Remortgaging is a routine part of owning a home. A fixed rate comes to an end, a better deal becomes available, or you want to release some of the value in your property for improvements or other plans. Although you are not moving anywhere, there is legal work involved in repaying your old mortgage and putting the new one in place, and that work must be done accurately and on time. The remortgage solicitors at BWS Law act for homeowners and their lenders across Loughborough, Leicestershire, and the East Midlands, with the sole aim of getting your remortgage completed quickly, correctly, and with the minimum of hassle to you.
A remortgage is a new mortgage taken out on a property you already own. Most often it replaces an existing mortgage with a new one from a different lender, whether to secure a better interest rate at the end of a fixed or discounted period, to borrow more against the property, or to move from a residential to a buy-to-let mortgage. A remortgage can also be a new mortgage on a property that is currently mortgage-free.
Whether you are switching lenders at the end of a fixed rate, borrowing more against your home, or moving to a buy-to-let deal, we handle the full range of remortgages for homeowners across Loughborough and the East Midlands.
The remortgage solicitors at BWS Law manage the process from the moment your mortgage offer is issued through to registration. Some of the main areas our work covers include the following.
A good deal of the work on a remortgage happens before completion, and doing it promptly is what keeps the transaction on track.
At the outset, we will:
On most remortgages, we act for the lender as well as for you, which avoids the delay and cost of two firms being involved.
In this role, our remortgage solicitors will:
If your home is leasehold, your new lender will have requirements about the lease itself, including the length of the term remaining and, in some cases, the ground rent provisions. Our remortgage solicitors will check that the lease meets those requirements, confirm that ground rent and service charges are up to date, and serve notice of the new mortgage on your freeholder or managing agent after completion.
Where the remaining term is too short for the lender to accept, we can advise on extending the lease, and our leasehold solicitors can deal with that for you.
On the day of completion, we receive the funds from your new lender, repay your existing mortgage, settle any other charges that need to be cleared, such as a second charge or a Help to Buy equity loan, and send any balance to you. We then obtain confirmation from your old lender that its charge has been discharged, register the new charge at HM Land Registry, and send you the updated title once registration is complete.
Many remortgages happen at the same time as a change in ownership, for example, when a couple separates and one person takes over the mortgage, or when a partner is added to the title and the loan. We deal with the remortgage and the transfer together as a single transaction, coordinating the lender’s requirements for both. You can read more about this on our transfers of equity page.
A remortgage should be quick and painless. Here is what you can expect when you instruct the remortgage solicitors at BWS Law.
We understand that a remortgage is often driven by a deadline, whether that is the end of a fixed rate or the expiry of a mortgage offer, and that missing it can cost you money. We start work as soon as we are instructed, deal with the lender’s requirements promptly, and keep the transaction moving so that you complete when you need to.
You will have a named person handling your remortgage who you can call or email directly, and who will keep you updated as the matter progresses. Our office is in the centre of Loughborough, so you can also drop in to sign your mortgage deed or ask a question in person.
We will tell you the cost of the legal work before you instruct us, including our fees and any Land Registry or search costs, and we will stick to that quote. You get careful, thorough legal work at a competitive price and a bill with no surprises on it.
If your fixed rate is coming to an end, or you are thinking about borrowing more against your home, our remortgage solicitors can help you get the legal side sorted quickly.
For a remortgage quote or to discuss your plans, call us on 01509 270288 or make an enquiry online and we will get straight back to you.
