Remortgaging Your Home, Made Clear
Changing lender, refinancing your home or considering an equity release arrangement involves legal title and lender requirements. Aim Legal can deal with the property legal work and explain the steps through to completion.
Legal support for refinancing your property
A remortgage replaces or changes the finance secured against your property. Your new lender may require title checks, searches or insurance alternatives, redemption of the existing mortgage and registration of its new charge.
Aim Legal can coordinate the legal work with your lender and deal with the property aspects of remortgaging. Where an equity release or lifetime mortgage is being considered, the product has wider financial and estate-planning implications and appropriate specialist financial advice should also be obtained.
Remortgage legal work from offer to registration
We deal with the title, existing mortgage, lender requirements, completion funds and Land Registry work required for the refinancing.
How does a remortgage work?
Once your finance is arranged, the legal process normally moves through these stages.
Instruction and mortgage details
We confirm the property, owners, existing mortgage and new lender or finance arrangement.
Title and compliance checks
We review the registered title and complete the required identity and compliance checks.
Lender requirements
The new mortgage offer and lender instructions are reviewed and any required searches, enquiries or title issues are addressed.
Redemption and completion figures
A redemption statement is obtained for the existing mortgage and the completion funds are calculated.
Completion of the remortgage
The new lender funds are received, the existing mortgage is repaid and any agreed balance is dealt with.
Registration of the new charge
The old charge is discharged and the new lender’s charge is registered at HM Land Registry.
Checking the legal title
We review the registered ownership and title entries to identify restrictions, charges or other matters relevant to the new lender’s security.
Mortgage offer and lender instructions
The lender’s formal offer and conveyancing instructions set out the conditions that must be satisfied before funds can be requested.
Searches and search insurance
Depending on the lender and transaction, searches may be required or the lender may permit an alternative such as search insurance. We follow the applicable lender instructions.
Redeeming the existing mortgage
We obtain the amount required to repay the existing lender and arrange for its registered charge to be discharged following completion.
Adding or removing an owner
If the remortgage is linked to a transfer of equity, the ownership change and lender requirements need to be coordinated as part of the same transaction.
Equity release and lifetime mortgages
Equity release can involve a lifetime mortgage or other specialist arrangement. The legal documents and property implications should be understood alongside independent regulated financial advice about suitability, costs and long-term consequences.
Completion funds
On completion, the new mortgage advance is used to repay the existing secured borrowing and any agreed balance is sent or received in accordance with the transaction.
Land Registry registration
After completion, the new lender’s charge and any related ownership change are registered at HM Land Registry.
How long does a remortgage take?
Timing depends on the mortgage offer, lender requirements, title, existing lender redemption information and whether the transaction includes an ownership change or other title issue.
Clear legal support for your refinance
We coordinate the property legal work with your lender and explain any title or ownership issue that needs to be resolved before completion.
Remortgaging and equity release questions
Common questions about the legal side of refinancing a home.
Why do I need a solicitor when remortgaging?+
The new lender normally requires legal work to confirm the title, satisfy its mortgage conditions, redeem the existing charge and register the new security at HM Land Registry.
Can I remortgage and add or remove an owner at the same time?+
Often this can be coordinated as a transfer of equity alongside the remortgage, subject to the new lender approving the proposed borrowers and ownership structure.
What happens to my existing mortgage?+
A redemption figure is obtained from the existing lender and the secured borrowing is normally repaid from the new mortgage funds on completion. The old charge can then be discharged.
Is equity release the same as a normal remortgage?+
No. Equity release, including lifetime mortgages, is a specialist financial product with different long-term implications. Legal advice on the documents should sit alongside regulated financial advice about whether the product is suitable for you.
What happens after the remortgage completes?+
The existing charge is discharged and the new lender’s charge, together with any linked ownership change, is registered at HM Land Registry.
Planning to remortgage your property?
Speak to Aim Legal about your lender, title and the legal steps needed to complete the refinance.
