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For expert legal advice about remortgaging a residential property, call Slater and Gordon Lawyers on freephone 0800 916 9083 or contact us online.
A remortgage should be a very simple process. Once you have instructed us and you have notified your lender that we are to represent you, your lender will process your mortgage offer.
Once the offer has been completed, the lender will send you your part of the mortgage offer and send the firm a Solicitors copy detailing their instructions.
In most cases of remortgaging, and if you are changing to a different lender, the lender will require us to carry out a Local Search. We can submit searches extremely quickly as we use an internet based system which advises us of the date on which the search will be returned.
Some lenders, however, allow us to take out “search indemnity insurance” which is an insurance policy which covers the lender against any adverse entries which could be revealed on a Local Search. This is a much cheaper option and we will always check with your lender to see if they will accept insurance rather than carrying out a Local Search.
Once the search result has been received and search insurance has been obtained, we can report back to you on your new mortgage offer and send you the appropriate mortgage deed for signature.
When you have returned the mortgage deed to us, we can order a redemption statement from your current lender for the date of completion and provide you with a completion statement.
On the date of completion, we will redeem your current mortgage and send any balance to you. We will then register the new charge over your property and once the Land Registry have completed the registration, we will supply you with a copy of the title deed for your information and send the original to your lender for retention.
Slater and Gordon Lawyers have offices in London, Manchester, Liverpool, Birmingham, Sheffield, Milton Keynes, Bristol, Chester, Preston, Cambridge, Edinburgh, Cardiff, Newcastle, Wakefield, Merseyside & meeting rooms in Bramhall, Cheshire.