If you are thinking of remortgaging a property, you will usually need to instruct solicitors to deal with the transaction on behalf of both you and your new lender. The exception is if you will be staying with your existing lender and if you are not adding anyone or removing them from the title.
At David W Harris & Co, our solicitors can represent you and your new mortgage company efficiently and quickly. We know that it is often important to have a fast remortgage so that you can switch to a more beneficial deal as soon as possible. We always work proactively to complete the conveyancing for remortgage purposes promptly. This can often be achieved in less than two weeks from the date of the offer, providing there are no onerous conditions to satisfy.
Our conveyancing solicitors have the experience to deal efficiently with any complications that may arise. We will make sure that you know exactly what stage has been reached and whether we need anything from you. We are easy to contact and will keep you updated on our progress.
We will give you a clear quote for the legal fees for remortgage work at the outset and provide you with a full statement once we have a final redemption figure from your existing lender. Our solicitors’ costs for remortgages represent excellent value for money for the quick and efficient service we provide.
Our remortgage services include:
- Obtaining your title documents
- Due diligence work as required by your new lender
- Checking your mortgage offer
- Dealing with any related issues, such as property transfer
- Obtaining a redemption figure
- Redeeming your existing mortgage
- Completing your remortgage
Contact our remortgage solicitors in South Wales
If you are looking for expert solicitors for remortgage work so that you can switch to your new lender promptly, give us a ring and we will be happy to help.
To speak to one of our local remortgage solicitors in South Wales, you can call one of our offices in Pontypridd, Swansea and Talbot Green. Alternatively, we have an easy-to-use contact form.
Our remortgage services
Obtaining your title documents
The first step in the remortgage conveyancing process is for us to obtain your title deeds. As soon as you are ready to go ahead, we will arrange for your existing lender to send us the information they hold. We will then obtain an up to date copy of the legal title to the property from the Land Registry.
We will also obtain an initial mortgage redemption statement from your current lender. This will show any additional fees they may be charging, such as their administration fee and any exit penalties so that you have an idea early on of the amount that you will be receiving on completion or the amount that you will need to pay to complete.
Due diligence work as required by your new lender
Your new lender will require us to carry out the same sort of work that is done for a purchase, as they will want to know that the property is good security for their loan. This includes going through the legal title, checking that any restrictive covenants have been complied with and carrying out searches or putting indemnity insurance in place if your lender does not require searches.
We will work with you to ensure that we have all of the information needed so that we can proceed as soon as your mortgage offer is issued.
Checking your mortgage offer
Your new lender will send us your mortgage offer once your application has been processed and approved. This may be via post, email or through a specialist lender portal. We will draw your attention to anything unusual and check that you are happy with the terms and conditions. You can then sign the mortgage deed in readiness for completion.
Dealing with any related issues, such as property transfer
If there are any other matters to be dealt with, we will arrange for these to be done at this point. For example, if you are transferring the property into your sole name or from your sole name into joint names, we will make sure that the transfer has been signed and that you understand the implications of the transaction. This is called a combined remortgage and transfer of equity.
Completing your remortgage
Once all of the necessary information is available, we will be able to report to your lender on the property and its title. We will liaise with you about your completion date and order your mortgage advance in readiness.
We will carry out the final checks, including a bankruptcy search as required by lenders and a priority check to make sure nothing on the Land Register has changed.
We will obtain an accurate redemption statement from your existing lender and let you have a full statement. This will show the amount due to you on completion or, if you are taking out a smaller loan, the amount we will need from you in cleared funds prior to completion.
On completion day, we will let you know once we have received your mortgage advance and the transaction has been completed. If you are due money, this will be sent to you.
Do you need solicitors to remortgage?
Unless you are staying with your existing lender, you will need solicitors to remortgage to act for both you and your new lender in completing the transaction and paying off your previous loan.
How long do remortgages take?
We always aim to complete a fast remortgage process as we know that it is often beneficial to move to a new lender without delay. The time that the remortgage conveyancing process takes will depend on how quickly your lender can deal with your application and send us your mortgage offer, as well as the length of time taken by search providers. If your lender has a particularly good deal available, they may be experiencing a high workload. We normally hope to complete a remortgage within two to four weeks, usually from the date of offer.
How much are legal fees for remortgages?
We will make sure that you have an accurate remortgage conveyancing quote before we start work so that you know exactly how much our solicitors’ remortgage fees will be as well as the cost of any additional items such as searches and the Land Registry’s fee for registering your new mortgage.
If you would like a quote for the costs of remortgaging, please feel free to call us.
What happens on remortgage completion day?
On your remortgage completion day, once the new mortgage advance has been received, we will date the mortgage deed and redeem your previous loan. If you are due any money from the remortgage, this will be sent to you.
Your former lender will send us the documentation we need to remove their charge from the Land Register and we will arrange for your new mortgage to be registered in the days following completion.
Contact our remortgage solicitors in South Wales
If you want to move lenders to take advantage of a better deal and you would like a fast remortgage in South Wales, we would be happy to represent you.
To speak to one of our remortgage solicitors, you can call one of our offices in Pontypridd, Swansea and Talbot Green. Alternatively, we have an easy-to-use contact form.