If you have decided to refinance a major loan, there is a legal process that you need to go through in order to ensure that the mortgage is appropriately transferred to the new mortgagee. It is a very common process for people to refinance their loans in the modern mortgage market as the average loan is now only held for about 3 years. At this point it is often the case that people renegotiate the loan in order to gain an advantage in interest rate terms. Often it is easy to think that this should be a process that the banks should handle independently, but having a solicitor assist in the process can be enormously helpful because it can be complicated and banks will often make administrative mistakes or not have the internal administrative capacity to understand how the loans should be transferred. For this reason it can a great assistance to have a solicitor assist with a matter like this.
We strongly encourage you to constantly assess your mortgage to see if you are getting the best deal and if the mortgage suits your situation and plan of repayment. Many people find that they would be better suited to a different loan structure not only because of the interest rate, but they may find a loan that is better suited to their repayment plan needs and then decide that it is necessary to switch loans. A solicitor can assist you with this because so often solicitors deal with conveyancing work and mortgage transactions are integral to this type of transaction.
If you have a question about re-mortgage conveyancing, please do not hesitate to contact us as we are available at any time to examine your inquiry. We have considerable experience in loan conveyancing and would be able to assist you with any enquiry that you have.