Remortgaging conveyancing involves transferring your existing mortgage to a new lender, or renegotiating the terms with your current lender, ultimately ending with you on a different mortgage product. For remortgage purposes, many mortgage companies don’t require local searches to be carried out and may instead rely on indemnity insurance, which can significantly reduce the cost and time. Provided the lending criteria is met, most simple remortgages are carried out within four to eight weeks, however it’s advisable to start the process three to six months before your existing deal runs out to avoid rolling into your lender’s standard variable rate.
Specific matters that our remortgaging solicitors can assist with include:
- Requesting a redemption statement from your current lender to show how much you owe on your existing mortgage plus any early exit fees and other costs you would need to pay to end your mortgage early
- Run checks on your deeds and carry out all relevant Land Registry searches
- Explain the terms of your mortgage offer in a clear and understandable way
- Organise and send your Mortgage Deed to you to sign
- Handle transfer of funds from your old lender to your new lender
- Update the lender details with the Land Registry
