How to Re-Mortgage Your Property – A 6-step guide to the legal side of remortgaging

Remortgage Solicitors in Leicester
Remortgage Solicitors in Leicester

Remortgaging is the process of replacing your current mortgage with another one. It always used to be to raise additional funds, for example for a new extension, school & university fees, or to buy a second home. More commonly, as interest rates remain low, people are using trusted mortgage advisors to find a better deal on their mortgage saving thousands per year.

Most remortgages come with “free legals” which means that the mortgage company’s appointed lawyers will deal with the transaction on your behalf. However, you can always chose to have a local firm of solicitors like Josiah Hincks to deal with it for you. If you are having to pay for the legal work on your remortgage, and you live in Leicstershire, then you should definately consider using Josiah Hincks for local quality advice at affordable rates.

Here’s a brief guide to the legal process required with Josiah Hincks Solicitors to re-mortgage your property.

What we need to do to re-mortgage your property

Step 1

Receive your signed Terms of Business, Proof of Identity, Factsheet and your monies on account for searches if needed.

Step 2

We will obtain a copy of the title of the property from the Land Registry and request a redemption figure from your current mortgage lender.

Step 3

Once we have received your new mortgage offer, we will review the mortgage offer to see if we need to order searches or whether we can proceed with an insurance policy to extend the life of the searches undertaken when you purchased the property.

We will also arrange for you to sign your new mortgage deed.

Step 4

We will request funds from your new mortgage lender and if needed a new redemption statement from your current mortgage lender in readiness for a completion day

Step 5

On receipt of your mortgage monies from your new mortgage lender, we will repay your old mortgage lender and account to you with any surplus.

Step 6

We will then apply to the Land Registry to notify them of the change of mortgage lender and register the new mortgage deed at the Land Registry.