The simple answer is yes, you do need a solicitor to remortgage. Starck Uberoi Solicitors are here to guide you through the process with our team of helpful and efficient re-mortgaging solicitors. Whether your property is freehold or leasehold and you are simply seeking a better mortgage, exiting a bridging loan our solicitors provide clear and practical advice to streamline the re-mortgaging conveyancing process.
Do I need a solicitor to remortgage with a different lender?
Yes, you will need to use a solicitor to remortgage with a different lender. The lender requires the Solicitor to confirm that the property has good legal title and is good security for the money it is lending to you. Your Solicitor is required to carry out title investigations pursuant to UK Finance Lenders Handbook and ensure your existing mortgage is redeemed and their new legal charge registered at HM Land Registry promptly.
Re-Mortgage Quote
You can obtain a 24/7 instant conveyancing quote on our website for a competitive quote whether it’s a freehold or leasehold property or held in a limited company.
Why Choose Starck Uberoi Solicitors?
Not only do you need a solicitor to remortgage, but you will also require one that is approved by your lender.
Choosing Starck Uberoi Solicitors for your re-mortgage is a decision backed by a wealth of advantages. Our commitment to streamlined and efficient conveyancing services ensures a hassle-free experience throughout the re-mortgaging process.
At Starck Uberoi Solicitors, we offer a comprehensive range of services with a dedicated and proactive approach to meet your legal needs. As a six-partner practice, we hold accreditation with the Law Society Conveyancing Quality Scheme (CQS) and are part of the conveyancing panels for major high street lenders such as Barclays, Halifax, HSBC, Nationwide, NatWest, and Santander. To see the full list of lenders we are registered to, please click here Mortgage Lender Panels | Starck Uberoi Solicitors.
Key Reasons to instruct us:
- Proactive Approach: We take a proactive stance in handling every legal matter. Each client benefits from a dedicated point of contact with a solicitor who works diligently on their behalf.
- Transparent Pricing: Our commitment to transparency is reflected in the comprehensive quotes provided at the outset, ensuring no hidden charges in the process.
- Quick and Efficient: With emphasis on responsiveness and effective communication, we ensure a swift and efficient handling of your case.
- Regular Updates: Stay informed with regular progress updates, direct contact with your solicitor via telephone and email, and receive legal advice tailored to your specific situation.
- Nationwide Assistance: Whether you’re in the country, our conveyancing solicitors are ready to assist you nationwide.
Decided you need a solicitor? Get a tailored residential conveyancing fees quote in just a few clicks using our online calculator.
Our solicitors meticulously scrutinise the terms of your new mortgage to ensure they align with your needs and objectives. We uncover any hidden surprises, offering you peace of mind.
Why Re-mortgage?
Switching Deals or Lenders
- Secure a better deal with lower interest rates.
Flexible Payment Options
- Gain flexibility in mortgage payments, including options to overpay, underpay, or take payment holidays. Perhaps you desire the flexibility to skip a payment. Whether transitioning careers, pursuing further education, or embarking on travel adventures, there are mortgages available that offer payment holidays to accommodate life’s transitions.
Debt Consolidation or Additional Borrowing
- Pay off existing debts or borrow more for home improvements.
Your properties value has increased
- If your property’s value has sharply risen since you secured your mortgage, you might now find yourself in a lower loan-to-value bracket, making you eligible for reduced interest rates. While it’s crucial to crunch the numbers, exploring this avenue is undoubtedly worthwhile.
What is a Cashback Re-Mortgage and benefits of using your own solicitor
A Cashback Mortgage deal is a mortgage offering that provides you with a cash lump sum, normally between £200-£500 upon the successful remortgaging of your existing property. Upon the drawdown of your mortgage, your lender will transfer the cashback amount directly to your us, we will then transfer it to you, ensuring a seamless and secure transaction.
This option allows you to choose your own trusted Solicitor, ensuring that you receive a competitive fee by off-setting our legal fees against the cash back sum together with our personalised attention and open lines of communication throughout the process.
