A remortgage is when you take out a new mortgage on a property you already own - either to replace your existing mortgage, or to borrow against your property.
Our conveyancing team have helped many clients successfully remortgage their property, ensuring the process is as smooth as possible.
The process
Instructions - When you have been granted a mortgage from your chosen lender, you will need to provide Taylor Bracewell's contact details to your lender and to note us as your appointed lawyers.
Upon receiving your instructions to act for you in your remortgage, we will issue a starter pack to you. We request as much information at the outset of the transaction so that we can make the remortgaging transaction as efficient as possible.
Your mortgage lender will in most cases carry out a valuation. This is organised by your mortgage lender.
Preparing the remortgage - We are required to undertake checks in a similar matter to if you were purchasing property, which includes a review of the title. If you currently have a mortgage on the property then we will request redemption figures from your existing lender in order to ascertain the sum they will require in order to repay their borrowing and enable the remortgage to take place.
Completion - Once we are satisfied that everything is in place, we will make a request, to your new mortgage lender, for the mortgage funds to be sent to us. Your existing mortgage will be repaid and surplus funds (if any) will be paid to you.
When the remortgage has taken place, we will deal with the registration of the new mortgage at the Land Registry. Once this has been completed, a copy of the updated title register of your property will be sent to you and your mortgage lender (if necessary).
For more information why not download one of our Conveyancing Guides
We can also help you with any of the following:
Thinking of remortgaging your property
Talk to our property team today for expert advice
01302 341 414