Conveyancing is the process of transferring the title of an asset from person to person. For a mortgage, the conveyancer secures the lender’s interest against the property’s title. Remortgage conveyancing is transferring that interest from lender to lender or modifying an existing claim.
Why use a conveyancer to remortgage?
It’s prudent to use a conveyancing solicitor for changes to any deed proving ownership. If your remortgage involves switching lenders consider a remortgage conveyancer to change which lender has an interest in your home.
Remortgage conveyancing is faster because there’s no chain and most lenders prefer local searches/indemnity policies rather than official searches so fewer costs equal lower fees.
Lenders often offer to cover legal fees. The lender hires one firm to handle all their transactions at low cost. As you’re not paying, you’ve no control over the choice of firm. As they’re handling bulk transactions for your lender, your remortgage is not a priority. By using an independent conveyancer you’re getting the value of you being their priority.
Comparing remortgage conveyancing quotes
When finding a firm to handle the process ensure that any conveyancing quote you get compares like for like. Many firms, like this one, offer an instant conveyancing quote online. Check they’re lender approved and for a breakdown of whether the following are included plus the charges for each.
Legal work takes up the majority of the costs varying with the length of processes and any possible complications.
Money laundering checks; when an existing mortgage is being paid off, the lender is legally required to check the provenance of any funds to prevent money laundering, so the remortgage conveyancer must complete these.
Land Registry; lenders will want borrowers’ names checked against the register in case any of them are subject to insolvency proceedings meaning the lender’s security is at risk. The conveyancer must inform the land registry of the interest of the new lender on the title and obtain copies of deeds. Multiple fees are involved.
Transfer fees for securely moving funds from your new mortgage lender to the existing one.
Insurance Indemnity is sometimes used by solicitors instead of some of the above steps which is satisfying to lenders. Check you’re not being charged for searches covered by the indemnity.
You do not need a local solicitor to handle your remortgaging process, choose one that is fairly priced, recommended and efficient.