Remortgaging Your Property

What is a Remortgage?

A remortgage is the process of replacing your current mortgage, either with a new product from your existing lender (a product transfer) or by switching to a new lender entirely. It is one of the most common ways homeowners manage their borrowing costs or release equity from their property.

When You Might Need a Remortgage Solicitor

There are several reasons why homeowners choose to remortgage. The most common include the following:

• Your existing fixed-rate or tracker deal is ending and you want to avoid reverting to a standard variable rate
• You want to release equity to fund home improvements, pay off debts, or for other purposes
• You want to reduce your monthly payments by securing a lower interest rate
• You want to change the term of your mortgage – for example, to pay off your mortgage sooner
• Your circumstances have changed and you need to add or remove someone from the mortgage

What Our Solicitors Do

When you instruct Nelsons for your remortgage, we act for both you and your new mortgage lender. Our solicitors manage the following on your behalf.

• Reviewing your new lender’s mortgage offer and reporting to you on its terms
• Investigating the title to confirm ownership and identify any restrictions relevant to the lender’s requirements
• Requesting a redemption statement from your existing lender
• Preparing the legal charge (mortgage deed) and arranging for you to sign it
• Co-ordinating completion, ensuring funds are received and your existing mortgage is redeemed on the same day
• Registering the new mortgage at HM Land Registry

 How the Remortgage Process Works

A straightforward remortgage typically follows five stages from instruction to registration. Our Client Service Charter sets out the standards you can expect throughout.

1. Instruction: You provide details of the new mortgage and property. We confirm our fixed fee.
2. Title investigation: We check the title register and ensure the property meets the new lender’s requirements.
3. Report on title: We report our findings to the lender, confirming the property is acceptable security.
4. Signing: We send you the mortgage deed and supporting documents to sign and return.
5. Completion: Funds are received from your new lender, your existing mortgage is redeemed, and the new charge is registered at HM Land Registry.

Why Choose Nelsons as Your Conveyancing Solicitors?

Nelsons is one of the largest residential property teams in the East Midlands. We hold the Law Society Conveyancing Quality Scheme (CQS) accreditation, are proud members of the Conveyancing Association, and were named Conveyancing Firm of the Year – Midlands at the LEAP Modern Law Conveyancing Awards 2024. Here is what that means for you in practice.

• Law Society CQS accredited: the recognised quality standard for residential conveyancing
• Conveyancing Firm of the Year: Midlands, LEAP Modern Law Conveyancing Awards 2024
• Member of the Conveyancing Association: committed to industry best-practice standards
• A Named Conveyancer Throughout: You’re assigned a dedicated conveyancer for your transaction, so you always know who to call and aren’t passed between departments.
• Transparent pricing: Fixed fees for complete cost certainty from the outset
• Local Knowledge, Three Office Locations: With offices in Derby, Leicester and Nottingham, we understand the local property markets we work in and offer face-to-face appointments where you’d prefer them to a phone call.
• Innovative Processes: most of the process can now be undertaken electronically including the use of electronic signatures for the Contract and Transfer deed.

Speak to Our Conveyancing Solicitors

Ready to move forward, or want to discuss your situation before committing? Our residential property team in Derby, Leicester and Nottingham is here to help. Get your remortgage advice today on 0800 024 1976 or via our online enquiry form. No-obligation quotes available.