Remortgaging process
Thinking of remortgaging?
Remortgaging may be a good solution if you are looking to reduce your monthly repayments or release some of the equity in your home.
In fact, it’s good practice to regularly review your mortgage to ensure you are on the best possible deal.
Just like with insurance or energy bills, if you stay put, you are likely to miss out on better offers.
If you are considering remortgaging, it is essential that you get independent legal advice.
Many mortgage lenders encourage you to use their nominated legal representative, but this person is acting for the lender, not you. It is much wiser to instruct experienced conveyancing solicitors who you can trust to act in your best interests.
At Beswicks Legal, our 5-star conveyancing team provides independent legal advice and can guide you through the remortgaging process.
Meet the team
Beswicks’ residential property team has Conveyancing Quality Scheme accreditation, providing peace of mind about the qualifications, experience and standards that you are guaranteed when you instruct us to handle your property purchase.
We also have our own Beswicks Legal app enabling you to track progress with your transaction, receive alerts and updates, and view your documents securely.
What is the remortgaging process?
- ID checks – The first thing your solicitor will ask for is proof of ID. This is necessary to satisfy regulatory and anti-money laundering requirements.
- Take instructions – Your solicitor will then obtain and confirm all instructions before starting work on your remortgage using a simple questionnaire.
- Gather details – Next we will gather details of your existing mortgage and your new mortgage, so that we can assess how much you need to borrow from your new lender to pay off your old. We will also assess any exit or product fees that might be payable.
- Searches – It might be necessary to carry out searches on your property. Some lenders require this to ensure there is nothing that could affect the property’s value. However, lots of lenders accept search insurance, which is a cheaper and quicker alternative.
- Valuation – Your new lender will carry out a valuation of your property to ensure it is worth the amount that they are lending and will give this to your conveyancing solicitor, along with your mortgage offer.
- Reviews and checks – The next stage of the process is for your solicitor to review all of the terms of your mortgage offer and to raise any questions or issues that they might have.
- Signing – Once all parties are content with the detail, you will be asked to sign your new mortgage deed.
- Completion – Completion takes place when your solicitor receives the funds from your new lender to pay off your existing mortgage.
- Land Registry – We will update the Land Registry, informing them that a remortgage has taken place.
Typically, the whole process takes 4 weeks.
Mobile app – taking good communication to the next level
We believe in providing clients with regular updates during their transactions, as well as ensuring they have access to their solicitor whenever they need it.
The Beswicks Legal app takes this one step further by delivering alerts direct to your mobile phone and enabling you to track progress when it suits you.
Our app takes the stress out of things by allowing you to check progress with your transaction and sign and return documents.
The Beswicks Legal app is available to all Beswicks’ residential property clients.
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Your questions... answered
How long does completion of conveyancing take?
A usual conveyancing transaction takes around eight to 12 weeks on average.
At what point do I need a solicitor when buying or selling a house?
Once you have agreed a price, you will need to appoint an experienced resid
Do I need a solicitor to re-mortgage my home?
You will need a solicitor to handle the legal aspects of your re-mortgage,
What’s the difference between freehold and leasehold?
The freeholder of a property owns the property and the land it is built on