Do I Need a Conveyancing Solicitor to Remortgage?

If you think of remortgaging your property, you must find the right conveyancing solicitor. The solicitor will deal with every aspect of your remortgage journey. Doing this will ensure that any potential issues or complications are dealt with to get you the best results possible.

Hundreds of thousands of potential risks and difficulties arise with the remortgage process. You need to make sure you know what your rights in each scenario are. In this article, we’ll look at this key question and answer it using some basic tips on remortgaging.

Benefits of Having Conveyancing Solicitors When Remortgaging

Clear Understanding of Your Legal Rights and Obligations

The solicitor will understand the ins and outs of the process, including any requirements for obtaining a mortgage. He will explain what documents are critical for each step of the remortgage process.

It means you won’t have to fill in the gaps yourself or leave any room for confusion. The solicitor also ensures that there are no gaps in your paperwork – something that is particularly important if you are buying your first home!

A solicitor will access all relevant information about your property, such as title deeds, council tax records, mortgages, and other loans. He will also have contacts who can provide accurate information about their local area. 

The solicitor will draw up amendments if necessary or explain why the lender does not require certain documents.

Time-Saving

The main benefit of having a conveyancing solicitor on your side is that they can help you save time and money. For example, if you are buying or selling a property, your solicitor will need to look at the title deeds for that property and ensure that everything is up-to-date.

Conveyancer solicitors often work with lenders and other parties involved in buying or selling property. They know how much time it takes to get things done, so they will complete tasks more efficiently than you could on your own.

As a way of speeding up the remortgaging process, solicitors can help ensure that everything goes smoothly by providing advice on legal matters such as mortgages and wills.

They will also need to get any mortgage lenders involved and ensure they are happy with everything. When this is over, there is no need for you to go through the process yourself – which means less stress and hassle!

Secure the Best Deal Possible

A conveyancing solicitor can help you find the best deal possible on your remortgage. They will check your mortgage application and ensure that it ends correctly. 

They will also check to see any potential problems with your loan, such as an incorrect repayment period. If there are any issues with your application, they can advise on how to solve them.

Notably, conveyancing solicitors are experts in remortgaging, which means they know what to look out for when it comes to making sure that the lender approves your application. 

Better Protection against Mortgage Fraud

Conveyancing solicitors can help you protect yourself against mortgage fraud by providing an independent review of your application. They will check that your details are genuine and ensure everything is in order before they start working on your behalf.

Such means that if there are any suspicious circumstances surrounding the application process, such as if you notice a discrepancy with your details, they can identify these early on and act accordingly.

Solicitors have specialist knowledge of mortgage law and know-how to ensure your home remains protected against fraud. If someone attempts to obtain a mortgage by lying about their income or borrowing more than they can afford, they will get stopped.

A Clear Understanding of Your Situation

If you are planning on remortgaging, then you must have a clear understanding of your circumstances before making any decisions about what type of mortgage will suit you best.

A good lawyer will provide an overview of your situation, identifying potential risks and outlining how they can remain minimised or eliminated. If any tax implications get involved, then this should also stay highlighted so that there are no nasty surprises when tax is paid at the end of each year!

In Summary

Overall, there are many benefits to hiring a conveyancing solicitor. They ensure that every step of your mortgage process is smooth. From making sure all documents are to ensuring that there aren’t any errors on the title deeds, it’s a service, you’d be foolish not to hire when remortgaging.

Also, using a conveyancing solicitor is the best way of ensuring that you know exactly how much your money is worth and used for the agreed price.

A conveyancing consultant can often be present during an exchange of contracts to see through the completion of all formalities. It can greatly reassure sellers and purchasers who may feel nervous about handing over a considerable sum of money to purchase a house.