Are you moving your mortgage to a new lender? This means you are ‘re-mortgaging’ your property, which in turn means that you’ll need a conveyancing solicitor.
The team here at Mullins & Treacy Solicitors deal with all aspects of residential conveyancing, including re-mortgaging. Contact us now to find out how we can help you.
Do I need a solicitor to re-mortgage my property?
You need a solicitor to re-mortgage your property if you are moving to a new lender. If you stay with the same lender, you might not need a solicitor because it is considered a product transfer. Your new lender will advise whether or not this is the case.
If you’re moving to a new lender, you’ll specifically need a property solicitor (also called a conveyancing solicitor). You can engage the same solicitor you used when you purchased the property. Or, you can use a different one – the choice is entirely yours.
If you need a solicitor to handle a re-mortgage, our property solicitors Waterford are more than happy to help! We act for clients across Ireland. There are lots of reasons why you might be looking to re-mortgage, not least that switching mortgages can save you money.
What does a solicitor do for a re-mortgage?
A solicitor handles the legal aspects of the re-mortgaging process. This includes:
- Getting the title deeds
Your solicitor will ask your current lender for the title deeds to the property. You’ll need to give your solicitor permission to do this. Your solicitor will check the title. They’ll also update the paperwork if required. For example, if you have carried out work on the property, you might provide an architect certification.
- Reviewing and signing for the new loan
Then, your solicitor will go through the details of the new mortgage loan with you. This information is provided by your new lender. If you are happy to proceed, you need to sign the documents and return them.
- Getting a redemption figure
Meanwhile, your solicitor will liaise with your current lender to check what the redemption figure is. This is the amount of money left on your mortgage, plus any interest and redemption fees that are due. It is also the minimum amount of money you’ll need to borrow from your new lender.
- Completing searches
Your solicitor will then carry out searches, if necessary. This might seem strange, considering you already own the property. However, the new lender may require searches to make sure the property is not a risk.
- Drawing down the new mortgage/discharging the old mortgage
Next, your solicitor will drawdown the funds from the new mortgage and discharge the old mortgage.
- Registering the new mortgage
Finally, your solicitor will register your new mortgage with the Property Registration Authority (PRA). This is the organisation responsible for the registration of property transactions in Ireland.
Property solicitors Waterford
If you are looking for a solicitor to help you with a re-mortgage, please contact us at Mullins & Treacy Solicitors. We are highly experienced conveyancing solicitors and have strong relationships with mortgage providers across Ireland. We’ll help you navigate the re-mortgage of your property, making the process as smooth and as stress-free as possible.
Call us on 051 391 488 or email email@example.com for a no obligation enquiry.
Before you go…
We don’t just help people with property transactions! We also specialise in: