The Conveyancing process for remortgaging

Re-mortgaging is the transaction or process of transferring your mortgage from one product to another. A re-mortgage can be with your existing lender, where you are moving to a different rate or deal, or perhaps borrowing more money to pay for a loft conversion for example. Alternatively, you may wish to move to a new lender entirely, to take advantage of better rates.

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If you have decided to go ahead with a re-mortgage, your next step will be to instruct a qualified conveyancer.

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Below is a step by step guide as to what happens in the re-mortgage process.

Firstly, chose a mortgage product and instructed a conveyancer.

Your conveyancer will then request your property title deeds from your existing lender. They will also request a redemption statement. This will establish exactly how much is left outstanding on your existing mortgage.

Your mortgage provider will then carry out a valuation on your property. Assuming all goes well, they will then send you (and your conveyancer) a formal mortgage offer letter. This will include any special instructions which may be required in order for the transaction to be completed.

Your conveyancer will carry out all the appropriate searches, such as Local Authority and Land Registry.

Once the mortgage deed has been drawn up, your conveyancer will send it to you for your signature.

Thereafter a completion date is agreed which is when the funds are received from the new lender and used to pay of the original lender. It is at this point that your conveyancer will deduct their fees. If there is no excess of funds after the original lender has been repaid, you will have to cover that cost yourself. If indeed there are surplus funds, they will be used to pay your conveyancers costs with the remainder being paid to you into an account of your choosing.

Finally, a new Land Certificate is produced by the Land Registry. This will show that the new lender now has the First Legal Charge over your property, and confirms that the previous lenders details have been removed. The original of this document is sent to your new lender, with a copy going to you.

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Tags: conveyancer, conveyancing, remortgaging