Conveyancing Guide to Remortgaging Property

The start of the Remortgage conveyancing process - you instruct conveyancing solicitors to act on your behalf in the remortgage of your property

You will need to:

  • Get Conveyancing Quotes for your Remortgage Conveyancing Fees
  • Choose Conveyancing Solicitors or Conveyancers to act for you and your new mortgage lender
  • Pass your conveyancing solicitors details onto your new Mortgage Lender
  • Ensure you have paid for your mortgage valuation with your new Mortgage Lender

Your conveyancing solicitors will:

  • Provide a conveyancing quote for your remortgage conveyancing legal work
  • Open your remortgage conveyancing file and send your client care information

You will need to:

  • Reply to your conveyancing solicitors client care information
  • Send any legal documents you have for the property you are remortgaging to your conveyancing solicitors
  • Provide Identification, Information and usually make a payment on account

Your Conveyancing Solicitors will:

  • Receive and check your completed conveyancing documents
  • Carry out any client due diligence checks in relation to your identity
  • Request and obtain a copy of the title information held at the Land Registry for the remortgage property
  • Obtain any conveyancing title documents required from the Land Registry
  • Contact your current mortgage lender (if any) and request the title deeds for the property
  • Contact your current lender and request an initial redemption statement (amount owing statement)

You will need to:

  • Read and respond to any requests for instructions or information from your conveyancing solicitors
  • Provide a copy of the valuation report carried out on behalf of your new Mortgage Lender to your conveyancing solicitors

Your Conveyancing Solicitors Will:

  • Read and check the title to the remortgage property
  • Receive and check the title deeds from your current mortgage lender (if any)
  • Receive and provide a copy to you of the redemption statement issued by your current mortgage lender if any
  • Receive your formal Mortgage Offer from your new mortgage Lender
  • Receive a copy of the valuation report for the remortgage property from you

You will need to:

  • Check you are happy with the financial aspect of your new Mortgage Offer
  • Return any documents your new mortgage lender may have requested
  • Check you agree with the redemption statement issued by your current mortgage lender and confirm this to your conveyancing solicitors

Your Conveyancing Solicitors will:

  • Check and ensure the title to the property meets the requirements of your new Mortgage Offer
  • Check and ensure the mortgage valuation meets the requirements of your new mortgage lender
  • Report to you on the legal aspect of your new Mortgage
  • Prepare and send to you for execution (signing with a witness) the formal Mortgage Deed for your new mortgage offer
  • Carry out any conveyancing searches required by your lender under the terms of the mortgage (or arrange indemnity insurance in lieu of searches if acceptable to you and your new mortgage lender)

You will need to:

  • Read all reports and information sent to you by your conveyancing solicitors
  • Correctly execute and return the formal Mortgage Deed to your conveyancing solicitors
  • Provide your current buildings insurance details (if you are keeping the same insurer) to your conveyancing solicitors ensuring you have amended the details of the policy where required to reflect your new mortgage lenders requirements

Your Conveyancing Solicitors will:

  • Receive and check your returned documents
  • Receive, check and resolve any issues with the conveyancing search results (where required)
  • Resolve any issues with the title to the property
  • Take your instructions regarding the legal completion date of your remortgage
  • Request, chase and obtain a final redemption statement from your current mortgage lender made up to the required completion date
  • Submit the Certificate of Title to your new mortgage lender to request funds be released in time for the legal completion date requested
  • Carry out the final searches and checks and resolve any final issues
  • Draft and provide to you a completion statement detailing the financial aspect of the remortgage
  • Ask you to send any monies required in order to complete your remortgage (only in instances where required)

You will need to:

  • Provide any information or instructions requested by your conveyancing solicitors
  • Check the completion statement and confirm your agreement with your conveyancing solicitors
  • Send any fund requested to your conveyancing solicitors client bank account (only where required)

The Legal Completion Date

Your conveyancing solicitors will:

  • Receive the mortgage funds from your new mortgage lender (usually the day prior to the legal completion date)
  • Send a same day bank transfer to your outgoing mortgage lender repaying your former mortgage account in full
  • Prepare and send to your outgoing mortgage lender formal discharge documents for the former mortgage
  • Send any balance funds due back to you
  • Formally confirm legal completion with you

You remortgage has now official completed and your new mortgage has started.  Your conveyancing solicitors will continue with the post-completion legal conveyancing work for you.

Post Completion

Your Conveyancing Solicitors will:

  • Chase until receipt of formal mortgage discharge documents from your former mortgage lender
  • Prepare the formal application for registration of the repayment of your former mortgage and update the register with your new mortgage details and send this to the Land Registry
  • Receive and check the completed registration from the Land Registry
  • Provide a copy of the new register to you
  • Confirm registration of the new mortgage to your new mortgage lender and send any deeds or documents they require to them
  • Send any deeds or documents not required by your mortgage lender to you
  • Check the financial ledger on the remortgage file to ensure it is clear
  • Close the remortgage conveyancing file
  • Store your remortgage  conveyancing file for the next 5 years as required under our professional rules
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