Guides to Conveyancing: Remortgaging


What our clients say…

Thanks to Maria for looking after us so well… we were really up to the 11th hour with getting the correct figures and the bank transfers sorted, but Maria worked with us in a totally professional way with great care, consideration – and a good sense of humour.

KT

Very good service at a competitive price.

Conveyancing Client

Quick turnaround, easy process.

Conveyancing Client

Very good service – would use again.

Conveyancing Client

Thinking about changing your mortgage lender and need someone to take care of the legal paperwork? Our Residental Conveyancing team could help. Find out more in our guide…

Before we begin any conveyancing work on your behalf, we will give you an estimate of the costs. We will also ask you to provide proof of your identity, as this is a requirement of most mortgage lenders. There are a number of parts to the conveyancing work involved in remortgaging a property. This step-by-step guide will take you through the process.

1. Obtaining your Title Deeds

To proceed with any conveyancing work on your behalf, we will need to obtain the deeds to your property in order to check whether there are any restrictions or other matters relating to the property that your new lender will need to know about. Your deeds will be with your current lender. You should give us details of your mortgage account as soon as possible to enable us to request them

2. Special conditions of your mortgage offer

You will receive your mortgage offer in writing from your new lender. We must also receive instructions in writing from your lender before we can proceed. Usually, we would receive our instructions at the time you receive your offer. Your new mortgage lender may insist on certain conditions, for example works being carried out to the property, before the funds are released. We will check these conditions to ensure that they are acceptable.

3. Searches required by your lender

It is extremely likely that it will be a condition of your new mortgage offer that one or more searches are conducted. This will be the case even if searches were done when you bought the property as there may have been developments since then. The most common ones we are likely to conduct are listed below:

Local Search

This search is nearly always necessary. It is conducted with the Local Authority and looks into matters like planning permissions, environmental health matters, compulsory purchase orders, tree preservation orders, highways and roads proposals, and enforcements.

Water Search

This search is often a requirement of lenders and is undertaken to check the connection of the property to mains drainage and sewers.

Land Registry Search

A Land Registry search will reveal any entries made against the property since the time of your original purchase. We would need to inform your lender of anything adverse revealed by this search.

Bankruptcy Register Search

This search is conducted to satisfy your new lender that you are not a declared or interim bankrupt.

4. ‘Report on Title’

We will submit a ‘report on title’ to your new lender. This will advise of any problems with the title deeds, or with any of the conditions of their mortgage offer.

5. The Mortgage Deed

We will prepare your mortgage deed and any other documents your new lender requires you to sign. Before we can apply for your new mortgage funds to be released, you will need to sign the deed and associated documents (if there are any). We will let you know when all documentation is ready for your signature.

6. Requesting the funds from your new mortgage

When we have received the offer from your new lender, checked and satisfied any special conditions, clear search results have been received and you have signed all necessary documents, we will then apply to your new lender for your mortgage funds. We will set the completion date at this point, however there may be delays if your new lender’s requirements are not fully satisfied (for example they may not have received references or completed bank mandates). We will apply to your current lender for a redemption statement for the completion date we have set.

7. Completion

When you are changing mortgages, completion is the date when your current mortgage is settled and the new mortgage begins. It is a good idea to make enquiries with your current lender and your new lender in order to work out when is the best time to complete. Some lenders make monthly interest charges rather than calculating interest daily. In cases like this, it is possible that if you complete at the beginning of a month, you may have to pay both mortgages for that month, which is obviously best avoided! Depending on the repayment arrangements, it is also possible that your completion date will affect your first monthly payment of your new mortgage. It is therefore a good idea to speak to your new lender to check the amount of your first payment based on the proposed completion date. If you do this in good time, the completion date can be changed.


Recognition for our Residential Conveyancing team

  • LFS Conveyancing Awards	2016 - Highly Commended - Regional Conveyancer of the Year
  • LFS Conveyancing Awards	2015 - Highly Commended - Regional Conveyancer of the Year

What our clients say…

Thanks to Maria for looking after us so well… we were really up to the 11th hour with getting the correct figures and the bank transfers sorted, but Maria worked with us in a totally professional way with great care, consideration – and a good sense of humour.

KT

Very good service – would use again.

Conveyancing Client

Residential Conveyancing News