Remortgaging Your Home
What is Remortgaging Your House?
Remortgaging your home is when you pay off your existing mortgage and switch to another lender. You may be looking to benefit from a new rate or want to release some of the capital tied up in your property. In either case, we can make it happen and ensure that the process runs as smoothly as possible.
If you intend to remortgage your home, many of the conveyancing processes of the initial property purchase will still apply. As far as the new lender is concerned, even if you aren’t moving home, the property is still regarded as a new mortgage with the same paperwork required as the original purchase to ensure that their security over your property is properly executed and registered.
Having Newtons Solicitors as your remortgaging solicitors ensures an efficient and smooth process from a friendly team of legal experts.
How to Remortgage Your House
We have a wealth of experience when it comes to helping our clients with remortgaging their homes and can help you using the following process:
- The property title information is obtained and a redemption statement is requested from your existing lender. The redemption statement confirms the amount still to pay against the current mortgage.
- Depending on the lender, after an offer has been received, searches may need to be carried out. After satisfactory searches have been made, the mortgage deed, redemption statement, and any other outstanding loan information will be sent out to you, and a completion date agreed.
- On the day of completion, the existing mortgage is paid off, legal fees paid, and any remaining monies sent to you.
- The new mortgage is then registered at the Land Registry, and a copy will be sent to you.
If you are thinking about remortgaging your home but are unsure whether it is the right thing to do for you, contact our specialist remortgaging solicitors today. Alternatively, take a look at our conveyancing costs indicators across our offices in Richmond, Thirsk, Knaresborough, Ripon, Darlington, Stokesley and York.
Our residential property team is here to help.
We will handle everything for you, from the legal title investigations through to searches and the management of the cash transaction. Please call us to find out how we can help.
We can talk on the phone or arrange a meeting where we can discuss your options and give you a clear idea of timeframes and costs.
Alternatively, please contact us online and we’ll call you back when it’s convenient for you.