With a third of landlords across the UK expected to remortgage over the next year, a leading Warrington law firm has advised property owners to make sure they use a solicitor they trust.
More than 60 per cent of landlords who choose to remortgage in the next 12 months are likely to use a mortgage broker or intermediary and ensuring that the right support has been enlisted is vital.
It is thought that 35 per cent of landlords with four properties are likely to remortgage compared to 19 per cent of those with between one and three.
A study by market research group BDRC found that around 63 per cent of those planning to remortgage have to in order to avoid being moved on to standard variable rates. However, one in five (22 per cent), say they are doing so to get a better rate whereas almost a quarter (24 per cent) say they would choose to remortgage to release equity from their property.
Amanda O’Hare, partner and member of the conveyancing department at Watsons Solicitors, said getting the right support when opting for a remortgage can make life a lot simpler for landlords and property owners.
She said: “A conveyancing solicitor can take a lot of the hassle out of dealing with a remortgage process – something many people may think is as easy as switching credit cards.
“Expert input – like we provide at Watsons – is required in a lot of the background legal work and a conveyancing solicitor can liaise with a new lender to take care of the checks they will need to carry out on the property.
“When remortgaging, it is important to plan ahead and choose a solicitor around a month in advance of the end of your existing mortgage. The process may be started sooner depending on any lender’s terms and conditions.
“The property specialist can also make sure monies are transferred safely and correctly, settling the existing lender’s loan as well as contacting the Land Registry to update title deeds and share the relevant documents with concerned 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 five years, specialises in residential conveyancing.
Founded more than 60 years ago, Watsons Solicitors specialises in wills and probate, employment law, conveyancing, personal injury 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.