Do you always need a remortgaging solicitor?
If you are remortgaging with your existing lender, switching to a new deal or borrowing more money, you will not need a remortgage solicitor.
However, if you are moving to a new mortgage lender, you will need to instruct a remortgage conveyancing solicitor.
If your lender provides a solicitor, do you need to use them?
Some mortgage lenders may want you to use their solicitor. If this is a condition of the remortgage deal, then it is compulsory. Often lenders include a free legal package within their remortgage deals. However, it’s important to verify that the conveyancing service is genuinely complimentary and devoid of any concealed expenses.Â
Ideally, you will be able to choose your own remortgage solicitor. You can then research the best conveyancing service for you.Â
There are certain circumstances in which will be required to appoint a solicitor yourself. If you intend to include another person on your mortgage, it’s essential to enlist a mortgage solicitor’s help to adjust the mortgage deed for your property and create a ‘transfer of equity’ document. You will also need your own solicitor to complete paperwork if you are removing someone from your mortgage.
How can you prepare to remortgage?
If you are considering remortgaging, you can increase the chance of your mortgage application being accepted by taking the following steps:Â
- Ensure that your credit report is healthy.Â
- Manage your finances by paying off your credit cards in full each month and avoiding overdrawing your bank account.Â
- Avoid applying for any additional credit.Â
- Avoid spending significant sums of money.Â
- Explore various options to find the most favourable mortgage offers. Consider talking to an independent mortgage advisor who can explore the best options for you.Â
- Find out whether you will need to pay your existing mortgage lender early repayment charges.Â
Mortgage providers consistently seek evidence of your financial competence to ensure timely monthly repayments.Â