Solicitor required for remortgage?

liverpoolguy

I hope someone can help me. I am taking out a mortgage on a property I own outright and the building society form asks for the solicitor or legal conveyancer but surely I don't need one as there is no sale taking place. I expect this is just an error on the part of the building society but could someone confirm?

Conrad

Most remo deals include free lenders Solicitor. Check with the lender. You always need a Solicitor involved.

CARE - some lender staff aren't always up to speed on what constitutes a remortgage. Some consider an unencumbered property raising a mortgage not to be defined as a remo, which, means the usual 'freebies' become chargeable, such as legals and valuation

herbiesjp

Yes you will need a solicitor as the lender will place a charge on your property.

As Conrad says plenty lenders offer free legals as part of the re-mortgage deal you apply for - double check to see if this is the case.

Also, depending on the actual figures involved it may be better looking at higher interest rates with low fees as opposed to low headline rates with high fees.

What is the property value and how much are you looking to raise? What deal and fees have you been offered?

Neilus1

Further to previous answers, you will indeed need instruct a solicitor. The solicitor will act on your behalf in drawing down the funds from the bank, registering the mortgage with the Land Registry, paying any disbursements on your behalf (which should be minimal), and any fees you may have incurred (such as broker fees), before telegraphicaly transferring the balance to you. They will also act on behalf of the lender in ensuring that the Conditions of the mortgage offer have been met saisfactorily.

As mentioned, most lenders have their own conveyancers in place to deal with remortgages, and hopefully there will be an option on the forms you are completing to use these.

lawbore12

If you do need a solicitor I would say Qualitysolicitors.com is always a good first port of call. If you call or e-mail them they can put you in touch with a suitable solicitor in your local area. I certainly found them really useful.