Our knowledgeable conveyancing team will assist you through the process of remortgaging your home or investing in buy-to-let real estate. Our remortgage solicitors have assisted hundreds of people remortgage and strive to make the conveyancing process as straightforward and stress-free as possible.
Remortgaging is the process of switching mortgage lenders in order to refinance a home. Whether you’re remortgaging to get a better rate, to acquire more money, or because your needs have changed (due to divorce or a breakup in a relationship, for instance), our solicitors can assist you. We have extensive experience working with banks, building societies and other specialised mortgage lenders, and therefore understand how they operate. Remortgage with us and you will receive:
- Experienced remortgage property solicitors
- Regular updates via phone, email or text message
- Clear, straightforward, and easily comprehensible guidance
- A prompt and dependable service
Clarity Simplicity’s conveyancing and real estate experts is available to assist with any cause. We have experience assisting clients with equity transfers and have the knowledge to help you complete the procedure swiftly and with the least fuss possible. We are one of the top legal firms in the UK for property law, and our knowledgeable solicitors take great delight in providing each of our clients with a service that is efficient, efficient, and dependable. Call us at 0808 169 5822 to reach our conveyancing and property team, or fill out our contact form, and we will give you a call.
What is a Remortgage?
Simply put, remortgaging is the process of paying off one mortgage with another.
To Remortgage A Mortgage, Why Do You Need A Property Lawyer?
For the remortgage procedure to be completed, you will need a lawyer to handle the legal aspects of the transaction. The remortgage solicitor will coordinate with both your current and new mortgage lenders to make sure that the remortgage process runs efficiently and that you can move into your new home with the new mortgage lender. As soon as the remortgage is finalised, the new lender will acquire title to the property, and you will have a “real right” to ownership.
How You Would Describe What Is Conveyancing?
Simply stated, conveyancing is the legal process involving the exchange of property ownership. This addresses the legal and administrative aspects of the process. To transfer ownership of land, a title deed (often in the form of a disposition) has to be prepared, signed by the current owner, and awarded in favour of the new owner. Then, the Scottish Land Registry must be informed of this deed. After the deed registration procedure is complete, the new owner has ownership title and a “real right” to the property.
The conveyancing transaction is comprised of several essential elements. A conveyancing attorney manages each of the following phases of the process:
- Interest and offer letter;
- contract negotiations (messages);
- survey and inquiry reports and title deed examination.
Why Do I Require A Conveyancing Solicitor?
According to Scottish law, only a qualified individual may draught a writ pertaining to real or personal property:
Even a corporation is in violation of the law if it draughts or creates a writ relating to real or personal property without the necessary qualifications.
This means that only licenced solicitors may create and complete title deeds and correspondence in relation to a transaction or purchase. Therefore, in order to purchase or sell a home in Scotland, a person must retain the services of a solicitor.
The mortgage lender will typically require that a law firm conduct the transaction if you have a mortgage. The funds involved in the transaction are managed by the solicitors. When a mortgage is affixed to a sale, the repayment of the loan is handled by the solicitors. In cases involving a mortgage for a purchase, the seller’s solicitors manage the disbursement of loan funds and payment of the purchase price. All client funds are held in trust and deposited in the firm’s approved client deposit account.
In Scotland, solicitors are regulated by the Law Society of Scotland. A code of conduct and professional ethics govern lawyers. Due to the high bar set by these standards, clients are afforded much protection. Clients are protected by the professional indemnity insurance that solicitors have to hold when performing any type of legal work.
Remortgaging in Glasgow
Considering the current uncertainty regarding mortgage interest rates, we understand that many clients will be anxious to find a new mortgage deal when their fixed-rate term expires, as opposed to switching permanently to the variable rate. As a result of recent events, a number of lenders have withdrawn their “fee-free” remortgage offers and may offer new clients a rebate facility to cover their legal fees and other remortgage expenses.
We are pleased to provide clients who wish to remortgage with a package that minimises their legal fees, expedites their transaction, and, as a result, reduces the time they spend on their current lender’s standard variable rate.
If you are approaching the end of your fixed-rate term and are unsure of what to do next, we would be delighted to put you in touch with mortgage brokers who can provide you with unbiased advice on the latest and best deals available to you in the ever-changing mortgage market.
How does one acquire a home in Scotland?
The conveyancing transaction is initiated by the acceptance of an offer. The formal offer will be presented in writing and will contain the following details: (1) the purchase price negotiated, (2) the location of the asset being sold, (3) the name and address of the buyer, and (4) any additional conditions. In Scotland, proposals typically include the Scottish Standard Clauses, which are the standard terms and conditions used in conveyancing contracts.
Accepting the Offer
The suitable offer will be forwarded to the seller’s attorney for conveyancing purposes. The seller’s attorney will take comprehensive directions on the offer and issue a qualified acceptance letter to the buyer’s attorney. This will modify the terms of the contract to be more favourable for the vendor and eliminate any contingent terms in the offer. During this phase, the attorney will also negotiate an appropriate date of entry.
Once the appropriate approval has been issued to the buyer’s solicitors, the ball is back in their court to move the contract forward or finalise it. This portion of the procedure is commonly known as negotiating “the missives.” Before the exchange of letters, neither party is legally bound by the conveyancing agreement.
Regardless of whether the buyer’s funding comes from a mortgage, the sale of a property, or any combination of the two, the buyer’s attorney will not finalise the contract until the buyer has secured funding. If there is a mortgage, the buyer’s attorney will need a valid mortgage offer from the mortgage lender servicing their client. In addition, they must satisfy any unique conditions mentioned in the loan offer.
Examination of Title & Title Observations
Examining and confirming the title deeds and related documents is a crucial step in the process. Protecting both the client’s ownership rights and the mortgage lender’s interests is one of the most difficult tasks attorneys face during the procedure.
On the day of entry, the purchase price will be given to the seller’s attorney by the buyer’s attorney. The seller’s attorney will exchange a signed disposition, which functions as the title deed passing ownership of the property from the person selling it to the buyer. At closing, the buyer will also obtain the property’s keys.
Need A Solicitor? Contact Us Today
We are one of the leading law firms for property law in the UK, and our skilled solicitors take great pride in offering each of our clients a service that is quick, reliable, and efficient. To get in touch with our conveyancing and property team in Glasgow, phone us at 0808 169 5822, or you may want to fill out our contact form, and we’ll give you a call.
Remortgage Conveyancing: Conclusion
If you wish to remortgage your home, you must complete the remortgage conveyancing procedure, which entails an assortment of legal and administrative duties. To ensure that the procedure is carried out correctly, you will require the assistance of a conveyancing attorney or conveyancer. The attorney or conveyancer will assist you in compiling the details of your current mortgage, communicating with your current mortgage lender, and managing the costs and fees associated with remortgaging your property. Before you execute the new remortgage deed, they will also coordinate with the lender’s conveyancing attorney to ensure everything is in order. By utilising the services of a remortgage conveyance attorney or conveyancing team, you can rest assured that you will receive the best advice and assistance possible when remortgaging your home.