If you are looking at remortgaging your property, you will usually need a solicitor to deal with the transaction on your behalf, unless you are staying with your existing lender – remortgage solicitors.

The work carried out by your remortgage solicitor will be similar to that done when you bought the property. This is because your new lender will need to check that the property is a good security for their advance.

At Lockings Solicitors, we are on the panels of all major lenders. This means that we can represent both you and your lender in the transaction. We are experienced property lawyers and we always aim to complete remortgages promptly so that you can move to your new lender without delay.

Our expertise means that if any complications arise, we have the understanding to deal with them effectively. We are known for the high level of service we provide and if you ask us to deal with your remortgage, we will make sure that you are kept up to date with progress and that you know exactly what we need from you to complete the transaction.

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 remortgaging in East Yorkshire, the York area and beyond.

Why remortgage?

Once the fixed period of a mortgage deal ends, you will usually be transferred to the lender’s standard variable rate. When this happens, there may be better offers available that could save you money over the long-term.

If your mortgage has changed from a fixed rate, a tracker or a discounted mortgage to a standard variable rate, you may therefore wish to remortgage. A mortgage adviser will be able to help you find the right option for your situation.

Similarly, if your circumstances have changed or your property has increased in value, you may be able to find a better deal. Another reason to remortgage is to change the length of time over which you repay. You should check that you will not be charged a penalty for leaving your existing lender.

You may also wish to remortgage to borrow more money, for example, if you wish to add an extension to your home.

How do I remortgage my property?

Once you have decided which lender you would like to approach, you will need to put together the paperwork that will be required for your application.

The lender will let you know exactly what they want, but this is likely to include:

• Identity documentation, such as a passport or photocard driving licence

• Utility bills or council tax bills or credit card statements confirming your address

• Bank statements for the past three months

• Payslips for the past three months

• Your most recent P60

• If you are self-employed, accounts for the past three years

You will then need to fill in the application form.

When to instruct a remortgage solicitor

You are advised to instruct a solicitor once you decide to go ahead with a remortgage. If you ask us to deal with the transaction on your behalf we will start work straightaway, verifying your identity, opening a file and obtaining your title deeds.

Choosing a remortgage solicitor

You are strongly advised to use an experienced remortgage solicitor. If issues were to arise with your transaction, we have the expertise to deal with them effectively.

We are on the panel of all major lenders and we are also members of the Law Society’s Conveyancing Quality Scheme. This is a recognised quality standard and you can expect firms holding this accreditation to provide a professional and high-quality service.

As holders of this standard, we will:

• Explain the steps involved in remortgaging and what you can expect from us

• Tell you how much the costs will be

• Keep you informed of the progress of your transaction

• Work in accordance with the Law Society’s standards

• Treat you fairly

• Be polite and professional

• Respond promptly when you contact us with questions

• Advise you of any problems as soon as we become aware of them

• Ask for your feedback on our service

Online remortgage portal

We have flexible availability so that our clients can contact us at a time that suits them. We also offer an online portal for property transactions.

This is easy to use and will let you see whether any input is required from you, such as verifying your identity, responding to enquiries or signing documents.

The remortgage process

We will start by obtaining your title deeds along with a redemption statement for your existing mortgage so that you know approximately how much the lender will need to pay this off.

We may be required to carry out searches (but most lenders are happy to accept no search insurance which is usually a cheaper and speedier solution) and ask you to provide replies to standard enquiries so that we can confirm to your new lender that everything is in order. We will also look at the legal title to your property to ensure that your new lender will be happy with it.

Once we have the search results (where you have chosen this over no search insurance or your lender requires searches) and any other necessary information, we can report to your new lender and request your mortgage advance.

We will obtain an accurate redemption statement from your current lender, calculated to the date of completion, and let you know how much will be coming to you or how much we will need from you to complete.

On the day of completion, your new lender will send us the advance and we will pay off your existing loan. We will arrange for the Land Registry to remove the former charge and register your new mortgage.

Remortgage solicitors fees

We always make sure that our remortgage fees are clear from the outset. We will give you a full breakdown of the likely costs, to include search indemnity insurance or search fees , the fee for transferring money electronically, if this is necessary, and the Land Registry’s fee for registering your new mortgage.

We offer an exceptional level of service at a competitive rate. If you have any questions about the costs involved, please feel free to contact us.

Contact our East Yorkshire and York area remortgage solicitors

If you thinking of remortgaging, we will be happy to represent you. We know that it can be important to complete quickly and we always work proactively to avoid delays.

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 remortgaging in East Yorkshire, the York area and beyond.