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

If you are planning to re-mortgage your home with a different lender, then you usually will need a solicitor or licensed conveyancer. Your lender will insist that you use a firm of solicitors that is on their approved list of panel solicitors. You will have the option of using the same solicitors as your lender or you may instruct your own solicitors, but they must be on that lender’s panel.

For buy to let properties, or a second home purchase often legal representation will usually be necessary, and the lender will insist that you appoint a solicitor. Sometimes you do not need to use a solicitor when re-mortgaging your home if your lender offers this service. In those instances, they often appoint their own lawyer to carry out the work. Some lenders may not require you to use a solicitor or licensed conveyancer if you are switching to a new mortgage deal with the same mortgage lender and the property is your main residence, the lender may instead deal with this in-house. If we are appointed then we will:

• carry out the required ID verification checks, obtain a copy of your title from the Land Registry, request property searches or arrange search indemnity insurance as required by your lender;
• investigate title and ensure that we have all the paperwork and documentation to hand and raise any issues with you;
• request a redemption statement and deeds (if any) from your existing lender;
• guide you through the process, handle the technical issues of the transaction and help you to understand complex mortgage documents such as the standard mortgage terms;
• comply with the requirements and instructions of your new mortgage lender;
• explain to you your rights and obligations under the new mortgage and arrange for you to sign the mortgage documents;
• request any balance due from you and arrange drawdown of mortgage funds from your new lender;
• complete the re-mortgage including repayment of your existing mortgage out of the new mortgage advance;
• deal with removal of the existing mortgage entry from your Land Registry title and register your new lender’s mortgage over the property.

Re-mortgaging of a leasehold property is less straightforward than a freehold, we will check the lease terms and whether the remaining term left on the lease complies with the new lender’s requirements, we will obtain the leasehold management pack from your landlord, management company or managing agents which will include information such as service charges and ground rent and buildings insurance. The re-mortgage process can sometimes be quite complex and using a legal professional ensures that your interests and your lender’s security over the property are properly protected. If you require assistance in re-mortgaging your property and/or your sale or purchase transactions, please get in touch. We have a team of specialist solicitors and conveyancers ready to help you. Please contact our Residential Property Team at Harrow Office on 020 8422 5678  or enquiries@haroldbenjamin.com