Remortgaging your home and unsure whether or not you need a solicitor to do so? Have a read through our simple remortgaging guide for assistance. At Hawkridge & Company, we offer both residential and commercial conveyancing – so whether you’re looking to get a better remortgaging deal, to free a percentage of equity in your home or to consolidate debts – we’re here to help.
The most common reason for remortgaging
For the majority, remortgaging is done to lessen the cost of your monthly repayments but in order to do this, your savings must outweigh:
- Early redemption fees
- Arrangement fees
- Valuation fees
- Broker fees
- And you may need to pay legal fees too!
Should I always consult a solicitor when remortgaging?
It’s not necessary to have a solicitor if you’re only looking to borrow more with your existing lender for your current mortgage. This process is much more simple, as your existing mortgage will have already been checked over by a solicitor, so with nothing looking to change and no legal fees to ensue. The only fee that will be involved with this change is the one associated with your loan increase and repayments.
Remortgaging with your current lender, moving to a new rate or finding a better deal is referred to as a ‘product transfer’, and in these cases, there’s no need for legal work.
If you’re remortgaging for other reasons, a remortgage will need assistance from a solicitor or conveyancer.
When do I need a solicitor to remortgage?
You will need a solicitor to help you remortgage if you’re looking to add another person onto your mortgage. Why? Since you’ll be changing the ownership status of the property, this transfer of equity needs to be updated in the deeds by a solicitor, who will tailor the paperwork to ensure it states how the assets are divided up between you and whoever you are adding.
You will also need a solicitor to remortgage if you’re looking to remove someone from the mortgage. This means that ownership of the property is being altered, which must be reflected in the deeds.
You will also require a solicitor or conveyancer if you’re moving out of your property as the paperwork needs to be changed to suit its new owners.
What is conveyancing?
Conveyancing is a legal transfer of property ownership from the seller to the buyer. The conveyancing process proceeds after an offer on a property has been accepted and ends when the keys have been handed over.
If you’re looking to buy a property, whether it’s commercial or domestic, and require conveyancing – get in touch with Hawkridge & Company. With years of experience providing customers with a range of thorough and quality Legal Services, they’ll get you moving in no time.