There may a number of reasons why you might be thinking of re-mortgaging your property in the near future.
Your current mortgage could be coming to an end or you may want to find a better deal from a new provider. You might want to increase your payments but your current lender isn’t interested. You may simply want to borrow more money for various reasons.
Getting a re-mortgage can not only save you money and release valuable capital it can often get you a better deal than you currently have.
Before you seek any legal advice about conveyancing, we always advise clients to get some input from a mortgage specialist first. Financing a property is probably the single biggest undertaking we encounter in our lifetime and it pays to make sure that you’re heading in the right direction. Working through what you are looking for with a specialist allows you to put the right elements in place and ensure that no mistakes are made.
Assuming that this is the deal you want to strike, and you’re happy to move forward, the next thing is to work with a solicitor to deal with the legal side of things.
While these can vary from solicitor to solicitor, you should be expecting to pay lower fees than with a straight mortgage as there is typically less work involved. Some lenders will offer their own conveyancing service when working out your re-mortgage but this can often be a false economy. It’s always better to choose a legal team that is independent and working for your side. And it’s always a good idea to shop around.
At Forster Dean, we have the qualified and experienced conveyancing solicitors on hand who will be able to help with any re-mortgage. We have some of the most competitive rates in the UK and always work to the benefit of our clients.
We start by taking your instructions, including all the details concerning the property that is being re-mortgaged, whether it’s a home or a business property. Next we begin the process of doing the local council search and get a copy of the lending agreement with your mortgage company. We’ll carry out a legal title investigation for the lender and any other searches that are required for the transaction.
You will, of course, need to pay off the existing lender and upon receipt of their settlement amount we can issue a completion statement and get the advance monies from your new lender to complete the transaction.
Most re-mortgages should go through in a fairly straightforward manner but there are sometimes unusual problems that crop up. You certainly need a legal team on hand if this happens.
It can be tempting to try to handle the conveyancing on your own to help reduce costs. This is generally a false economy, however, and we advise that you work with a qualified conveyancing solicitor who can ensure that everything runs as smoothly as possible.
If you would like to find out about our competitive re-mortgage conveyancing, contact our friendly and experienced legal team at Forster Dean today.
