Mortgages and Remortgaging

We advise clients on mortgages and remortgaging of residential and commercial property, including switching mortgage providers and taking out a new mortgage over an existing property.

A remortgage involves replacing an existing mortgage with a new mortgage, whether with your current lender or a different lender. Although there may be no sale or purchase of the property, there is still legal work required to redeem the existing mortgage and put the new lender’s security in place.

Our conveyancing solicitors can deal with the legal process on your behalf and liaise with your existing and new lenders as required.

Switching mortgage provider

If you are switching your mortgage to a new lender, your new lender will generally require a solicitor to deal with the legal aspects of the transaction.

We will review the new mortgage documentation with you, deal with the legal requirements of the new lender and arrange for the new mortgage to be put in place.

As part of the transaction, the existing mortgage will be redeemed from the funds provided by the new lender. We will then deal with the release of the existing lender’s security and registration of the new mortgage against the property.

Taking out a mortgage over an existing property

You may also need to put a mortgage in place over a property that you already own, without switching from an existing lender.

We can advise you on the legal requirements, review the mortgage documentation and title to the property, deal with the lender’s requirements and complete the necessary documentation to put the lender’s security in place.

What does a solicitor do when you remortgage?

Your lender will generally require a solicitor to ensure that it obtains valid security over the property.

The legal work can include reviewing the title to the property, investigating any issues that need to be dealt with before the new mortgage can proceed, reviewing and completing the mortgage documentation, carrying out the required searches and dealing with the drawdown of the new mortgage funds.

Where there is an existing mortgage, we will also arrange for it to be redeemed and deal with the necessary steps to release the previous lender’s security.

How long does a remortgage take?

The time required to complete a remortgage will depend on the circumstances of the property and the requirements of the lenders involved.

Issues relating to the title, outstanding documentation or requirements imposed by the new lender can affect the time required. We will identify any legal issues that arise and work with you and your lender to progress the transaction towards completion.

Remortgaging residential and commercial property

We act in relation to both residential and commercial mortgages and remortgages. The legal requirements will depend on the property, its title and the nature of the lending involved.

We can advise you on the particular legal requirements of your transaction and liaise with your lender to ensure that the necessary security and documentation are properly dealt with.

Remortgage solicitors

If you are switching mortgage providers, refinancing a property or taking out a new mortgage over a property you already own, contact O’Connor & Bergin Solicitors. We can advise you on the legal requirements and deal with the conveyancing work required to complete your mortgage or remortgage.