If you are remortgaging your home, you will need specialist mortgage solicitors to represent you in the transaction. This also applies if you are transferring a property that is subject to a mortgage.

The reason a solicitor needs to be involved in a remortgage is that your mortgage lender needs to be satisfied that the legal title to the property is in order. Much of the same work that is carried out in a property purchase will need to be done, examining the title deeds and looking at the property information.

At Lockings Solicitors, we deal with a range of property and mortgage transactions, including:

• Re-mortgage
• Property transfers subject to mortgage
• Purchase of property with a mortgage
• Mortgage redemption

We know how important it is to deal with mortgage transactions promptly, particularly if you are moving to a better deal. We always work proactively to complete as soon as possible.

Our high level of experience means that, should any problems arise, we will have the expertise to handle them promptly and effectively.

We offer an outstanding service to our clients and are frequently recommended to friends and family.

We also hold the Law Society’s Conveyancing Quality Scheme accreditation, awarded to law firms in recognition of excellence in the provision of legal advice, risk management and client service.

We offer a FREE initial chat so that you can ask us any questions you may have. Call us on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and we deal with conveyancing in East Yorkshire, the York area and beyond. We are on the panels of approved solicitors of all major lenders.

Why do I need a solicitor to remortgage?

If you are staying with your existing lender and simply borrowing more or moving to a different product, you will not generally need a solicitor as your lender will already have approved the property.

If you are moving to a new lender however, they will need a solicitor to sign a certificate confirming that the property meets their legal criteria.

How to remortgage your home

The first step is to find the right deal. If you have a fixed-rate, tracker or discounted mortgage and it is approaching the end of the term, you may be able to find a better offer than your lender’s standard variable rate. This is the rate that you will usually be moved to.

To find the best deal for your situation, you can ask an independent mortgage broker for advice.

You will need to provide a wide range of information to your new lender. This will usually include:

• Proof of your identity, which will be a photo identity document such as your passport or driving licence as well as evidence of your address on a utility bill or credit card statement
• Proof of your income, which could be payslips or certified accounts from your business and self-assessment tax returns
• Evidence of any additional income other than your main income
• Details of your expenses, usually by providing bank statements dated within the last two months
• Details of your debts

How do I choose a remortgage solicitor?

You should choose an experienced remortgage solicitor who will be able to deal quickly with any questions raised by your lender. You should also make sure that you select a solicitor who is on the panel of your chosen lender. At Lockings Solicitors, we are on the panel of approved solicitors for all major lenders, meaning we can act for both you and your lender.

We also hold the Law Society’s Conveyancing Quality Scheme accreditation. This is a recognised legal standard awarded to law firms that provide the highest standards of competence, risk management and client service.

When do I instruct a mortgage solicitor?

You can ask us to represent you as soon as you decide to remortgage. We can deal with preliminary issues straightaway so that we are ready to start work as soon as your mortgage application is approved.

We offer a free, easy to use online portal that many of our clients choose to use. You can provide documentation, including identity documents, using this secure platform. This means you can deal with matters at a time to suit you and the information you provide will be available to us instantly.

The remortgage process

Obtaining your title deeds and a redemption statement

Once we have verified your identity, we will ask your existing lender for your title deeds and a redemption statement showing the approximate amount they will need to redeem your mortgage. You will be able to see whether they are making any charges that you were not expecting. For example, if you redeem your mortgage while you are still in the discounted period of your deal, you could be liable to pay a penalty.

Checking the property’s legal title

We will check that the legal title meets your new lender’s criteria and make sure we have seen copies of all of the documents referred to in the title. We will let you have a property information form for completion, which will provide details of things like rights that you or your neighbours may have in relation to the property.

Searches

Lenders do not generally insist on searches for remortgages and are happy with an insurance policy to be put in place instead, which is simple to arrange and avoids any delays. Where your lender does insist on searches, we will arrange them quickly and efficiently.

Drafting a transfer if necessary

If the property is being transferred, for example, from your sole name into joint names with someone else or from joint names into your sole name, we will draft the transfer document. Where necessary, we will send this to your co-owner’s solicitor for approval and liaise with them as to completion of the transfer and remortgage.

Signing the mortgage deed

Once we receive your new mortgage offer, we will check with you that you understand the terms and conditions and that you are happy with them. You can then sign the mortgage deed in readiness for completion.

Arranging completion

We will discuss the completion date that you would like with you. If the property is being transferred into your sole name, we will also contact the co-owner’s solicitor and liaise with them.

We will carry out final searches, including a bankruptcy search against your name and the name of any co-owner and an official search of the Land Register to check that nothing new has been registered against the legal title.

We will also confirm to your new lender that the title to the property is sound and order your new mortgage funds.

We will obtain an accurate redemption statement from your existing lender calculated to the day of completion and provide you with a completion statement. This will show the amount you will need to let us have in cleared funds to enable completion to take place, or alternatively the amount that will be payable to you on completion.

Completion day

On the day of completion, once we receive your new mortgage advance, we will arrange for redemption of your existing loan and account to you for any balance.

If the property is being transferred, we will date the transfer and arrange for money to be sent to your former co-owner where necessary.

Post-completion

We will arrange for your former mortgage to be removed from the Land Register and arrange for your new loan to be registered as well as any transfer.

Contact our East Yorkshire and York area conveyancing solicitors

If you are thinking of remortgaging your property or buying a property with a mortgage, we would be happy to represent you.

You can ring us for a FREE initial chat on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and deal with conveyancing in East Yorkshire, the York area and beyond.