When speed and/or complexities arise, it’s advisable to engage your own solicitor rather than using the “free legals” option often pushed by mortgage brokers who benefit from referral fees and where your work is often undertaken by a “factory” Licensed Conveyancers (as opposed to Solicitors regulated by the Solicitors Regulation Authority).
Having a capable solicitor by your side is as crucial as having a reliable mortgage broker. With our expertise, the majority of remortgage transactions proceed seamlessly and swiftly, with no missed deadlines.
Preparing to Re-mortgage
If you’re considering mortgaging or remortgaging your property, the conveyancing team at Starck Uberoi Solicitors are here to assist you every step of the way. Our experienced remortgaging solicitors will guide you through the necessary preparations, including:
Researching Mortgage Deals
Seek recommendations from friends, colleagues, or engage directly with mortgage brokers or financial advisors. Discuss affordable options with lenders or brokers to select the most suitable mortgage for your needs. While you may receive a decision in principle from your chosen lender, a firm mortgage offer will only be issued upon property valuation and satisfaction of conditions.
Obtaining Your Existing Mortgage Account Number
Locate this information on your latest annual statement. Your conveyancer will require this to determine the redemption figure and ensure the existing mortgage is settled upon completion of the new mortgage.
Gathering Leasehold Information (if applicable)
If your property is leasehold, provide your conveyancer with details of the freeholder, management company, or managing agent, including their contact information and reference. Your solicitor will liaise with them regarding the new mortgage, with associated fees likely incurred for accepting and processing this information. Scroll down for more information on this.
Furnish your conveyancer with the insurance schedule and evidence of up-to-date payments for ground rent, service charges, and insurance. Confirmation of compliance with lease provisions is also required. Expect additional fees from the freeholder or management company for supplying this information, potentially including a full management pack.
Please note that leasehold mortgages entail additional complexities, and your conveyancer may levy an extra leasehold supplement to cover the associated workload. Trust Starck Uberoi Solicitors to navigate these intricacies efficiently and effectively.
Required Documentation for Remortgaging
When preparing for remortgaging, ensure you provide your conveyancer with essential documents, including:
- Planning Permissions: Any approvals obtained for property alterations or extensions.
- Building Regulation Completion Certificates: Documentation confirming compliance with building regulations for completed works.
- Covenant Consents: Consent from relevant parties for any changes affecting property covenants.
- FENSA Certificates: Certificates for replacement windows and doors installed by FENSA-registered companies.
- Gas Safe Certificates: Proof of gas safety inspections and compliance.
- Electrical Documentation: Records of electrical inspections and safety certificates for your buy to let property.
- Tenancy Agreement: Your AST agreement and ancillary legal documents where you plan to re-mortgage a buy to let property.
- Mortgage Statement: Recent Statement from your lender will allow us to obtain a redemption statement from your existing lender in good time.
In the event that you’re unable to locate these documents, you may need to procure duplicates or our Solicitors will consider indemnity insurance as an alternative where appropriate. Additionally, providing copies of property searches conducted during the initial purchase can be beneficial for the remortgaging process.
Mortgage Lender Panels
Trusted Residential Conveyancing
We’re a six-partner practice accredited by the Law Society’s Conveyancing Quality Scheme (CQS) with £3 million professional indemnity insurance. Our quality service is recognised by our admission onto the residential conveyancing panels of major mortgage lenders, including bridging loan specialists.
Repayment of Help to Buy Loan by way of re-mortgage
If your property has increased in value over the last five years our solicitors can assist you to remortgage your property and release equity from the property in order to pay off the government help to buy loan. Our Solicitors will liaise with both your new lender and Lenvi who currently manage the loan repayment process.
For more information visit Help to Buy Solicitors
Leasehold flat remortgage
When remortgaging a leasehold property, this comes with its own set of considerations. Unlike freehold properties, leasehold properties require additional information and factors a borrower must consider.
