Updated : Sep 02, 2020 in Real Estate

What Is Remortgage Conveyancing?

The process of transferring the legal title of real property from one person to another is called conveyancing in legalese. Part of the transfer process can be the granting of a mortgage. A remortgage, on the other hand, is the act of paying off one mortgage using the proceeds of the same property as security. As such, remortgage conveyancing refers to the legal processes of remortgaging – not the transfer of deeds. This process may require a specialist conveyancing solicitor if there are legal transactions involved.

 

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When Should You Instruct a Conveyancer for Remortgaging?

This will depend on the circumstances and lender’s mortgage terms. When transferring your agreement between lenders, a conveyancer specialising in remortgaging will be required to ensure that the interest on the property is removed in the transaction.

Remortgage Conveyancing

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The process of conveyancing a remortgage is quicker than the transference of titles during the selling and buying of a property. The process should be completed by the remortgaging solicitor within a matter of weeks, because there isn’t a complicated chain to communicate with, and the majority of lenders will need only an indemnity policy or a regulated search from the local authority. The faster process generally incurs fewer costs than conveyancing for the vendor or purchaser.

What Should I Expect To Pay?

Lenders often offer legal services gratis to clients looking to transfer their loans to them, but the incentive from the mortgage provider may not present the most efficient service available. Therefore it is prudent to consider a third party conveyancer to progress your legalities. You can use the internet to search for conveyancing solicitors near me to source alternatives, and whilst there will be associated costs, the legal work is likely to be more detailed.

Finding The Best Remortgage Conveyancing Solicitors Near Me

Always choose a conveyancing expert who is licensed, approved and regulated to handle the process of remortgaging. The internet can provide a good starting point when looking for services such as conveyancing solicitors near me. Instant quotations are available online, and in this way you can start to compile a list of remortgage conveyancing providers and compare their fees. Be sure to make direct comparisons between the services that are being offered and beware of hidden charges and additional fees.

Always make sure that the solicitor you choose to instruct is approved by your new mortgage lender to avoid paying extra fees.