If you are thinking of changing your mortgage for a higher amount, a better rate or to fund a project in or out of your house, there is legal work to be done. Some lenders will offer an in-house conveyancing package, but you are generally entitled to select your own solicitor to act for you.
To contact our solicitors for legal advice on remortgaging your home, please complete our online enquiry form here, email us enquiry@laffertylaw.com or telephone your nearest office to get an immediate response and advice.
For more information on remortgaging your property you can also read our helpful guide below.
Solicitor for Remortgaging in Scotland
This can be the solicitor who dealt with your house purchase or a new solicitor whom you have got to know from other business or a recommendation from family or friends. The solicitor dealing with the transaction will call up your title deeds from your current lender, and receive the loan paper from your new lender (or perhaps the same lender if you are simply changing mortgage product or getting a further advance on your present loan). The new mortgage papers and instructions (which mirror the offer of loan you receive from your new lender) are sent to your solicitor, who draws up a new security and a discharge of the old one, arranges signings and calls down your new loan funds from the lender, then pays off your old mortgage and pays the remaining funds , less costs, to you or your nominated payee.
Searches, Title Deeds and other Remortgage Legal Essentials
In doing his or her job, the solicitor carries out title and property searches to ensure all is well, examines your title deeds if not seen by him or her before, and reports to the lender before ordering the funds. One thing to be careful of is to be sure in whose name the title deeds are. If a married couple for some reason have the deeds in the name of the husband or wife alone, and the new mortgage is in joint names, this will not fit, so either the lender has to agree to change the mortgage, or the clients have to instruct a transfer of title into joint names which involves unavoidable extra cost and complication.
As with any transaction, we quote fees and outlays in advance, and produce a cash statement to confirm money in and out of our ledger on your behalf. And as for working out what mortgage is best, we are not mortgage brokers ourselves, but work regularly with a small group of Independent Financial Advisers who can deal with enquiries and options on this subject.
Contact our Solicitors for Remortgaging Legal Advice in Scotland
To contact our solicitors for legal advice on remortgaging your home, please complete our online enquiry form here, email us enquiry@laffertylaw.com or telephone your nearest office to get an immediate response and advice.
Mortgages Solicitors Glasgow, Edinburgh: Discharging your mortgage in Scotland. Once your We can advise on all the legal aspects of remortgaging your property.
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