In order to understand what a remortgage solicitor in London does – we need to first understand what remortgaging really is. Trying to explain it simply, to remortgage your house means to change your original mortgage terms, by moving to a new lender. Generally, lenders do not tend to allow the owners to do their own conveyancing, so unless your new mortgage lender is a banking institution or a housing society – chances are that you will most certainly have to take the services of a remortgage solicitor in London.
The remortgaging process begins when the lender sends you an offer and you as the owner of the property you are looking at remortgaging, accept the offer and have confirmed that you have done so. Hiring a remortgaging solicitor in London is necessary in order to ensure that all the proceedings are taken care of in the most appropriate manner. Most of the time people prefer hiring a conveyancing solicitors London who has been recommended by the broker, who brokered your deal or recommendations by people whom you know and trust.
Even though there are people who would rather not hire a remortgaging lawyer in London and try to do the conveyancing on your own, this, however, can be really time-consuming and hence, not that ideal. Given the fact that we really do not all that is to know about the process and no amount of internet research can really be equated, with having the requisite knowledge as a specialist. In case you do end making a mistake on your own, it might become a tricky situation, that might be difficult to get out of. Now if you are concerned about the costs, to be fair and honest, it used to be really expensive trying to hire remortgage solicitors in London in the past, however, in recent years the costs have reduced to a considerable extent making them a whole lot cheaper and feasible. The fact of the matter is that when it comes to property matters or remortgaging where borrowing money from a lender is involved – in order to make sure that you are not really getting ripped off and getting a much worse deal.
The remortgaging solicitor will firstly ask the current mortgage lender, for the title deeds as well as a redemption statement. This will be done in order to make sure that the advance that you receive on the new mortgage – it will be enough to make sure that the mortgage is completed. In normal situations, of course, it is enough but a lot of time people end up misjudging the actual costs and how much they need to pay really. Apart from this your remortgage solicitor in London is charged with obtaining copies of the client, checking all the official properties and leasehold properties, keeping track of the mortgage offer, etc. Once the process is complete and the legality of every document and offer has been established, your remortgage solicitor in London is going to ask for a final redemption statement from the lender, ask for the mortgage advance and complete the process.
Hence, it is best that you hire yourself a remortgaging solicitor in London, who can save you from all the hassle and get the work done.