The remortgage process can seem quite daunting, especially if life has change since you first purchase. In fact it's quite a straightforward process. 

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As a broker we handle all of the nitty gritty stuff on your behalf. It may seem a bit over the top to have a solicitor involved but they play a very important role in getting your new mortgage up and running. I should say now that you will only need a solicitor if you are moving to a new lender. With product transfers the product will simply change at the end of your current rate. 

As with everything mortgage related, we want to keep your costs as low as possible and so a lot of the time it pays to move to a new lender to do this. 

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When we apply for your mortgage the vast majority of products will provision for your legal fees and so you shouldn't feel out of pocket. They do this with either a Free Legal Service, or Cashback at Completion which will pay the solicitor. We have a panel of solicitors priced for this scenario and will look at the best option on a case by case basis. We'll include this in the recommendation.  

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So what do they do? 

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When the solicitor is instructed they will send you a welcome email with the details of the documents they will need along with a questionnaire. It's incredibly important to get this back to them as quickly as you can. This will be your primary role in the process. 

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The questionnaire will ask you about all of your details and details of the property, which lender you'll be moving from and to. Most importantly you'll need to know the end date of your current fixed rate. The completion date should be set the day after the end of your fixed rate to avoid any early repayment charge. 

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The documentation they will need will vary depending on your case, but they could be: 

• ID - to verify your identity

• Proof of Funds - if you are repaying a lump sum at remortgage

• Bank Account Details - if you have requested additional lending

• Evidence of Active Buildings Insurance - This is a requirement of all lenders, for leasehold properties this will be included in your lease

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They will then check the Title Deed with Land Registry to ensure that you are the rightful owner and check for any loans outside of the mortgage that are secured on the property (these would be secured loans). 

If you do have any secured loans on the property, the solicitor will need to know if these are to be repaid or to remain. I have had a few instances where a Help To Buy equity loan is to remain on the title, this process can be a lot longer and will incur additional costs so it's a good idea to get started as early as possible. 

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You could be in a situation where you are adding a new party to the mortgage or removing them. The Solicitor will also handle this process, called a transfer of equity. Again, this will incur an additional fee. 

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If it's a leasehold property, the solicitor will check to ensure that the lease is in line with the lenders requirements. 

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Once all of these check are done the solicitor will request a "Redemption Statement" from your existing lender. This will detail the balance to be repaid along with a detailed breakdown of all of the fees associates. All fees should all be included under your lender supplied free legal service or from the cashback at completion, unless you had any additional requirements. 

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The total on your redemption statement can sometimes vary slightly from the mortgage offer in hand so do speak with your mortgage advisor at this point if any adjustments need to be made or if you'd like to talk it through. 

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The solicitor will then request funds from your new lender and repay the old on your behalf. If you requested additional funds they will also transfer this over to you.

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At this point completion has taken place and the last job your solicitor has to do is register your new mortgage lender on the Title Deed which generally takes around three weeks to be completed. 

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You'll notice that aside from the initial questionnaire and document request, the solicitor will handle the whole process, it can feel like nothing is happening. We tend to stay on top of the solicitors and provide regular updates so that you know what is happening at every stage. 

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Do get in touch if you ever need anything, we're always here to talk

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