amount of capital, interest and exit fees you will be expected to pay. It will also confirm the date the loan will need to be completely paid off.

While conveyancing searches are not always needed in the case of a remortgage, some mortgage lenders will require them. In most cases the lender will accept a ‘search indemnity insurance’. This is much quicker to process. However, both can be completed by our experienced property conveyancing team.

When all the checks are complete and our property solicitors have your redemption statement, we will agree on a completion date with you. This is when the mortgage funds will be received from your new lender. At this point, we will pay the required amount to your old lender to ‘pay off’ your old mortgage. Surplus finds will then be sent directly to your bank account. In most cases this will take place in less than a day and with minimal or no disruption to you.

After completion, there is still work for our property solicitors in Peterborough to do. We will receive a notification from your old lender to confirm their legal charge has been removed from the property. At this point, we will go to the HM Land Registry, with the notification and new mortgage deal, and remove the old lenders charge from your title and register the new lenders charge. Land Registry will then update the title, and we will send a copy of this to you and your new lender.

Need legal support you through the remortgaging conveyancing process in Peterborough? Call our remortgage conveyancers now.