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Remortgage Solicitor

Remortgaging is an excellent strategy for reducing monthly payments. However, before you remortgage, you should ensure your savings outweigh any early redemption fees, arrangement fees, valuation fees, or broker costs.

If you choose to remortgage, you should consider going for a remortgage solicitor as well to help you with the process and explain how remortgage conveyancing works.

How Remortgage Conveyancing Works

Like any conveyancing process, securing a remortgage also has strict legal processes. So you need an experienced remortgage solicitor who will make the process easier and ensure you meet all the requirements.

The process involves various steps that include:

  • ID Checks: The solicitor will need to verify your identity, which is usually done after you apply for the remortgage.
  • Check your current mortgage: If you have another mortgage, the solicitor will need to check with it and the source of the funds you intend to use to pay off the mortgage.
  • Check the title: The solicitor will also help you check the title deeds for the property from the Land Registry. These will confirm you are the legal owner of the property you want to remortgage. The solicitor will also check other requirements to ensure you have the right requirements.
  • Review the mortgage offer: After the preliminary checks, the next step is for your remortgage solicitor in Bristol to review your lender’s mortgage offer. The solicitor will also request your current mortgage statement to confirm the amount you need to pay off the mortgage at the end of the remortgage conveyancing process.
  • Apply for searches: The solicitor will apply for searches required in your lender’s mortgage offer. Other checks will include a pre-completion check and a bankruptcy check.

How Can You Prepare to Remortgage?

Preparation is crucial when you want to remortgage. The more prepared you are, the better chances you have of getting your application approved. Some of the ways you can prepare for the remortgage include:

  • Checking your credit report
  • Plan ahead
  • Eligibility and affordability checks
  • Valuation

How Long Does Remortgaging Conveyancing Take?

The remortgage conveyancing process is shorter and much faster than buying or selling property. It can take four to eight weeks to complete, compared to the months it takes to complete the conventional conveyancing process. However, there is a lot of paperwork to complete, and this is one of the areas where a remortgage conveyance solicitor in Bristol can come in handy.