Remortgaging is when you take out a new mortgage on a property that already has a mortgage registered against the title.

Why Remortgage?

Depending on your personal situation, remortgaging might be considered a strategic financial move. Employment changes, relationship changes, family expansion or retirement may call for a restructuring of your mortgage to improve your financial circumstances and to reduce financial strain or perhaps you simply wish to upgrade your home.
Homeowners often remortgage to take advantage of lower interest rates, potentially saving thousands of euros over the term of the loan or when a fixed-rate mortgage term ends, homeowners may switch to a better deal rather than revert to a higher variable rate. Monthly payments could be reduced by extending the term of your mortgage or opt to pay off the loan quicker by shortening the term; or you may find it beneficial to consolidate your debt by combining high-interest debts into a single mortgage payment that can simplify finances and reduce overall monthly costs.

The Role of the Solicitor
A remortgage solicitor plays an essential role in the remortgaging process, protecting your interests and ironing out any legal complexities.
• Title Deed Verification: Solicitors will take up the title deeds from your current Lender to check that the title deeds are in order, that there are no title defects or any planning issues, and ensuring there are no legal issues that could delay or complicate the remortgage process. They will request the mortgage redemption figure from your current Lender.
• Document Preparation and Review: They solicitor will review the terms of the new Loan Offer and all necessary legal documents and advise the client of the mortgage terms and conditions, potential risks, and the impact of any penalties or fees, ensuring terms are clear and that the client is fully aware of the contents of the loan offer and ensuring you fully understand the financial commitment.
• Conducting Property Searches: A solicitor conducts searches on the property to identify any potential encumbrances, liens, or charges that could affect your mortgage eligibility.
• The solicitor will redeem the current mortgage, have the current charge removed from the Land Registry/Registry of Deeds, and then register the new mortgage with the Land Registry or Registry of Deeds.

Timelines
The remortgaging process could take between 4 to 6 weeks depending on any title issues that arise or the response times of the Lenders.

Fees
There are various fees involved in the process, including valuation fees, solicitor’s fees and lender fees.

Conclusion
Remortgaging your home can be advantageous , from lowering interest rates, reducing monthly payments or releasing funds to enable you to carry out home improvements. With the assistance of an experienced remortgage solicitor you can ensure that your financial and legal interests are protected.

We at Donal T. Ryan Solicitors LLP can offer the expert advice and support required to assist in navigating the complexities associated with boundary issues. Please feel free to contact us at our Cashel office 062 61288 or our Cahir office 052 7441244 if you require advice in relation to this matter.