The Importance of Conveyancing in the Remortgage Process

When we talk about remortgaging we talk about using the equity from the current value of our home and since we are talking about homes and apartments the term conveyancing comes into picture. Legally, the term conveyancing means all the legal and administrative work which is related to transfer of ownership of land or building from one person to another. In the remortgaging we don’t really do the transfer of names from one person to another but the lender holds the deed to the home of the borrower and that is why conveyancing is a necessary part of the process. Initially there is no conveyancing but when the lender is ready to lend the money and the borrower accepts the deal the conveyancing process has to follow.

The entire process is done by a solicitor that can be provided by the lender or you can ask your broker to arrange one for you. Some people really don’t go for either of the option as they are well aware of the entire procedure but that can only happen when the lender and borrower know each other and they don’t see any risk involved because they know each other and they know the laws and regulations of conveyancing process.

It is generally believed that conveyancing process can take a lot of time and money but these days these services are available cheaply and therefore it won’t cost you much compare to the remortgage amount that you will receive. If you are dealing with the lender directly it is better that you let the lender get his or her solicitor as lenders are not happy when the solicitors are arranged by the borrowers.

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