Remortgage Solicitors
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If you are looking to remortgage your home or property. The property team at Holden Smith Law can guide you through the process quickly and clearly.
Contact our team today to start your remortgage and receive a free instant quote. You can contact the team by calling one of our offices or by completing our online enquiry form.
How Our Remortgage Solicitors Can Help
The remortgage team at Holden Smith have been assisting people with their remortgages since 2019. Whether a commercial property owner, landlord or residential homeowner we can guide you through the remortgage process.
Our remortgaging legal services include:
Fixed-fee remortgaging
Acting for individuals, couples, landlords
Leasehold property remortgaging
Transfer of equity with remortgage
Why do people remortgage?
People remortgage their property for a number of reasons, this can include:
Better rates
Switching to a lower rate can save you money on monthly repayments and reduce the total interest you pay. If mortgage rates are lower than the initial mortgage, then remortgaging can be a great way to save money.
Take equity of the property
Property equity is the amount of a property that someone owns. When someone has equity in their property, they can remortgage their property to release the equity. The individual can the use the equity released to provide a cash investment.
It is recommended that you consult a financial expert before releasing equity.
A fixed deal has come to an end.
When a fixed rate mortgage about to expire lenders will move someone onto a Standard Variable Rate (SVR) which can be higher. Remortgaging ahead of this can help someone get a cheaper rate.
Transfer of equity
A transfer of equity is when someone transfers the part of or the entirety of a property to someone else. People sometimes include this as part of their estate planning or gifting it to a member of their family. If they are adding their partner or spouse to the property title, then they will need to complete a transfer of equity.
Transfer of equity is also used to remove someone from the title of a property in situations such as separation or divorce.
A Step-by-Step Remortgage Process
Once you have instructed a legal professional for your remortgage, your solicitor or conveyancer will follow this process:
1. Review of your current mortgage
Your current mortgage will be reviewed so that they can establish the amount outstanding with your current lender.
2. Check the leasehold terms of your property (optional)
If you own a leasehold property, then your conveyancer will check the terms and conditions of the lease. They will also check the time left on it. This is to ensure that it is in compliance with your new lender’s offer. They will also contact the leasehold landlord or management company to notify them of your change in mortgage.
3. Property searches
The solicitor or conveyancer will run searches against your property to check for anything that could complicate your remortgage.
Depending on the mortgage lender, your solicitor or conveyancer may not need to run searches. Some lenders take out indemnity insurance (sometimes known as an indemnity report) which will protect them during purchase period.
4. Value the property
The mortgage lender will value your property and send it to yourself as well as your solicitor or conveyancer.
5. Check the terms of the mortgage offer
The person reviewing your mortgage offer will double check all the details in the offer including any small print. If they spot anything they will raise it with yourself as well as your mortgage lender.
6. Sign the remortgage offer
Once you and your solicitor/conveyancer are happy with the terms of the mortgage, you will need to sign the new mortgage deed.
7. Completion
Once the money has been received from your lender, your conveyancer or solicitor will use it to pay off your previous mortgage. If there is any money left to be paid back to you, this will also be sent back to you.
8. Registering the changes with the Land Registry
Your new mortgage will be registered with Land Registry. It will also be noted that there has been a remortgage on the property.
How long does it take to get a remortgage?
Remortgaging a property can vary but typically it can take around 4-6 weeks, although timings may vary depending on:
If the property is freehold or leasehold.
Whether property searches reveal issues.
The new mortgage lender may have special conditions or lender requirements that you must comply with.
If you are waiting for an early repayment charge deadline with the existing lender to pass.
Why use Holden Smith?
At Holden Smith Law we are committed to assisting clients. We offer an honest, efficient and clear approach to your legal matter, no matter how complex or straightforward the task.
Communication is key during any legal case. That is why we devote ourselves to keeping you informed throughout your legal journey. Our dedicated app will provide you with 24/7 updates on the progress of your case and can allow you to submit documents.
We have offices in Leeds, Huddersfield, Manchester, Horsforth and Queensbury. We can also assist clients across the entire of England and Wales.
Frequently Asked Questions
How far before my fixed term ending should I start the remortgage process?
We recommended that you start your remortgage around 2-3 months before your mortgage ends. This means if any issues or delays come up, you still have room to manoeuvre and avoid going onto a variable rate.
Do I need a solicitor or conveyancer if I am remortgaging with the same mortgage lender?
If remortgaging your property with the same mortgage lender (also known as a product transfer), then you do not need one.
If you are changing ownership details, you will need a remortgage conveyancer or solicitor.
Why do people choose a product transfer?
It can be a faster process than changing lenders and it requires a lot less paperwork.
If their financial situation has changed, it may be easier to get a new offer from a current lender. Otherwise, they will have to go through credit checks with a new lender if their credit score is lower.
Why are searches required?
Some mortgage lenders may ask your solicitor or conveyancer to run searches against the property. Usually, the searches will only be a Local Authority search. In this search the solicitor/conveyancer will check with your local council the property history, planning permissions and regulations.
Most lenders will not ask for this and will take out an indemnity report instead.
What documents do I need ahead of remortgaging?
You’ll typically need:
Proof of ID and address
Details of your current mortgage
Recent bank statements
Proof of income (e.g. payslips, tax returns)
What are the legal fees for remortgaging?
We offer remortgage legal services on a fixed-fee basis. Get an instant online quote to see your exact costs upfront.
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Get in touch.
If you are looking to remortgage your house or property, then do not hesitate to contact our team. You will be entitled to a free 30-minute consultation with a member of our team. You can contact our team by calling one of our offices or by completing our online enquiry form. Get an instant quote by clicking the button below.