For the 10 months to October 2016 over 127, 000 new mortgage transactions per month or £20.4 billion per month of new mortgage lending was undertaken in the UK.
By value one third of this lending was for remortgage purposes. [Source: Building Societies Association – Gross mortgage lending (updated 29 November 2016)]. Remortgaging property has become very common.
Remortgages are conducted for a wide variety of reasons but can be classified broadly as follows:
- To secure a better mortgage deal – typically at the end of a low fixed rate period when the mortgage defaults to higher standard rate
- To change to a more appropriate lending product which better fits the owner’s current and future circumstances – e.g. a change to a long term fixed rate for more security if it is felt that interest rates are going to rise
- To release equity from the property – typically where the property value has increased or where capital repayments have boosted the value of the owner’s equity in the property i.e. the value of the owner’s share in the property after the outstanding balance on the mortgage has been repaid
- To change ownership or shares of equity in the property between joint owners – perhaps following a divorce or separation
- To change to a mortgage compatible with the purpose for which the property is used – e.g. switching to a buy-to-let mortgage if you decide to rent your property long term
- Irrespective of why you want to remortgage our legal team are experts in helping you smoothly and swiftly through your remortgage process. We can undertake the legal conveyancing work which is required by lenders to complete your remortgage
For most remortgages, as is the norm across the property sector, we act for both the property owner and the lender. This keeps down the costs associated with your remortgage. We follow a very strict code of conduct to make sure we have no conflict of interest.
We are accredited under the Law Society Conveyancing Quality Scheme (CQS) which is the legal sector’s quality standard required by most mortgage lenders for conveyancing services. In addition we are on the vast majority of panels of approved conveyancers which lenders have adopted in the past few years. Unless you legal adviser is on your lender’s approved panel you will either have to choose another conveyancer or another lender.
We are also accredited under the industry standard Lexcel scheme for excellence in practice management so you can be reassured that our procedures and staff will provide some the best service within the legal sector.
How we can help
We try to make the remortgage process as simple as we can but we will always advise you carefully about your particular situation and your obligations. For most people entering into a mortgage or remortgage it is the single biggest financial commitment that they will undertake in a lifetime.
Remortgaging is particularly common if you have properties that you rent. We offer a full service for landlords.
We offer fixed price services for most remortgages.
If you have a query about the remortgaging process, would like help with remortgaging or want a quote please contact our team.