Remortgaging is an option most homebuyers consider when they want to finance their homes. When you remortgage, you change the mortgage product to another for an existing property. Depending on your needs, this new mortgage may be provided by the same or a new lender.
When remortgaging with your existing lender, they will most likely consider this situation a product transfer, which will demand legal work. It means you should instruct the best conveyancing lawyers in Oldham. An investment as big as a house can be made. Additionally, it’s a chance for you to realize your aspirations. conveyancing solicitor to help you with the proceeding legal work when you opt for a new mortgage lender.
How long does Remortgaging Conveyancing take?
The remortgaging conveyancing process in Oldham requires less work than buying property for the first time. It may take your licensed conveyancer less than three weeks to complete the conveyancing process.
It takes less time to complete when you opt for remortgaging because the requirements put by a new lender are less stringent compared to first-time buyers. The mortgage lender may only request an indemnity policy and a local authority search. Therefore, you don’t have to conduct multiple searches when remortgaging your property in Oldham.
There is no chain when remortgaging, meaning it takes less time to complete. Before proceeding, you don’t have to wait for a seller to respond to your questions or for others in the chain to complete them.
You need a Licensed Conveyancer to Remortgage
When you plan to remortgage, you should take your time and find a licensed conveyancer. Most people would choose to work with a conveyancing solicitor because they are more conversant with all the legal work – although this may cost a lot. When hiring a conveyancer, you want to ensure the mortgage lender has approved them.
You should collect all the relevant documents the conveyancer will need to work on your remortgage. Collect all documents that prove your identity, proof of income, and documents showing your money is not proceeds of crime if you are paying off part of the mortgage.
You can share documents like bank statements, pensions, receipts of funds, and copies of sale completion statements. All these will prove your source of funds.
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Check you are the Owner of the Property
When remortgaging, you have to prove you are the property’s real owner. You can do this by availing copies of title deeds to the property. The title deeds are available at the Land Registry, and your conveyancer can obtain this on your behalf.
Additionally, if you are remortgaging a leasehold property, the conveyancer should confirm that the leasehold title meets the set lender requirements.
Once there is proof of property ownership, the conveyancer will request a current mortgage certificate. The conveyancer will also ask for a mortgage statement from the mortgage provider. The statement shows all outstanding balances the new loan should pay off.
Final Thoughts
There is a lot involved in remortgaging. Once your conveyancer completes, they will register a new charge with the title deed. You should work with a professional and licensed conveyancer when remortgaging in Oldham.
