A re-mort­gage is where you decide to take a new loan from a new Mort­gage Lender and repay your exist­ing Mort­gage Lender.

A mod­ern day exam­ple is that you may have been trans­ferred the Stan­dard Vari­able Rate (SVR) with your cur­rent lender when your low fixed rate deal end­ed and you may wish to trans­fer to a new low­er fixed rate

The above exam­ple is a strong fac­tor as to why remortages are par­tic­u­lar­ly pop­u­lar at present. How­ev­er, banks are also becom­ing more com­pet­i­tive amongst each oth­er which means fixed rate mort­gages are now bet­ter than the SVR which peo­ple have been ​‘enjoy­ing’ for some time.

Re-mort­gag­ing process is a com­bi­na­tion of the gen­er­al Con­veyanc­ing work we do. We have t com­ply with the Coun­cil of Mort­gage Lenders (CML) Hand­book which details lenders dif­fer­ing require­ments. Some lenders require full search­es, the same as if you are buy­ing again, whilst oth­ers are hap­py with search indem­ni­ty which is quick­er & more cost effec­tive. We have to obtain Office Copies of the Title to your exist­ing prop­er­ty from the Land Reg­istry. When search­es are received along with your new mort­gage offer, a com­ple­tion date is set to re-mort­gage. We apply for a redemp­tion state­ment (the amount required to repay your exist­ing mort­gage) and we do our final search­es and request the new funds from your new Mort­gage Lender.

To com­plete the remort­gage, we effec­tive­ly pay off the old loan and reg­is­ter the change of Mort­gage Lender at the Land Registry.

The last thing to con­sid­er is the offer of ​‘Free Legals’. As with the lenders indi­vid­ual require­ments detailed with­in the CML, the term for ​‘Free’ varies great­ly. Some free work involve a com­pa­ny, not usu­al­ly reg­u­lat­ed by the Solic­i­tors Reg­u­la­tion Author­i­ty (SRA) deal­ing with the remort­gage. How­ev­er, I’ve seen small print that actu­al­ly states they act for the bank & not the bor­row­er. Put blunt­ly, they are act­ing in the inter­ests of the bank & not you.

I’ve also seen terms for ​‘free’ legal work which relate to a very lim­it­ed scope, such as a free­hold prop­er­ty only. Added prices are usu­al for lease­hold prop­er­ties and can end up cost­ing much more than using your own Solic­i­tor. Our fixed fees include all work, irre­spec­tive of the type of prop­er­ty. We also reg­u­lat­ed by the SRA, car­ry two Law Soci­ety qual­i­ty mark accred­i­ta­tions, and always act in your interests.

Remort­gage Solicitors

To arrange a dis­cus­sion with our Res­i­den­tial Con­veyanc­ing Solic­i­tors, Janine Mur­phy, & Alexan­dra Hirst, & Legal Exec­u­tive, Quentin Dodd, please get in touch with us on 01625 523988 or mail@​JBGass.​com