Do You Need a Solicitor for a Remortgage?

Getting a remortgage is easier to get than getting a new mortgage. Once a lender offers you an acceptable deal, the legal process begins. The main reason that you need your solicitor for a remortgage is so that the conditions of the loan are fully understood and received.

What a Solicitor Does

There are a number of tasks that your solicitor will be responsible for. Depending on the area where you live, they may differ. When the legal process begins, a conveyance has to be carried out and you are then given your remortgage advance. Your solicitor is needed to pay off the remainder of your original mortgage and then hand over what remains of the remortgage money to you.

They will also deal with the legal issues, such as the broker fee, redemption penalty, arrangement fee and valuation charge. The solicitor will also see that the lender is able to get what is known as a secure main charge against the property. If there is more than one charge on a property then the solicitor will need to see that it is dealt with properly. Remortgages can be quite complex when there are several different charges on a property, so having a good solicitor is important.

 

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