Remortgage Solicitors

Remortgaging your home can offer a range of benefits, including moving to a better deal, securing new terms and borrowing more money for home improvements.  If you are releasing equity this could be for a more comfortable retirement without having to move home.

Unless you are staying with your existing lender, you will need to use a solicitor to deal with your remortgage.

At Kingsfords, our remortgage and equity release solicitors in Ashford, Cranbrook and Hythe can represent you in the process, working proactively to move to your new mortgage as quickly as possible. Our property team are highly experienced and able to deal with difficulties that may arise promptly and effectively.

We know that it is often important to secure a new deal without delay and we always do all we can to meet deadlines. We will keep you updated throughout and make sure that we are available to answer your questions as needed.

We are on the panel of approved solicitors of all major lenders and hold the Law Society’s Conveyancing Quality Scheme accreditation in recognition of our high standards in dealing with property transactions.

Our remortgage services include the following:

• Checking the legal title to your property
• Establishing how much is owed on your existing mortgage
• Due diligence work for your new lender
• Advising you on the terms of your new mortgage
• Dealing with the transfer of your property if necessary
• Liaising with you regarding completion of your remortgage

Speak to our remortgage solicitors in Kent today

Speak to one of our remortgage solicitors at our offices in Ashford, Cranbrook or Hythe today by calling 01233 624545. We deal with remortgages in Kent and beyond.

Alternatively, please fill in our enquiry form on the right hand side of the page to request a call back.

Our remortgage expertise

Checking the legal title to your property

Your new lender will require us to check that the legal title to your property is acceptable to them and to inspect other related title documents. We will obtain your title deeds from your existing lender so that we can carry out the necessary work.

Establishing how much is owed on your existing mortgage

We will also ask your lender for an initial redemption statement. This will give you some idea of the amount that will be needed to redeem your mortgage and you will be able to see whether any extra items have been included, such as your lender’s administration fee or a penalty for early redemption.

Due diligence work

Your new lender will also need to us check other property information, such as rights exercised over your property and compliance with planning consents. We will provide you with a property information form to complete and work with you to answer any questions the lender may have.

They may require us to carry out searches, but more commonly they will be happy with search indemnity insurance, which we can arrange. This avoids the need to wait for local search results.

Advising you on the terms of your new mortgage or equity release

Once your new mortgage offer has been received, we will check that you are happy with the terms and conditions. If you have any questions, we can discuss these, and once you are happy to proceed, we will let you have the mortgage deed for signature in readiness for completion.  If you are releasing equity on a life time mortgage it will also be essential that you meet with us so we can be sure you are fully aware of the process.

Dealing with the transfer of your property if necessary

A remortgage is sometimes tied in with the transfer of a property. This could be from joint names into your sole name or from your sole name into joint names. We will advise you of your rights and make sure that you under the implications of the transfer.

If your property is being transferred from joint names to your sole name, we will liaise with your co-owner’s solicitor where necessary. We will draft the transfer document and let them have this for signature prior to completion.

Liaising with you regarding completion of your remortgage

Once we have all of the necessary property information together with your mortgage offer, we will be ready to complete. We will liaise with you as to dates, as well as with your co-owner’s solicitor where necessary.

We will order your mortgage advance for the agreed date and ask your existing lender to provide a redemption statement calculated to that day. We will prepare a completion statement showing the amount you will need to let us have in cleared funds for completion or alternatively the amount that will be payable to you.

There are final searches to be carried out, namely a bankruptcy search against your name and a search to check that nothing new has been registered against the legal title to your property.

We will then be ready to complete.

Frequently asked questions about remortgaging

How does remortgaging work?

You will need to start the remortgaging process by finding the right mortgage offer and checking that you are eligible to apply. You are advised to instruct a solicitor at this stage so that they can start the work that they need to do.

If you ask us to represent you, we will verify your identity, as required by law, and open a file in readiness. We will also be able to let you have the initial paperwork for completion so that we are ready to take the next steps as soon as you make your mortgage application.

Your mortgage broker or new lender will work with you to obtain all of the information they need to process your application. Once we receive your mortgage offer, we will usually be able to arrange completion.

On the day of completion, we will pay off your existing mortgage and account to you for any balance. We will then ask the Land Registry to remove the old mortgage from the Land Register and add the new mortgage. They will also deal with any transfer.

How long does remortgage conveyancing take?

If your new lender does not require searches to be carried out, the actual remortgaging conveyancing process can be dealt with relatively quickly. You may find that the lender takes several weeks to deal with your application however, and you should make sure that you apply for the new loan in plenty of time if you are approaching the end of a discounted period, otherwise you could find yourself paying your lender’s standard variable rate which could be substantially more expensive. Lenders can be particularly slow to process applications if they have an especially attractive and popular offer.

You should also check whether your existing lender will impose any penalties if you redeem their loan before a certain date.

If there are no delays, you can generally expect to remortgage within two to three months.

How much can I remortgage my house for?

You will need to check with your proposed lender to establish how much they will be prepared to lend. As well as valuing your home, they will want to see evidence of your income and outgoings.

You can work with an independent mortgage broker if necessary to try and find the right deal for your circumstances. The range of available products can be overwhelming, with choices relating to the percentage you borrow, the term of the mortgage and whether the loan will be on a repayment or interest-only basis.

Types of mortgage include:

• Fixed rates, where your repayments will stay the same for a number of years, usually between two and five
• Tracker mortgages, where the rate tracks the Bank of England’s base rate for a set time, usually with a minimum rate below which it will not fall
• Discounted mortgages, where you will be given a discount on the lender’s standard variable rate for a set period of time
• Buy-to-let mortgages, if you intend on renting out the property
• Shared ownership mortgages, if you own your property together with a housing association
• Equity Release Life Time Mortgage

Is a solicitor needed for a remortgage?

Unless you are staying with your existing lender, you will need a solicitor to carry out your remortgage. This is because your new lender will require due diligence work to be carried out to establish that your property is good security for their loan.

At Kingsfords, we are on the panels of all major lenders, meaning we can represent you and your lender in the transaction.

For more information in respect of our services, see our residential property page.

Speak to our remortgage solicitors in Kent today

Speak to one of our remortgage solicitors at our offices in Ashford, Cranbrook or Hythe today by calling 01233 624545.

Alternatively, please fill in our enquiry form on the right hand side of the page to request a call back.