However, whether you are planning on re-mortgaging to reduce your monthly payments, change payment terms or release funds, you will require a solicitor to manage the legal formalities associated with this process. This article provides an insight into why you need to appoint a conveyancing solicitor to manage a re-mortgaging transition.

Why do I need a solicitor to re-mortgage my property?

Lenders will require you to instruct a solicitor to act on their behalf and yours. This also applies to situations where you may be moving from one mortgage deal to another and changing to a new mortgage lender. By instructing a conveyancing solicitor, this ensures all parties are completely informed of the entire re-mortgaging process surrounding the transition and will ensure that contracts are managed accordingly.

A conveyancing solicitor will undertake specific searches as well as obtain legal documents and identify and areas for matters which may impact the property valuation. Properties which are leasehold will require further assistance from a conveyancing solicitor. The process of re-mortaging differs to the buying and selling process and normally requires the completion of the following processes:

1. ID Checks

Proof of ID will be requested.

• Existing mortgage 

Provision of redemption statement which will detail the amount outstanding as well as any associated early redemption or exit fees and when these will expire.

• Leasehold Property

If your property is leasehold, a conveyancing solicitor will check the terms of the lease and term remaining.

• Property searches 

Your new mortgage lender may want searches conducted on your property. A conveyancing solicitor will undertake this task to ensure there are no issues which may negatively impact the value of your property.

• Property valuation 

Your new mortgage lender will value your property and provide you with a copy of the valuation within the mortgage offer.

• Terms of mortgage offer

We will review the terms on your mortgage offer.

• Deed 

When all parties are satisfied, you can then sign the new mortgage deed.

• Completion

The day your solicitor receives the funds from your new mortgage, they will use these funds to pay off your existing mortgage.

• Remaining funds 

If any funds are due back to you, your solicitor will send this balance to you.

1. Registration of changes with Land Registry.

Your solicitor will receive confirmation that your former mortgage has been paid and will update Land Registry with the re-mortgage details.

If you are considering re-mortgaging your property and require legal advice, please contact our expert conveyancing solicitors. Call us on 028 7963 2030 or email us info@bernadettemulholland.com.

The post <strong>The Legalities of Re-Mortgaging Your Property</strong> appeared first on Bernadette Mulholland Solicitors.

Whether you are buying your first home or downsizing to a smaller residence, our conveyancing team will provide expert guidance throughout the entire process, keeping you fully informed of developments and ensuring the process is as stress-free and smooth as possible.

At Bernadette Mulholland Solicitors, we have many years practical experience in a range of areas associated with conveyancing including residential and commercial property. We are available to advise you on your property sale or purchase and can assist:

• First Time Buyers
• Co-Ownership
• Remortgaging enquiries  
• Freehold and leasehold property sales & purchases

We have developed excellent relations with estate agents, mortgage providers, property developers and key contacts within the sector to ensure the smooth completion of property transactions.

Why you need an experienced conveyance solicitor

When you make the decision to purchase or sell a property, conveyancing is the lawful transfer of legal ownership of the property from one party to another. It is a complex process that deals with matters such as:

• Obtaining the title deeds and contract from the vendor’s solicitors
• Dealing with property certificates and searches
• Investigating whether stamp duty is payable
• Dealing with land registry
• Collection and transfer of funds associated with sale of property
• Arranging contacts and documents

At Bernadette Mulholland Solicitors we can support every step of your journey.

Why choose us

Whether you are purchasing or selling a residential or commercial property, you will require expert legal advice and assistance. We have a wealth of knowledge and experience managing property transactions in our local town of Magherafelt as well as having served clients from across Northern Ireland.

We offer friendly, clear, jargon free legal advice combined with extensive experience in the property field resulting in the smooth, successful completion of property transactions.

Request a Quotation

We can manage the entire conveyancing process for you, dealing with all aspects of your sale or purchase. To speak to a member of our conveyance team or request a quotation, please call us on 028 7963 2030 or email info@bernadettemulholland.com.

The post On The Move? Choose Bernadette Mulholland Conveyance Solicitors appeared first on Bernadette Mulholland Solicitors.