How is the Process of Remortgage Conveyancing Work?

 

Remortgage is the process of changing the lender from one to another or applying for an upgraded mortgage offer from the existing lender. A mortgage is a process of taking a loan from a lender to purchase or maintain a home, land, or other types of real estate using the title of the deed as collateral. Homeowners need the remortgage due to a variety of reasons, such as funding a wedding, building an extension, buying a new car, or simply finding a new mortgage deal at favourable rates. The legal process of getting a remortgage offer is called remortgage conveyancing.

A property owner often hires a remortgage solicitor to facilitate the process. A remortgage solicitor acts as a bridge between you and your new lender and ensures that everything complies with specific terms or requirements. Have a look at how the process of remortgage conveyancing works. 

Process of Remortgage Conveyancing

1. ID Checks 

The process of remortgage conveyancing starts with verifying your ID. It is required to ensure compliance with regulations under anti-money laundering laws. Most solicitors will verify your identity using a third-party online service that can cost you anywhere around £10 per person. It’s important to get these checks done for the best interests of all.

2. Details of Existing Mortgages 

Your solicitor will gather the details of your current mortgage, particularly a redemption statement that tells about the outstanding amount, whether there are any early redemption or early exit fees, etc. Your solicitor will also check the lease terms and the remaining time left on the lease if your property is on leasehold to comply with the new lender’s requirements.

3. Title searches, Property searches, and Other Searches  

Your remortgage solicitor also obtains title registration documents for your property from HM Land Registry to confirm you are the legal owner of the property you are remortgaging. Your existing lender may request to conduct property searches before giving you a final offer. It helps your lender figure out whether there is something that could negatively impact the value of your property.

Your solicitor will conduct the property searches. After the successful property searches, it is followed by the local authority searches and OS1 priority search, and bankruptcy check. These third-party searches make up a major part of the cost of remortgage conveyancing. You can receive the remortgage conveyancing quote to compare the fee of remortgage conveyancing. 

4. Completion day

Once all parties are satisfied, your solicitor will ask you to sign the new mortgage deed. Your solicitor will send you a statement confirming the outstanding balance that you must pay to complete the remortgage and the money you will receive once the remortgage process completes.

5. Registering the Changes with the Land Registry

Once your remortgage solicitor gets the confirmation that you have paid the old mortgage, the last step is to register the changes with the HM Land Registry. The HM Land Registry may take some days to update the title register to reflect the new mortgage.

If you need help with the remortgage offer, you can get in touch with www.phewconveyancing.co.uk/ 

How a conveyancing lawyer helps you with buying or selling a property in London

 

Conveyancing is the legal process that involves the transfer of property title from the owner to the buyer. It is a mandatory process. Both buyers and sellers are required to fulfill certain legal formalities associated with the transfer of property.

A conveyancing solicitor helps and guides you during the whole process and ensures that your client fulfills all legal obligations. A property lawyer in London also ensures that their client’s rights are protected during the transaction.

What is conveyancing.       

The conveyancing process in London allows a buyer or seller to enter into a sale agreement with complete knowledge that the transaction is legal and will not cause any litigation later.

It is always advisable to follow legal procedures for all property transactions. For a buyer, this means paying for a property with full awareness of the details, while for a seller, it means they will receive the complete purchase price.

Selling a property includes complex paperwork and legal procedure. There are a number of obligations under a contract that are compulsory to be completed in specific timeframes. Missing these crucial dates can cost a deposit or the sale opportunity altogether.

A conveyancing lawyer helps in a great way in the following manner:

●     They follow all the legal obligations

●     They protect all your rights

●     They do legal paperwork and document handling

The importance of conveyancing.

Property lawyers in London strongly recommend engaging the services of a well-qualified and licensed conveyancer. There are some mandatory considerations to follow properly before a sale is finalized.

Let’s have a look at the sequence of work that a conveyancer carries out:

●     Managing transfer documents to make sure the property is rightfully transferred in a proper legal manner. This includes the preparation, arrangement, and execution of all legal documents.

●     They ensure that all the documentation is carried out according to legal procedures in London.

●     They prepare the contract of sale and vendor disclosure statement for sellers in a legal manner.

●     Calculating the adjustment of rates and taxes, and playing a crucial role in preparing the settlement with the bank.

In Summary

Maintaining proper communication with all other parties involved in the conveyance ensures that both buyers and sellers do not miss out on any adjustments that are a must for settlement. Conveyancing lawyers have the necessary training and skills that they utilize to decode a contract.