Remortgaging is basically the process of transferring a mortgage from the current lender to a new one. It is usually handled by a solicitor or conveyancer. Most people get the best conveyancers through recommendations from their friends or estate agents. You will also need to Compare Conveyancing Quotes before weighing your options. The cost of using the services of a conveyancer isn’t as expensive as before.
A broad legal knowledge is required
Due to the fact that information is readily available, it’s possible to carry out certain transactions on your own. In a situation where mortgage is involved, the best thing is to hire a professional. If there is any error, it could result in an expensive lawsuit which can be more than the cost of hiring a professional conveyancer. Apart from that, you may end up facing certain penalties.
The truth is that a great number of mortgage lenders will prefer an expert in order to protect their interests. Some will even offer recommendations of the conveyancers that they trust. Always remember that you’re under no obligation to go with your lender’s choice of conveyancer.
One of the main reasons why you need a conveyancer is because the seller’s solicitor can exploit you due to your inexperience. Hiring a conveyancer is a wise and cost effective decision. It is the surest way to protect your rights and interests. Their services are fast and at the end of the day, you can be rest assured that the remortgaging process will turn out to be successful. They also offer concise legal advice.
Let’s take a look at some of the processes involved in conveyancing:
- The first thing is to check all documentations regarding the title.
- After that, a registered conveyancer must carry out an extensive research and issue a redemption statement. The verification of important legal and financial details is usually handled by a conveyancer. They include title deeds, your identity and checks for environmental issues like water drainage affecting your property. All these details must be handled accurately. The new mortgage lender will only release funds when you can provide an evidence of these checks.
- The final step involves dealing with the Land Registry and paying off the other fees. Once the mortgage lender is ready, funds will be transferred to your conveyancer. The funds are normally used to clear the old mortgage and other pending fees. The remaining balanced will be deposited into your preferred account. The conveyancer can also obtain indemnity insurance if necessary.
The process of conveyancing is really complicated. Special care and consideration must be taken. All these steps require an individual with more than just a basic understanding of conveyancing. Your lender will have certain requirement that must be duly met by your conveyancer. He will be assessed based on suitability and expertise.
Inform your lender immediately you choose a conveyancer. They will give out instructions to your conveyancer by sending out a formal mortgage offer if your choice is eventually approved. A copy of the document will also be sent to you. The process of conveyancing can begin right after this step.