21 Sept 2022
21 Sept 2022
A mortgage is often one of the biggest and longest financial commitments we make, and during the lifetime of your mortgage you will likely consider remortgaging several times.
Many homeowners consider remortgaging their house either because an existing deal has come to an end or, particularly with the major increases in the cost of living that we are seeing, to decrease their monthly commitments and benefit from a better interest rate deal.
When you find the right new mortgage deal for you, remortgaging can make financial sense, but do you need to instruct a solicitor for this process?
Remortgaging is when you switch your current mortgage deal to a new one, without moving property. Your new mortgage will then replace your old one.
The switch over from one mortgage to another could be in the form of a new agreement with your current mortgage lender, or you may move to a different lender altogether.
There are several reasons as to why you may be considering remortgaging your home.
If you are staying with your current provider and just changing or altering deals, then you are unlikely to need the advice of a solicitor. Additionally, if you are simply borrowing more on your existing mortgage deal with your existing lender, there are no legal costs involved, only the costs associated with the loan increase and repayments.
If you are changing from one mortgage provider to another, you will need a lawyer to advise you on your options and the process as well as handling the legal and technical aspects of the transfer.
Often lenders will include a free legal package with their remortgage deals meaning their chosen conveyancing solicitor will cover the legal requirements. We advise always double checking that this service is actually free and there are no hidden costs!
However, it may be that you want the freedom to choose a solicitor you know you can trust to help with the legal side of things.
There are some situations where you will need to appoint your own solicitor regardless:
The process of remortgaging usually takes 1 to 2 months to complete. If you are staying with your current lender, this is generally quicker than if you are moving from one to another. So, if you are thinking about going through a remortgage, we advise you leave at least 2 months to do so.
Our specialist team of conveyancing solicitors can oversee the whole of the remortgaging process and provide you with updates about your remortgage in an easy-to-understand manner.
The requesting of title deeds and mortgage redemption statements, checking of the new terms, and amending your title deeds with the Land Registry – are just some of the processes our team can help you with, taking the stress off your shoulders and avoiding delays to your remortgage, so you can focus on the more important things in life.
At Hegarty, we charge a fixed fee of £750+VAT, or £930+VAT if the remortgage includes a transfer of equity plus disbursements. We pride ourselves on having zero hidden fees so that you know exactly what you’re paying.
Speak with one of our conveyancing solicitors about remortgaging your home today.
