In need of a remortgage solicitor? Here is the process explained
There are many reasons why a person may choose to remortgage their home and request the services of a remortgage solicitor.
Remortgaging is a process where you move your mortgage to a new lender from your existing lender.
Reasons for doing this include reducing monthly payments, paying off other debts and paying off the mortgage earlier than planned.
Just like when buying a home, you will need legal representation and advice, meaning a remortgage solicitor is required.
A remortgage solicitor will help with the signing of new loan documents, certifying title to your new bank, redeem your old mortgage and register the new mortgage with the property registration authority.
It can take three to four weeks for the remortgaging process to be completed. Although it seems short, it is recommended you contact a remortgage solicitor early on. With much documentation required, it is best to get started on the work as soon as possible.
There are eight steps involved in remortgaging and you will need a remortgage solicitor for each.
1. Title Deeds
The title deeds of your mortgage will be held with your previous bank. Your remortgage solicitor will issue an authority to be signed which gives them permission to take the title deeds. Be aware, it can take two weeks for the deeds to be freed by the bank.
The remortgage solicitor will review the title to ensure there is a good title.
2. Sign documentation
The next step is to review the loan details from your new bank with your remortgage solicitor. If all is correct, you will sign the documentation which will allow funds to be released.
3. Redemption figures
At this stage, the remortgage solicitor will get up to date redemption figures from your old bank. This will set out the exact figure needed to release the old mortgage from the title.
4. Closing searches
The remortgage solicitor will do a final search to ensure nothing will affect the property or the mortgage release.
5. Drawdown
Now your old bank will release the remortgage funds to your solicitor.
6. Registration
Once the drawdown is made, the new mortgage will be registered by your remortgage solicitor with the Property Registration authority.
7. Return deeds
Once the mortgage is registered, the remortgage solicitor will provide the deeds to your new bank.
8. Cashback
Some banks now provide cashback incentives when you remortgage. These funds will be lodged to your account and are not processed by a solicitor.
If you have any questions about remortgaging or require the services of a remortgage solicitor please contact Ronan Enright Solicitors at (021) 235 5443 or email info@ronanenright.com
