Re-mortgaging requires various legal activities from a solicitor. Tasks include:
- Reviewing property title deeds:
- Mortgage document preparation: The solicitor will prepare the legal documentation for the new mortgage. This document contains property, lender, and borrower information.
- Property search: The solicitor will check the property for charges or liens.
- Registering the mortgage: The solicitor will register the new mortgage with the Property Registration Authority (PRA) for legality.
- Advising the client: The solicitor will explain the mortgage conditions and dangers to the client.
A solicitor handles the legal aspects of the re-mortgage.
Re-mortgaging your home might be complicated, but Blake & Kenny LLP can help. We’ll help you navigate the legal side of your re-mortgage.
Our skilled solicitors will analyse your property’s title deeds, draught the relevant legal documents, conduct a property search, register the mortgage with the Property Registration Authority (PRA), and advise you on any dangers.
You may focus on finding the greatest re-mortgage deal while we handle the legal details. We want to make it easy for you.
Blake & Kenny LLP excels at Irish re-mortgage cases. Our clients receive personalised and competent service.
Please contact us if you need legal advice about remortgaging. To schedule a consultation with one of our expert solicitors, fill out our internet contact form or phone us. We’ll assist you throughout.
When should I engage a solicitor?
Re-mortgaging should start with a solicitor. A lawyer can explain the legalities and hazards of remortgaging. They can also guide you and counsel you on the best course of action. For mortgage approval, your solicitor must have authority to obtain title deeds from your lender. Once you decide to re-mortgage, consult your solicitor because your previous lender may delay title document retrieval.
Re-mortgaging requires a solicitor for these reasons:
- Reviewing the title deeds: A solicitor will verify that the seller is the rightful owner and that the property has no legal concerns.
- Drafting the mortgage document: The solicitor must prepare a legally binding mortgage document to secure the new mortgage.
- Property search: The solicitor will check the property for charges or liens.
- Registering the mortgage: The solicitor will register the new mortgage with the Property Registration Authority (PRA) for legality.
- Advising the client: The solicitor will explain the mortgage conditions and dangers to the client.
Early involvement of an attorney ensures that all legal criteria are completed and that the re-mortgage process runs smoothly.
FAQs
What are the requirements for re-mortgaging my property?
You need a solid credit score, a consistent income, and enough equity in your house to re-mortgage.
How long does the re-mortgage process take?
Application complexity and lender requirements affect the time of the re-mortgage process. It usually takes weeks to months.
How much will it cost to re-mortgage my property?
Lender, mortgage type, and loan size affect the cost of remortgaging your home. Application, legal, and valuation fees may apply.
Will I need to have a property valuation done?
Remortgage lenders require a property valuation. This ensures the property is worth the loan. Most lenders offer a panel of valuers you can hire. After being pre-approved and requesting a loan offer, this is needed.
Will my credit score affect my ability to re-mortgage my property?
Yes. A good credit score can help you get better mortgage rates, as lenders analyse it during the application process.
What are the differences between fixed and variable interest rates?
Fixed rates are set for a defined time and do not vary. Market factors and the European Central Bank rate determine variable interest rates.
What are the penalties for early repayment of a re-mortgage?
Early repayment penalties vary by lender and mortgage terms. Most variable rate mortgages do not charge for early payoff, however fixed rate mortgages use a calculation.
Can I re-mortgage my property if I am self-employed?
Self-employed people can re-mortgage their homes. Mortgage qualification may be harder and take longer. When self-employed or investing, a mortgage broker can help prepare your mortgage application.
What is the maximum loan-to-value (LTV) ratio for re-mortgaging?
The maximum loan-to-value (LTV) ratio for re-mortgaging can vary depending on the lender and the type of mortgage. Typically, the LTV ratio is capped at around 80% with some exemptions applying at 90%. This will vary depending on the government policy and regulations.
Can I include home improvements or debt consolidation as part of my re-mortgage application?
This depends on the lender and mortgage type. Some re-mortgage lenders enable home upgrades and debt restructuring. Before applying to a lender for home upgrades or debt consolidation, consult a mortgage consultant.
What are the advantages and disadvantages of variable & fixed rate mortgages?
Variable and fixed rate mortgages have pros and cons depending on the borrower.
Advantages of variable rate mortgages:
- Lower interest rates: Variable rate mortgages often have lower interest rates than fixed rate mortgages, lowering monthly payments.
- Flexibility: Variable rate mortgages offer early payoff or extra payments without penalty.
- Adjustability: Lower interest rates allow borrowers to refinance or make extra payments.
Disadvantages of variable rate mortgages:
- Rate changes: A variable rate mortgage’s interest rate might fluctuate, affecting monthly payments.
- Risk of increased payments: Higher interest rates can make variable rate mortgage payments unaffordable.
Advantages of fixed rate mortgages:
- Predictability: A fixed-rate mortgage makes budgeting easier because the interest rate and monthly payments stay the same.
- Protection from rising rates: A fixed-rate mortgage protects the borrower’s payments against rising interest rates.
Disadvantages of fixed rate mortgages:
- Fixed-rate mortgages carry higher interest rates than variable-rate mortgages.
- Less flexibility: Early mortgage payoff or extra payments may incur fines.
- Non-adjustability: Fixed-rate mortgage holders cannot take advantage of decreased interest rates.
Both types of mortgages have pros and cons, so evaluate your financial status and risk tolerance when choosing one. Consult a mortgage broker or financial counsellor to make the best choice.