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Conveyancing Moving House Property

Why Do You Need Conveyancing When Remortgaging?

Remortgaging is when you change the mortgage on your property by moving to a new lender. Whether you are looking for a better mortgage deal, you want to refurbish your home, you have other debts to pay off, or your financial circumstances have otherwise changed, we can provide clear, practical advice about the best way to proceed, deal with your bank, building society, or mortgage provider on your behalf, and take the necessary steps towards getting your remortgage finalised.

Our experienced conveyancing team will guide you through the process. Our remortgage solicitors have helped thousands of people remortgage and aim to make the conveyancing process as simple and stress-free as possible.

By using BES Legal Ltd for this process, you have the peace on mind that all the details will be accounted for, protecting you legally and financially, while ensuring the remortgage goes ahead quickly and smoothly.

What Is Involved In Conveyancing For Remortgaging?

There are various steps involved in the remortgaging process that our experienced team of conveyancers take care of for you.

Checks and searches – This includes verifying your identity, money laundering checks, checking the title deed and property searches e.g. checking for any planning, building control or environmental issues affecting your property. Your new mortgage lender will need to see evidence of these checks before releasing funds to you.

Redemption statement – Your conveyancer will give your existing mortgage lender notice that you intend to pay off the outstanding balance on your mortgage and ask for a redemption statement, which details how much you owe, plus any penalties, exit fees or other costs for early repayment.

Reviewing your mortgage offer – When your new mortgage lender has carried out a valuation of your property, they will make a formal remortgage offer and send a copy of this to both you and your conveyancer. Your conveyancer will talk through the details of this offer with you to make sure you are entirely clear what you are agreeing to.

Transfer of funds – When your new mortgage lender is ready to transfer funds, these will be sent to your conveyancer. They will then use the funds to pay off your old mortgage and any fees, then deposit any balance left over into your nominated account.

Land Registry – Once your old mortgage lender confirms that your previous mortgage is paid off, your conveyancer will contact the Land Registry and have them update the title deed for your property with details of your new lender.

Conveyancing For Leasehold Property Remortgages

The conveyancing process for remortgaging a leasehold property involves a few additional steps which your conveyancer will assist you with.

Firstly, they will need to check that the length of time remaining on the lease meets your new mortgage lender’s requirements. Many lenders will be reluctant to offer a mortgage on a leasehold property with 80 years or fewer left on the lease.

Your conveyancer will also need to collect details of your service charges and ground rent from your landlord or their agent, as well as a copy of the property’s buildings insurance documents.

You will also need to provide a copy of your lease (which you should have) to your new mortgage lender. If you do not have a copy of your lease, your conveyancer can request one from the Land Registry.

How Long Does A Remortgage Take?

A remortgage can take a matter of weeks to complete once you have a mortgage offer. The delay normally relates to the time it takes to get your mortgage offer (remember a mortgage in principle isn’t a mortgage offer and you’ll still need to get a mortgage valuation). If your property is a leasehold, there can also be delays with the freeholders providing notice after completion, especially if you haven’t paid your service charges and ground rent.

BES Legal Ltd have extensive experience working with banks, building societies and other specialist mortgage lenders, so we know how they work. Above all we aim to make your remortgage stress-free, without the legal jargon and working to your timescales. To find out how BES Legal Ltd could help with your remortgage conveyancing, please get in touch with our experienced team by calling 0330 124 7474 or emailing enquiries@beslegal.co.uk.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House Property

The Conveyancing Process – Buying and Selling

The process of moving home can seem complex and stressful. We have created these straightforward guides to help you understand the process of buying and/or selling, and prepare you for your future property transaction.

The Conveyancing Selling Process

You can also download a PDF copy here.

The Conveyancing Buying Process

You can also download a PDF copy here.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.

Categories
Moving House

10 Legal Terms First-Time Buyers Should Know

Buying a property is an exciting time however it can be stressful too, especially when you are a first-time buyer. The number of factors involved in purchasing your first home can feel overwhelming. To ensure important information is understood, it is important that as a first-time buyer, you are familiar with some of the legal terms used throughout the process.

Conveyancing

The term refers to the legal process of transferring ownership of a property from the seller to the buyer.

Leasehold and Freehold

These terms refer to the different types of property you can buy. With a freehold, you are buying the property and the land it is built on. Leasehold means you buy the property but only a share of the land it is built on. Houses are almost always freehold and flats are normally leasehold. Maintenance charges will be paid to a management company for the upkeep of communal areas on leasehold properties.

Contract

The legal agreement entered into by the seller and buyer of a property.

Surveys and Searches

A survey is an inspection commissioned by a buyer and carried out by a surveyor to report on the physical condition of a property and to highlight any repairs that are required.

A survey for valuation is a report paid for by the buyer but is carried out on behalf of a lender to ensure that the value of the property is sufficient to cover the mortgage. Buyers should not rely on this type of inspection to confirm the physical condition of the property.

Search is a term used to describe documents showing any adverse factors affecting a property (e.g. new developments being planned close by or environmental issues in the vicinity). Obtaining searches is part of the conveyancing procedure conducted by your solicitor.

Disbursements and Legal Fees

Disbursements are the costs which your solicitor pays on your behalf – such as Stamp Duty – and legal fees are what you pay for the solicitor’s time.

Note: First-time buyers do not pay Stamp Duty on properties worth up to £300,000.

Title Deeds

A legal document that sets out the rights and liabilities of the ownership of a property.

Exchange of Contracts

The point at which the buyer and seller exchange the signed, legally binding, contracts for the purchase and sale of a property. At this point the buyer will pay the deposit and both the seller and buyer become committed to complete the transaction.

Completion

The finalising of the sale when all the money changes hands and the purchaser acquires the legal right to the property. The property is now ‘sold’, and the buyer can collect the keys to their new home.

Flying Freehold

A flying freehold is formed when part of a property overhang and is supported by a different freehold property or land.

Covenant

Covenants are obligations and restrictions that are attached to a property. All covenants should be discussed with your Solicitor and Conveyancer.

If you would like to discuss purchasing as a first-time buyer in further detail, please contact the team on 024 7622 0707 or alternatively email enquiries@beslegal.co.uk.


The purpose of this blog is to provide information and discussion. Nothing on this blog should be relied upon as a substitute for legal advice from a qualified solicitor regarding any actual legal issue or dispute. Nothing on this website should be construed as legal advice or perceived as creating a solicitor-client relationship. Please note that we cannot give advice on individual’s situations or problems on this blog.