How Can Our Conveyancing Solicitors Help?
We know that there are various reasons to consider remortgaging your property and the most common is to release equity in the process. Choosing to remortgage can also save you money in the long-term by having a better mortgage deal. However, in the short term, you need a remortgage conveyancing solicitor who will act quickly. At Banner Jones, our quick and efficient conveyancing process will save you and time money.
We’ve helped thousands of families to remortgage their homes, with offices based in Sheffield, Chesterfield, Mansfield and Dronfield.
Contact Banner Jones today on for hassle-free remortgage conveyancing.
What is Remortgaging?
Remortgaging is the process of switching onto a new mortgage deal, either with the same or a different lender. If it is with a new lender, the property owner will need to find a new mortgage provider and go through the legal process of conveyancing, as if they are buying a new home.
Some of the reasons to remortgage include:
- To release equity. A lump-sum amount of money that is tied up in your property.
- To move a longer-term fixed rate - gaining security and peace of mind for the future.
- To get a better deal and pay off your mortgage earlier.
What is the Process of Remortgaging?
1. Research
Shop around and get the best deal for you. Look at the terms and conditions of your existing mortgage. It is highly likely you'll have to pay any fees for paying off your mortgage early. However, it’s important to assess the pros and cons thoroughly before considering to remortgage.
2. Instruct a Conveyancing Solicitor
Once you've got a remortgage offer in writing from your new provider, you need to instruct a conveyancing solicitor. They will represent you on your behalf. The conveyancing solicitor will begin to do all the relevant searches and then check the Title Deeds with the Land Registry.
The banks may offer you a solicitor from their panel that may appear cheaper than your local firm. Very often they are call centre based conveyancing firms who can be very slow to react. We've seen clients lose a months mortgage payment because they just can't get hold of anyone. The ID forms can be complex and at Banner Jones we will help you through it all, step by step. Leave the paperwork to us.
3. Redemption Statement
Your conveyancing solicitor will obtain a redemption statement from your current lender. This document requests that you wish to pay off your existing mortgage. You will be required to sign the mortgage deeds from your new lender.
4. Completion Day
On the day of completion, the conveyancing solicitor will receive funds from the new lender. Then pay the mortgage balance and other fees to your old lender. Any left-over money will be sent to you. Once the old lender has received the funds, they will remove themselves from the Title Deeds.
The conveyancing solicitor will contact the Land Registry and request for the old lender to be removed from the Title Deeds and replaced with your new mortgage provider. The updated Title Deeds will be sent to your solicitor and then sent to you.
Why choose Banner Jones Conveyancing Solicitors?
- Remortgaging takes time, at Banner Jones we know that time is the essence. Our dedicated team will work on your matter promptly, saving you time and money.
- We are a leading ‘UK Legal 500’ Law Firm and accredited by the Law Society's Conveyancing Quality Scheme (CQS), you can rest assured that Banner Jones can help.
- Our conveyancing costs are fixed fee and competitive.
- There are no hidden fees. Everything is explained up-front and in an uncomplicated manner.
- You will get the dedicated support of a friendly and highly experienced conveyancing solicitor.
For a quick and efficient remortgage conveyancing service, contact Banner Jones on
We have offices in Chesterfield, Sheffield, Dronfield and Mansfield.
Flying Start
We know how important time is to you, especially when moving house.
Our Flying Start portal allows you to complete the initial part of the process online at your convenience. You can agree your quote, sign the T&Cs, complete a selfie online ID check and fill out your initial paperwork from your phone.
Key Benefits
- Speeds up the conveyancing process - Typically saves 2 weeks on the average transaction.
- Safe & Secure - Two-factor authentication so you can be assured your information is always secure.
- Quick & Convenient - Complete your initial documentation online, meaning that you don't need to print, sign or post important documents back to us.
- Easily provide ID - Full integration with a state-of-the-art selfie I.D. verification tool, meaning you don't need to visit the office to provide ID.
- Secure Communication - Easily communicate with our team directly through the portal.
An investor has pulled out causing our chain to collapse, what can we do?
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
At what point in the process is it legally binding?
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
How long are local searches valid for?
A local authority search completed for a house purchase is valid for 3 months.
How long does the conveyancing process take on average?
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
What happens if the house I am buying has quarantined owners in it?
Unfortunately, in this situation the seller will not be able to give vacant possession, which will lead to completion delays. As a preventative measure, as per question 1, we can offer to exchange contracts and complete on the same day, which ensures that contracts are only exchanged if all parties in the chain are able to move on that day, thus reducing the risk to all parties. This can be more stressful so we ask that clients be sensible and accommodating of the situation.
What happens if we can’t produce certificates for work we’ve had done on the house we’re selling?
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
What is Stamp Duty and how much will I have to pay?
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
What is the difference between Joint Tenants and Tenants in Common?
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).