The Duration of Remortgage Conveyancing

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From the time the mortgage offer and completed borrower forms are received, the refinance conveyancing process takes 3-4 weeks. However, not many people understand the true duration of this process. If you’re usure, read on as we outline how borrowers can reduce delays. Here, we’ll discuss what you need to know about the duration of remortgage conveyancing.

The Procedure for Remortgaging a Home

The procedure for remortgaging a home can be rather simple. Now, we’ll give you a brief look into it:

First, you will need the services of a conveyancing solicitor once you have received a mortgage offer from your preferred lender. After that, all legal issues of the remortgage will then be handled by your lawyer. And finally, the lender’s interest in the property must be recorded as a “legal charge” by your lawyer.

The Importance of Speed

The vast majority of consumers refinance to save money on interest. The lower interest rate will take effect sooner if you complete the refinancing process. Although refinancing deals are typically completed within a month, there is always the possibility of a delay.

Three-month mortgage offers are relatively common. If the conveyancing procedure takes longer than expected, you must reapply. You may be unable to remortgage if your circumstances change or the mortgage product becomes unavailable.

Speeding up the Process

Customers frequently ask about the timeline for remortgaging. Once you’ve decided on a lender and a mortgage package, the following tips will help you speed up the process:

  • Avoid ‘free legals,’ and if your lender offers it, ask for cashback. Finally, hire your own solicitor.
  • Inform your lawyer that you need to get something done quickly; they will not presume.
  • Inquire about any unusual terms and notify your lawyer. This gives the attorney more opportunities to address them early in the process.

If your solicitor is not on your lender’s panel, they will be obliged to subcontract the work, which will prolong the process. Then before the conveyancing procedure can begin, you must complete and sign the required papers. Or else, nothing will happen unless and until these are completed and returned to your counsel.

When remortgaging a leasehold property, check with the freeholder to see if there are any requirements. Your freeholder will not proceed with the project unless all service charges, ground rent, and insurance are up to date.

The Availability of Mortgage Funds 

If you’re releasing equity or borrowing more than the value of your current mortgage, you’ll usually get the extra money on closing day. Although, you may need more customized services and a guided approach for cases such as if you’re transferring property ownership to your child or another family member, marrying or divorcing, or transferring equity. Moreover, the legal formalities can be undertaken concurrently if you intend to refinance in conjunction with the transfer.

Conclusion

Beyond learning the technicalities on your own, it is still highly recommended that you seek the advice and guidance of experts. Since we are discussing large amounts of assets, it would be best to do this as carefully as possible, no matter how long it will take. This way, you’ll be more present throughout the entire process. It can’t hurt to take more deliberate steps!

For residential conveyancing services, Conveyancing Expert can assist you with your new home purchase. Every client benefits from our experience and is pleased with the legal assistance offered by our legal team. We constantly educate ourselves, our clients and any other parties involved in a transaction, all while offering great customer service. Call us today!

1,575 thoughts on “The Duration of Remortgage Conveyancing”

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