When you need expert help with remortgaging, you can rely on the experienced conveyancers at Slater and Gordon Lawyers. Call our remortgage solicitors on freephone 0330 107 4355 or get a no obligation quote in just a few minutes by clicking the button below.
Remortgaging is the process of taking out a new mortgage on a property you own. There are many reasons to consider doing it, including:
- You’re looking for a better interest rate to help make your mortgage cheaper so you can save money.
- Your fixed term mortgage rate is coming to an end, so it’s time to look for a new deal.
- The value of your property has risen, which could put you into a lower loan-to-value category and mean you’re eligible for lower rates.
- You want the option to overpay on your mortgage - helping you to clear your mortgage debt more quickly. You may want to do this if you’ve had a pay rise or come into an inheritance, for example.
- You want to switch to a new product with more flexible terms, such as the option to take a payment holiday.
- You’re currently on a variable interest rate arrangement and are worried about interest rates rising. You therefore want to transfer your mortgage to a new fixed rate deal that’ll give you added peace of mind over the next few years.
- You want to borrow more money against your property - for example, to make home improvements or to clear other debts.
If any of these reasons applies to you and you’re considering remortgaging, make sure you get the best legal assistance to guide you through the process. Slater and Gordon Lawyers have vast experience and skill in all areas of conveyancing law and we can help to make the process easier. In addition to assisting you with remortgaging, we can offer sound legal advice should you need it on whether remortgaging is actually the best option in your circumstances.
How to start the remortgaging process
If you’re considering remortgaging, it’s advisable to start doing your research well in advance. Experts suggest that to help ensure you get the best deal, you should start looking at your options around 14 weeks before you want the remortgage to complete. This is because it can take time to find the right deal, fill in the paperwork and complete the process. With a conveyancing specialist on your team however, remortgaging can be much quicker and simpler.
Your first step is to find a new mortgage deal. It’s important at this point to do your sums carefully, factoring in any fees you might be charged by your current and new lender.
When you’ve found a deal that suits you, simply contact our remortgage solicitors to start the process off. Our experts will complete the following steps:
- Request the title deeds for your property and a redemption statement for your existing mortgage
- Carry out local searches, if required
- Scrutinise the formal remortgage offer from the new lender and discuss the company’s stipulated requirements with you. (Once these requirements have been met, you’ll sign the mortgage documents and our solicitors will return them to the lender.)
- Set a completion date for the remortgage, which is when your old mortgage is paid off and your new mortgage issued
- Register your remortgage with the Land Registry
- Send you copies of the mortgage documentation and answer any final questions you may have
Remortgaging with our expert help is simple. However, if you’ve questions about any part of the process, our solicitors will be happy to provide information and additional guidance. We don’t use complicated legal jargon and instead give you the facts in plain language, running you through each step so you know exactly what to expect.
Remortgaging a leasehold property
Remortgaging a leasehold property is more complicated, but our specialists are also highly experienced in this field and will help to ensure the transaction is completed correctly. For example, they’ll check that the length of the lease complies with the requirements of your new mortgage lender. They’ll also ask your managing agent or landlord to confirm that all service charges and ground rents are up to date and, if appropriate, to provide a copy of the buildings insurance.
How Slater and Gordon can help
Having an experienced conveyancing specialist on your side can make the remortgaging process far smoother than if you try to complete this process without expert help. Slater and Gordon’s highly trained remortgage solicitors can take all of the paperwork off your hands, as well as the time-consuming job of communicating with both your existing and new mortgage lender.
As well as significantly reducing the time your remortgage will take, we aim to make remortgaging as stress-free as possible, so that all you need to do is look forward to a new mortgage deal that suits your circumstances and your budget better.
Our fixed quotes
If you’re concerned about how much remortgaging will cost, we’re happy to reassure you. Unlike many other law or conveyancing firms, Slater and Gordon offers fixed fee pricing for our conveyancing services. This means a comprehensive fixed quote that doesn’t change, all explained in plain terms to you before the remortgaging process begins. You can have complete confidence in how much you’ll pay to use our remortgaging services, without any unpleasant surprises or unexpected bills at any point. This makes it easier to budget for conveyancing and factor it into the total cost of the remortgage, so you know exactly where you stand in terms of your finances.
This is part of our policy to be honest and transparent in all our dealings with our clients.
All you need to do is complete our remortgaging quote form we’ll provide you with an instant fixed quote for the transaction. It really can be that simple to buy or sell a property.