It is always important to understand the structure when owning a leasehold property. A freehold property entails a property built on the land which is owned by the property owner. On the other hand, the property owner owns the property but not the land it is built on. Bearing this in mind, for your leasehold remortgage, your conveyancer is required to investigate the title of the property including the ground rent and service charge levels, lease term, management company and/or freeholder’s details, building insurance, building regulations/planning permissions.
What do we require and look out for when remortgaging your leasehold property:
- Lease term – the first important element is the number of years remaining on the current lease. Lenders usually have their own set of requirements on the maximum number of years remaining on the lease. They tend to prefer leasehold properties with longer lease terms as shorter leases can decrease the value of the property and create a greater risk. Borrowers should assess the lease years remaining and consider extending the same to allow a good marketable value.
- Ground rent and/or service charge levels – often leasehold property owners pay ground rent and service charge to the management company/managing agents and freeholders. Lenders usually assess the levels to ensure the borrower can pay this with the mortgage monthly repayments.
- Freeholder and/or management company details – when a remortgage is complete, your conveyancer is required to serve a notice to the freeholder and/or management company to inform them of the new registered charge against the property. We as your solicitors always ensure to have this done we have completed on the transaction.
- Building’s insurance – usually for leasehold properties, the freeholders insure the whole block/series of flats. We as your conveyancer are required to see a copy of the building’s insurance policy to ensure this complies with your lender’s requirements.
You may want to read: Obtaining a Mortgage on Leasehold Property: Buying a Leasehold Flat & Mortgage Lender Requirements
Remortgage and transfer of equity at the same time
Remortgage and simultaneous transfer of equity transactions are common transactions in conveyancing, which often requires precise execution.
Understanding Remortgage and Transfer of Equity
Whereas a Remortgage involves replacing an existing mortgage with a new one, typically to secure more favourable terms or release equity from the property, a transfer of equity refers to changing the ownership structure of a property. This can be adding or removing individuals from the title deeds. A combination of the transactions can offer property owners with greater flexibility in managing their financial obligations.
There are often benefits of the Combined Transactions, which can include:
- Releasing equity for investment
- Assisting changes in property ownership
- Securing more favourable mortgage terms and interest rates
Remortgage and transfer of equity transactions play a vital role in property management and financial planning for homeowners in the UK. By understanding the key steps and considerations outlined in this guide, we at Starck Uberoi can facilitate seamless property transfers and empower clients to achieve your objectives with confidence and clarity.
For more information on re-mortgaging and transferring equity at the same time you may want to read: Remortgage, Transfer of Equity and Stamp Duty
Remortgage after a Bridging Loan
Buying a property with Bridging Loan followed by a remortgage as an exist strategy later on is common amongst property investors. This provides borrowers with a more financially secure situation and also potentially release equity particularly where the bridging loan was used to cover the cost of renovation. If you have purchased a property using a bridging loan, most lenders require that there has been a minimum of 6 months between registration of title and completion of a re-mortgage.
For more information on Bridging loans please visit Bridging Loan Solicitors.
Recommended Mortgage Brokers
If you need advice on the best mortgage product or even a second opinion, we are happy to recommend a few mortgage brokers that we work with. Please feel free to call us on 0208 8406640 to discuss.
Expert Advice on Re-mortgaging
Starck Uberoi Solicitors can provide knowledgeable advice to help you decide if re-mortgaging is the right option for you, ensuring you make an informed decision aligned with your financial goals.
Before committing to a re-mortgage, assess the terms of your current mortgage to determine any early repayment fees. Compare the costs of switching deals with the potential savings to decide if re-mortgaging is financially beneficial.
Get in Touch
Contact Starck Uberoi Solicitors today for expert advice on re-mortgaging your home or buy-to-let. Please call us on 020 8840 6640 or email solicitor@starckuberoi.co.uk. With offices in Ealing, Brentford, Richmond, and Canterbury we can help you with your re-mortgage no matter where you are in the country.
