A top Warrington conveyancing solicitor has offered tips and advice to the thousands of people who remortgage each week.
Whether remortgaging to move to another lender to take advantage of a lower interest rate, or to raise money for another property, engaging a trusted property law firm is crucial.
A mortgage adviser may recommend a firm of solicitors, but it’s important to do your own due diligence and research for the right company to handle your transaction.
Amanda O’Hare, partner and member of the conveyancing department at Watsons Solicitors, discusses the key points people should take into consideration.
She said: “Some studies show that approximately 40,000 remortgages are actioned monthly. It’s normal for people to pursue lower interest rates, or use the process to raise capital, and it’s important to seek expert help to avoid any costly errors.
“My first piece of guidance is to line up your chosen solicitors in advance, which is often one month ahead of the end of your current fixed-term mortgage. However, check your lender’s terms and conditions as some have no exit fees if you cancel within 60 days, which means you can start the process sooner.
“There is typically less work involved for a solicitor in a remortgage, and people may assume it’s something they can handle themselves. However, it’s not as simple as something like switching credit card providers, and it requires expert input as there is still a lot of background legal work.
“For example, the new lender will request to carry out similar checks on the property that your existing lender will have completed at the outset. This is normal and it is to ensure the property they are loaning money for meets their expectations. A conveyancing solicitor will take care of all of this and liaise with the new lender.
“A property solicitor will also deal with transferring all monies including settling the existing lender’s loan, as well as contact the Land Registry to update title deeds and share the relevant documentation with all parties.”
Watsons Solicitors’ property team is headed up by Stephen Martin, with Amanda joined by Kerry Baird, and Michaela Johnson in the department.
Amanda, who has been with Watsons Solicitors for three years, specialises in residential conveyancing.
Founded more than 60 years ago, Watsons Solicitors specialises in wills and probate, employment law, conveyancing, and family law.
Its experienced solicitors each hold accreditations and memberships of professional bodies relevant to their expertise, while the firm’s partners oversee all areas of work.