Conveyancing Process Remortgage
Conveyancing Process for the Remortgage of a property is the carrying out of the administrative and legal steps to secure a mortgage against a property.
The Conveyancing Process for the Remortgage of a property in the UK is often carried out by Conveyancing Solicitors or Licensed Conveyancers who usually act on behalf private individuals or financial institutions such as banks, building societies or dedicated mortgage providers.
The Conveyancing Process - Remortgage Stages
The conveyancing process for the Remortgage of a property proceeds through a number of different stages before final legal completion can be arranged and the new mortgage completed.
The main stages of the conveyancing process for a property remortgage include:
- Initial Stage
- Pre-Completion Stage
- Remortgage Completion Stage
- Post Completion
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Conveyancing Process for Remortgage of a Property - Initial Stage
The conveyancing process for the initial stage of a property remortgage conveyancing transaction includes:
- Receipt of formal instructions, obtaining of full details of the conveyancing transaction for the property remortgage and carrying out identity checks
- Requesting initial redemption statement from current mortgage lender
- Requesting and obtaining title deeds from current mortgage lender
- Obtaining any additional documents of title that may be required in order to check the title to the property
- Receipt of Mortgage valuation report for Remortgage property
- Ascertaining if any searches are required and taking instructions and putting in hand (where applicable)
The next stage of the conveyancing process for remortgage of a property is the pre-completion stage and includes:
- Formal Title Check and Interpretation of search results (where required)
- Receipt of formal offer of Mortgage from new lender
- Preparation of formal Mortgage Deed and report on legalities of new mortgage
- Receipt and forwarding of initial redemption statement from current mortgage lender
- Preparation of any additional documents required for new mortgage
- Receipt and checking of title deeds from current mortgage lender
- Obtaining correctly signed and executed documentation from remortgage clients
- Submission of Certificate of title requesting funds from new mortgage
- Obtaining details of current buildings insurance arrangements
- Drafting and provision of financial statements including final completion statement
- Procuring final conveyancing search results
- Final check and resolution of outstanding issues in relation to title and compliance with mortgage lenders requirements
The Post Completion stage of the conveyancing process for the Remortgage of a property includes:
- Receipt of new mortgage monies
- Formal redemption of any current mortgage
- Preparation of formal discharge documents for current mortgage and confirming completion with current lender
- Discharged mortgage lender formally confirming receipt of funds and removal of mortgage charge (where applicable)
- Formal registration of any new mortgage for Remortgage property
- Confirmation of registration of new mortgage with new mortgage lender and provision of any documentation required
- Confirmation of registration of new mortgage with remortgage client
- Final file check and closure
A Remortgage conveyancing file must be stored for a minimum period of years in accordance with our professional rules following conclusion of the conveyancing process for the remortgage of a property.
The Conveyancing Process further information
The Conveyancing Process and emphasis for a conveyancing solicitor or conveyancers depends very much on the matter type. For other matter type Conveyancing Process information choose from the following:
- The Conveyancing Process - General Information in relation to the Conveyancing Process
- The Purchase Conveyancing Process
- The Sale Conveyancing Process
- The Sale and Purchase Conveyancing Process
- The Transfer of Equity Conveyancing Process
Conveyancing Process for Buying and Selling a Property - further links and information
Further information of the Remortgage conveyancing process can be found in:
- Conveyancing Quotes - Remortgage a Property
- Legal Fees explained - Remortgage
- Conveyancing Costs and Disbursements - Remortgaging a Property
- Conveyancing Guide - Property Remortgage
- Conveyancing Solicitors - Legal Conveyancing for Remortgaging a Property
- Conveyancing Services - Remortgage a Property
- Conveyancing Explained - Remortgage a Property