Remortgage Solicitors

A remortgage replaces your existing mortgage with a new one, either with your current lender or a different one. Brewer Wallace Solicitors carries out the legal work for homeowners across Hull and East Yorkshire.

We check the title, carry out any searches your lender requires, obtain your signature to the mortgage deed, repay the existing loan and register the new mortgage at HM Land Registry. We keep you informed at each stage.

What is remortgaging?

Remortgaging means replacing your current mortgage with a new one, secured on the same property. The choice of mortgage is a matter for you, your lender and your mortgage adviser; our role is the legal work needed to put the new mortgage in place and to meet the lender's requirements.

Common reasons for remortgaging

Homeowners remortgage for a number of reasons, including:

• Moving to a new interest rate when an existing deal ends.
• Releasing equity, for example to fund home improvements.
• Changing the term of the mortgage.
• Adding or removing someone from the mortgage and the title (a transfer of equity).

Whether a remortgage is right for you is a question for your mortgage adviser. Once you have a mortgage offer, we deal with the legal work.

The remortgaging process

1. Reviewing your mortgage offer

Once your new lender has issued its offer, we review the offer and its conditions and report any points that need your attention.

2. Searches

Some lenders require searches, or a search indemnity policy, before they will lend. We arrange whichever your lender requires.

3. Title and lender requirements

We check the title to your property and the details of your existing mortgage, and satisfy the new lender's conditions.

4. Redeeming your existing mortgage

If you are moving to a new lender, we obtain a redemption figure and use the new loan to repay the existing mortgage on completion.

5. Registering the new mortgage

After completion, we register the new lender's charge at HM Land Registry and remove the old one.

How long does remortgaging take?

Most remortgages take between four and eight weeks, depending on the lender's requirements and the redemption of the existing mortgage.

Remortgaging fees and costs

Our remortgage fees are published. The costs usually include:

• Our legal fee.
• HM Land Registry fees for registering the new mortgage.
• Bank transfer fees.
• Search fees or a search indemnity policy, if your lender requires them.

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