Remortgaging
Remortgage your Home East Lothian
Homeowners may decide to remortgage their properties for many reasons, for example, to take advantage of a better deal, to release equity or following a divorce or separation. Remortgaging is a far more straightforward process than
buying a house; however, it does come with certain legal requirements that your property lawyers
can assist with. Contact us today for mortgage advice
At Paris Steele, we offer a simple, fixed price remortgage service with no hidden costs. We understand you need trustworthy legal advice, value for money and regular communication – we are proud to offer you the highest standard of client care and professional expertise. Please do not hesitate to contact us for more information.
Remortgaging Lawyers in East Lothian
We will guide you through the remortgaging process, carrying out the following tasks on your behalf:
Obtain your title deeds from your current lenders
Historically, mortgage lenders would often retain the title deeds to a property while the mortgage remained outstanding. This is now much less common.
For properties registered in the Land Register of Scotland, the title is held electronically by Registers of Scotland and is recorded in the property’s title sheet, rather than being evidenced by a paper Land Certificate held by the lender.
There may still be original deeds or other documents relating to the property which are held by your lender, solicitor or another custodian, particularly for older titles. Where documents or copies are required as part of a remortgage, your solicitor will obtain the appropriate title information and any other documentation needed to complete the transaction.
Examine title on behalf of the new lenders
We will inspect the title deeds to make sure all the details are correct. If your new mortgage lender requests any property searches, for example, to check for environmental issues, we can arrange for these to be done.
We will work with you to complete your remortgage withing 4 – 6 weeks
Prepare new security documentation for signature
We will ensure the term of the loan and surveyor are 100% happy before we accept and complete.
Obtain a redemption figure from your existing lender
The redemption figure is the cost for paying your mortgage early. It includes the amount you owe plus any interest and often a charge for early repayment. Our remortgage lawyers communicate with your existing lender to notify them that you intend to pay off the mortgage and they will respond with the redemption statement.
Complete the remortgage transaction
On completion day, the new lender will transfer the money to us and we will use this to pay off your old mortgage and any fees due. We will then transfer the remaining funds to your bank account. Finally, we will amend the title deeds and register them with the Land Registry.
