Remortgaging is not simple and especially when you are completely unaware of legal processes. Legal processing is a bit complex, you have to prepare details that you had never heard. Likewise, you have to move from lenders to lenders. Therefore, the best and easiest thing that you can do is to find a solicitor. The solicitor will help you in finding the best possible deal.
Furthermore, he will take care of any transitions during the mortgaging process. Monthly rent is one of the most important things that we look at. So if the monthly rent is too much, it will become troublesome for you. And your lawyer will deal with it and keep it as low as possible. After all, he is responsible for managing your cost.
But the first thing that you need to do is to find a conveyancing solicitor. Because finding the right person to do the legal process is crucial for your mortgage. HomebuyerConveyancing.com is the platform where you can find a Lender approved Solicitor and get answers to your questions.
They offer sale conveyancing quotes, remortgage conveyancing quotes and also do the transfer of equity. Furthermore, if you want to sell or purchase things, they will offer conveyancing quotes for that too. So if you are interested in conveyancing, go to www.homebuyerconveyancing.com and fill up the information section.
Afterward, they will help you out in finding the best online conveyancing quotes and also several comparisons. Thus, you will be able to compare the quotes and find the right deal according to your budget. So find the right legal representative because he is the one who will help you with getting a great deal.
Things to know
Conveyancing mortgaging involves certain processes that include;
1. Checking things and search work
This includes verification of your identity and the possibility of any money laundering checks. Furthermore, they also need to check the title of the property and other related searches. This includes checking for any building control, planning or any sort of environmental issues that might affect the property.
Your previous lender will have all these details from the first checkup, therefore, he won’t need them again. However, if you plan to change him, the new one would like to see all the evidence. Afterward, they will issue the funds.
2. Redemption statement
The conveyancer will also give the notice to your existing lender. So if there is any outstanding loan to pay, they will give the notice that you want to pay off your outstanding balance. This notice will include all the payments including the outstanding balance, any penalties, exit fees and also any other costs.
3. Reviewing mortgage offers
Your new mortgage lender will carry out a proper valuation of the property. After doing all the valuation processes, the lender will create a formal offer for a remortgage. You will also get a copy of this offer. Furthermore, the lender will also tell you all the important details that you need to know.
4. Transferring the funds
Now the inspection is complete and you have to receive the funds only. The lender will give you the amount and the first thing that you have to do is to pay the previous loan. So you won’t have anything to give the previous lender.
5. Updating the land registry office
After paying off the previous debt, the conveyancer will make contact with the land registry to update them. Thus the land registry department will also know all the details of your new deal. This includes the title deed and all the other details of the property.
There are some reasons for finding the legal representative;
Transfer between lenders
One of the key jobs of solicitors is to make transfers among different lenders. For example, you made a deal with one lender but you get a better deal from someone else. Thus, you have to transfer from one lender to the other. But if your deal was in process, there are several legal complications that you might not know.
Therefore, the solicitor is the right person to take care of all the matters during the transition. Furthermore, you have to sign a questionnaire for a mortgage and also pay a penalty fee. So have to do a repayment, which is not necessary.
You have to deal with this penalty fee thing and your solicitor will help you out here. So until the charge finishes off, your solicitor is responsible for doing all the things. Usually, lenders give free legal to their clients and therefore, you don’t need to pay the legal work.
Need of a solicitor during the remortgage
Although a solicitor helps you out in several matters but you do not always need him. For example, if you are working with the same lender as before, there won’t be any complex legal work. Likewise, you don’t have to pay any penalty fee. The only charges that you will face are the ones for repayments and loan increments.
Most importantly, if you are still with your previous lender, this deal is considered a product transfer. Therefore, there won’t be any additional legal work because you are just moving to a new deal. Having a solicitor is essential when changing lenders.
How long will take?
Remortgaging does not take a lot of time. It will take some weeks to deal with inquiring information about the property and checking for any possibility of fraud. Thus, this inquiring will take all the time, if there are no other complications.
However, if the property is leasehold, there will be a possibility of delay. Freeholders will provide notice after completing and this will take some time. Furthermore, if the ground rent is due or there are some other service charges to pay, it will also take time.
Because things will work through building societies and banks. And you better know how speedily they do things. Documents pass from one office to the other and eventually delays the whole process.