Experienced Solicitors In Gateshead And Washington
There are many reasons why homeowners opt to remortgage. Whether you are opting to remortgage to save money by switching to a better rate of mortgage, or your financial circumstances have changed, we can provide clear, practical advice and act for both you and your lender and make sure that the remortgage process is as simple and as stress free as possible. We can also deal with any related transaction, such as a transfer of equity, where required.
Your lender will require us to represent them in the transaction as well, ensuring that the remortgage is dealt with in accordance with their rules and requirements. We have extensive experience working with banks, building societies and other specialist mortgage lenders, and we are authorised to act for most mainstream banks and building societies.
We can also assist with equity release and lifetime mortgages.
“Very efficient, with a swift approach to all issues.”
Why Choose John Donkin Solicitors For Your Re-Mortgage?
We have been established for over fifty years and have an excellent reputation for the high levels of services we provide in the Tyne and Wear area and beyond. We offer exceptional standards of service you would expect from a long-standing business combined with the efficiency and flexibility of a modern practice.
We know it can be important to remortgage promptly to take advantage of a good deal, and we will work with you to achieve your desired timescales. We can also assist in dealing with any other associated legal issues. For example, if you also need the legal ownership of a property to be transferred, we can deal with the transfer for you and ensure that both transactions go through promptly.
Our remortgage solicitors will work proactively to make sure delays are avoided as far as possible and we will keep you advised of progress throughout. We are easy to contact and if you have any questions or concerns, we will be happy to talk to you.
You will have a dedicated qualified and experienced Solicitor assigned to handle your transaction.
Our Solicitor Fees For Remortgage
We will give you a clear idea of the costs at the outset of the transaction so that there are no surprises later on. As well as our legal fees, there will also be fees payable to third parties (which are known as disbursements), such as no search indemnity insurance and HM Land Registry’s fee for registering the new mortgage.
For detailed information about our charges, see our remortgage pricing page.
The Remortgage Process
If you ask us to deal with your remortgage, the key conveyancing steps are set our below.
1. We will start by requesting your proof of ID and verifying your identity. Whilst your lender and/or mortgage broker may have carried out their own checks, we will also need to verify your ID to comply with our own strict regulatory requirements and anti-money laundering policies.
2. We will then obtain an up-to-date copy of your title register from HM Land Registry and check the legal title of the property. If the property is leasehold we will also need to review the terms of the lease to ensure that the terms are compliant with your chosen lender’s requirements. We will also contact your Landlord/Management Company to obtain any required information.
3. We will then review your existing mortgage by contacting your existing lender (if any) to request a mortgage redemption statement. This will let us know what sum is outstanding on your current mortgage, and whether there are any penalties payable for redeeming your mortgage (such as an early repayment charge).
4. Once we have received your mortgage offer from your new lender, we will review the terms of your mortgage offer and report to you on the same, although please note we are unable to provide any financial advice. We will raise any issues with you or your lender as they arise. Most mortgage lenders are happy for us to take out a no search indemnity insurance which enables the remortgage to proceed without us obtaining full searches for the property, however, in some cases, your lender may want you to obtain searches for the property. Taking out searches increase the length of the transaction and may be more costly. We will discuss this with you should this be required by your chosen lender.
5. Once you’re happy with the terms of your new mortgage, we will send out the new mortgage deed for your signature, along with any other documents required by your new lender. We will need to hold the signed documents on file before we are able to request your new mortgage funds and so it is important that all documents are returned to us as quickly as possible to avoid delays.
6. Once we have received your signed paperwork, and we are ready to proceed, we will liaise with you as to a completion date. Once we know when you would like to complete, we will carry out final pre-completion searches, including a search against the legal title and a bankruptcy search, request a final redemption statement from your existing lender, and order funds from your new lender to arrive in readiness for completion. Where necessary, we will ask you for cleared funds in time for completion.
7. On the day of completion, we will receive funds from your new lender and use these funds to pay off your existing mortgage. If there are funds due back to you, we will send this balance to you.
8. Following completion, we will ask the Land Registry to remove the old mortgage from the Register and add the new mortgage.
Contact Our Remortgage Solicitors
If you are remortgaging a property and you would like us to represent you, we will be happy to hear from you.