Conveyancing Required?

moppet2k

Hi,

Hoping some kind mortgage expert or legal type can advise me, my partner and I bought our house some years ago with unsecured loans and savings, we are intending to take out a mortgage to benefit from lower interest rates. I understand conveyancing is required for buying a house and it appears for remortgaging but do we need it for taking out a mortgage on a house we own when the deeds are in our names and there are no other parties involved?

Robert_Sterling_3

If when you bought the property your names went on to the deeds and they show up when you get a £3 print out from the Land Registry then the proporty has been conveyed to you. It is yours. So the answer to your question is as you expected it would be
NO

moppet2k

Thanks for the super fast reply, this is what I thought however I was confused by the requirement for conveyancing when remortgaging, why is required when remortgaging?

Robert_Sterling_3

As far as I know "conveyancing" means the change of ownership of the Land from one owner to another.
So I do not think coveyancing takes place unless there is a change of ownership.

WillowCat

Robert's correct however the mortgage company will not release the funds without a solicitor or registered conveyancor handling the transaction - they want to ensure that the correct charge is registered with the land registry so they actually have security for the loan.

The sols are actually working for the mortgage company in this situation but you (normally) have to pay them yourself (exception is if you find a deal which includes legal work). If you were buying at this point the mortgage company are usually happy to use the same solicitor as you use for the conveyance.