Why do you need a conveyancer to remortgage?
Conveyancing refers to the legal transfer of a property from one owner to another. However, it can also be used to describe any legal work during the purchase or remortgaging of a house. It can be quite an overwhelming part of the remortgaging process with a lot to organise and coordinate, but it’s a legally required step.
Conveyancing is an essential part of remortgaging as it makes the new mortgage valid under law. However, conveyancing for remortgages differers slightly from first-time buying that we’ll explore in more detail below:
What is remortgage conveyancing?
When you decide to remortgage, your new lender will ask you to instruct a solicitor to take care of the legal work, or conveyancing.
Remortgage conveyancing is slightly different to when you first purchased your home, but it’s still necessary as solicitors are required to help with the legal side of things.
During the conveyancing process, a solicitor is acting on behalf of you and your new mortgage lender.
What does a remortgage conveyancer do?
Conveyancing involves several steps to legally secure your new mortgage. Below is a guide to the process that your remortgaging conveyancer will follow:
Assess the current mortgage
A solicitor will look at the details of your current mortgage and see if there are any exit fees or early repayment charges due. They do this by requesting and examining a redemption statement.
Perform ID checks
Your solicitor is required to check your ID and confirm your identity to protect against fraud and money laundering.
Secure your mortgage
It’s important that you have an up-to-date and accurate valuation of your property before a formal valuation offer is given. Your solicitor will help you obtain this.
Check the fine print
As with all significant legal processes, there’s a lot of fine print to read and terms and conditions to navigate. Your solicitor will check through the terms associated with your mortgage offer during the remortgage conveyancing process, before relaying these to you in a transparent and easy-to-understand manner.
Oversee signatures, final checks & completion
Final checks at this stage will include a bankruptcy search to ensure you’ve never declared yourself bankrupt.
If everything is okay, you will then sign your new mortgage deed which leads to completion – this involves your solicitor receiving mortgage funds and using these to pay off your old mortgage and any other outstanding fees. The remaining money is then sent to you.
Register your new mortgage with the Land Registry
After your previous mortgage lender has discharged their mortgage, your solicitor will inform the Land Registry of the remortgage. Registering the new mortgage will then update the legal title for your home.
Remortgage Conveyancing FAQs
Do you need conveyancing when remortgaging?
When you remortgage your property, the services of a conveyancer will be needed. This is because when you remortgage, you are effectively taking out a new mortgage on your property.
There are some cases where you may not need to use a conveyancer when remortgaging. For instance, if you are simply switching to a new mortgage with your current lender, they may be able to execute the transfer for you without the need for conveyancing. However, if you are moving to a new lender, then you will almost certainly need to use a conveyancer.
How long does conveyancing take after a remortgage offer?
Following the acceptance of a remortgage offer, it can take anywhere from four to eight weeks for the conveyancing process to be completed. This time frame can be affected by a number of factors, including the type of property being purchased, the loan amount, and the lender’s requirements.
How much does remortgage conveyancing cost?
Most mortgage lenders will cover all of the remortgage conveyancing. However, it will depend on a number of factors, including the value of your property, the amount you are borrowing, and the type of mortgage you’re taking out.
YesCanDo Money are a fee-free whole of market mortgage broker and therefore will be able to find you the best fixed rates available to you, for free! Not only are we fee free but we will find you a mortgage lender that will not charge you any cost for the conveyancing.
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