What is the process for a remortgage?

What is the process for a remortgage?

Remortgaging is the process of moving your mortgage on your existing property from one lender to another. Your new mortgage will then replace your old one….

  1. Review your offer.
  2. Complete the legal work.
  3. The final step.

Do you need a solicitor to remortgage UK?

If you remortgage with your current lender, by simply moving to a new rate or deal, it’s considered a “product transfer” and requires no additional legal work. Otherwise, yes, a remortgage will require you to have a solicitor or conveyancer, to help with the legal side of things.

How long does it take to process a remortgage?

4 to 8 weeks
Get ready to remortgage The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you’ll need to speak to one of the lender’s mortgage advisers, who are qualified to advise you about the best deal for your needs.

What does a conveyancer do when remortgaging?

The role of a conveyancer is to act on behalf of both yourself and your new lender. A conveyancer will ensure that everything complies with any specific terms or requirements imposed by your new lender and will ensure that your legal title is updated, and the land registry is informed.

How long does conveyancing take for remortgage?

On average, the remortgage conveyancing process takes 3-4 weeks from the receipt of the mortgage offer and the completed mortgagor (borrower) forms.

What does a solicitor do when you remortgage?

Once the remortgage has been confirmed, a solicitor manages a new charge being registered against the property. This entails removing the charge instated by the previous lender and is done by updating the title held by the Land Registry. A solicitor will also be instrumental in the transfer of funds.

What happens on remortgage completion day?

All the financial and legal processes required to move your mortgage from one lender to another are finished on the day of completion. This means that you will ‘receive’ your loan from your new mortgage lender, which is paid directly to your previous lender to cover the total amount of their loan.

How long does conveyancing take on a remortgage?

How long is remortgage conveyancing?

What does a solicitor do when remortgaging?

Do you need conveyancing when remortgaging?

You’ll need a conveyancing solicitor to help with the remortgaging process if you’re moving to a new mortgage deal with a different lender. If you’re remortgaging with your current lender, you won’t need a solicitor.