Do I Need Legal Advice To Remortgage?
Perhaps your current mortgage term is coming to an end, you want to cut down your monthly repayments, or you want to remortgage to consolidate debt or renovate your property. Whatever the reason, you’re looking to remortgage one thing you’ll want to know is whether you need to acquire legal advice in order to make your remortgage happen. We’re covering this in our article below.
Do you always need legal advice to remortgage?
NO – you don’t always need legal advice to remortgage.
If you’re sticking with your current lender then you can sit back and skip reaching out to your conveyancer.
So, when should I get legal advice for a remortgage?
To make this clearer, we’re listing the common scenarios when you would need to speak to a property lawyer about your remortgage:
- Remortgaging with a different lender
If you’re looking to change lenders, you will need to get legal advice.
- Removing or adding someone to your mortgage
Known as a transfer of equity, when removing or adding someone to a mortgage your property lawyer will need to update the deeds and inform any necessary parties of the changes in property ownership.
- How much does it cost to remortgage?
There are a number of legal costs associated with remortgaging including conveyancing fees, land registry fees and priority and bankruptcy searches. Some lenders will cover the legal costs associated with a remortgage – you can check this with your broker or directly with your lender.
We hope this article will help clear up whether you need legal advice for your remortgage or not.