Do You Need a Solicitor to Remortgage a Property?

Remortgaging a property, whether to obtain a lower interest rate, release equity or for any other reason, can provide several financial benefits. And while not every remortgage requires a solicitor, there are certain situations in which an experienced conveyancing specialist is necessary. 

To understand the legal requirements of remortgaging a property, read on.

What Does Remortgaging a Property Entail?

Remortgaging involves switching a property’s existing mortgage to another deal. This move can be done for several reasons, including when the current mortgage deal is nearing its end, the owner has found a more favourable option, or they need to borrow money against the property.  

Typically, remortgaging a property will take between one to two months, though this can obviously vary, depending on factors such as if changing lenders. 

The Legal Requirements of Remortgaging a Property

When it comes to remortgaging a property, several documents are required to ensure a smooth process.

The legal requirements of remortgaging a property include proof of property ownership (which can be checked on the Land Registry), title deeds, mortgage offers and identification.

Is a Solicitor Required for Remortgaging a Property?

A legal professional is not always required when remortgaging a property, such as when moving to a different deal with the same lender, otherwise known as a product transfer.

However, if there are legal changes involved with the new deal, a solicitor is necessary.

Moving to a new mortgage provider will require a solicitor to ensure the previous mortgage is settled with the original lender and the Land Registry records are updated. As part of this change, the new lender may request checks, such as a valuation, on the property to ensure it represents a good investment. 

A change of ownership, covering adding or removing an individual from the mortgage, will also need the expertise of a solicitor. This process is known as a transfer of equity and requires a solicitor to amend the property deeds.

Do You Need a Solicitor for Remortgaging a Property? Final Thoughts 

While a solicitor is not always necessary when it comes to remortgaging, having a legal professional available can help provide peace of mind when navigating an often complex process. 

Here at Jordans Solicitors, we are professional and friendly solicitors, proud to provide legal support for property transactions. For legal assistance services you can trust, get in touch with us today.