Don't forget, some home insurance companies also offer conveyancing services, to make the re-mortgaging process simple and stress free.
What happens during re-mortgaging?
If you're re-mortgaging the home you currently live in, the process can be straightforward, with the help of a good conveyancing service.
Once your identity's been checked, there are several things that happen to get your re-mortgaging process underway:
- An investigation into the title to your property and all the searches.
- Your solicitor will contact your mortgage lender to find out how much is outstanding on any existing mortgage and to obtain a copy of the new mortgage offer.
- A report on your property will be sent to your mortgage lender with a request that they send your solicitor the money they've agreed to lend you.
- On completion of the re-mortgage, any outstanding money will be repaid to your existing lender and the new mortgage will be registered at the Land Registry.
What will your new mortgage lender need from your solicitor?
After your lender has carried out a survey on the property to check its value, they'll ask to confirm:
- Whether investigations have identified anything which affects the property's title.
- If you've been registered as the owner of the property for less than six months.
- If there's anything identified by the searches which could affect their interest in the property.
- Information given by you which could affect their interest in the property.
- How you're planning to pay the outstanding mortgage with your existing lender.
Following completion of the re-mortgage, your lender will need your solicitor to register the mortgage at the Land Registry.