Remortgaging a Home: A Step by Step Guide

When a homeowner has come to the decision to remortgage their home, one of the most important aspects of the procedure is to enlist the assistance of a conveyancing solicitor in Portsmouth to represent the interests of both the client and the lender.

Many people choose to remortgage for a great variety of reasons. Often it is to move to a lower interest rate, which will save them money, or it could be because they have other commitments that need immediate attention.

This is why after the decision has been made, time is of the essence for all parties to make sure that these lower interest rates are still available or that these other attentions can be immediately seen to.

By taking into account the advantages and disadvantages of remortgaging a home and discussing these with a solicitor, clients can have a full understanding of what it is they are committing to and whether it is the right decision at the end of the day.

Explaining the stages one step at a time

It can certainly be a confusing time, so it is important to take each step as it comes and to follow the guidance of the solicitor that has been employed to assist in all matters concerning the remortgage.

The initial step is undertaken once a request for title deeds and a redemption statement from the client’s lender to understand how much is still owed on the property is received. A knowledgeable professional will check the title documents and make sure that the information seems correct.

An offer will then be received. It may be necessary to carry out searches against the property as any special conditions from the lender are checked. Input from the client is needed during this time to sign all documents and to agree on a completion date.

Completion is arranged together with balance payments and other considerations. On the day of completion, the client will pay off their existing mortgage and settle everything with their previous lender. They will then register the new mortgage with the new terms that have been agreed to.

It should be said that all clients should keep hold of all the documents that are given throughout this procedure for safe keeping. There are further copies elsewhere, but for their own peace of mind and for reference at a later date, clients should have their copy on hand.

No question is ever a stupid one and it is critical that clients understand all of the jargon that is within their mortgage contract. Professionals are trained to understand what people are agreeing to and it is the solicitor’s job to ensure that their client is in full understanding of their own personal situation.

A remortgage can be a great way of slashing costs and saving money. By taking advantage of new offers, or using some of the money that is tied up in their house on other things in their lives that they deem to be important, people are able to take control of their lives and have a sense of purpose and freedom that everyone desires.