You may already be familiar with the basic steps involved in a remortgage but knowing what to look out for before you begin the process can save time, and avoid unexpected delays. We will highlight some key issues homeowners should consider before or when starting the procedure, and how we can prevent these common remortgage mistakes as your solicitor.
Written by Yitong Guo, Senior Associate Solicitor
We will check your title early
As your solicitor, when we take on the case, we will make sure we check your title documents early to avoid delay. We note that some property owners are not aware of restrictions, covenants, or rights affecting their property title.
When we act for both you and the lender, we will check the title at HM Land Registry so you do not have surprise at the last minute and that the lender can safely take a legal charge.
Undisclosed charges on the property
We note in practice, sometimes there are old loans, second charges, or equity loans registered against the property.
We will identify them early, to prevent the remortgage to fail as the new lender will require a first legal charge.
We deal with leasehold problems
In some cases, lenders can refuse remortgages when these happen:
- The lease is too short
- The ground rent terms are unacceptable
- Building Safety Act issue triggered
As your solicitor, we will review your lease and try to resolve these issues before completion. We may negotiate on your behalf with the landlord and complete certain legal procedure to satisfy the lender’s requirements, and to ensure compliance with the up-to-date legal requirements.
Planning and building regulation consents
We note sometimes the property owners have completed extensions, loft conversions, or structural work, but may not have the required approvals and consents from the Local Authority. The lender would require certain documents to be in place.
As your solicitor, we will provide you with pragmatic advice and assist you to resolve the issues through either retrospective consent documentation or indemnity insurance.
Last-minute paperwork issues
We understand that unsigned mortgage deeds, missing documents or incorrect ownership details can delay the transaction, and we aim to prevent any of such incident to happen.
We will work in accordance with our professionally designed workflow and ensure that every step of the procedure is completed in streamline and in good time for target completion date.
Final thoughts
We believe that the purpose of remortgaging is to save you money with the best deal, without causing unnecessary stress.
As your solicitor, we will ensure that title issues, lender requirements, and legal risks are resolved early, helping your remortgage complete smoothly with minimum troubles.
Have questions? Get in touch today!
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