Remortgaging Explained: Legal Advice for Coventry Homeowners

Remortgaging your home is a significant financial decision—and one that’s increasingly common in today’s economic climate. Whether you're aiming to reduce your monthly payments, release equity, or secure a better interest rate, it's vital to understand the legal process involved.

At Maya & Co Solicitors, our conveyancing team supports Coventry homeowners through every stage of remortgaging. With over 15 years of experience and a strong local presence, we offer clear, fixed-fee legal advice tailored to your needs.

What Is Remortgaging?

Remortgaging is the process of switching your current mortgage to a new deal, either with your existing lender or a new one. This might be done to:

• Lock in a lower interest rate

• Access equity for home improvements or other costs

• Consolidate debts

• Avoid your lender’s Standard Variable Rate (SVR) after a fixed-term deal ends

According to UK Finance, over a third of all home loans in the UK are remortgages, making it a routine part of property ownership. But it still requires careful handling—especially on the legal side.

When to Consider Remortgaging

Not every homeowner will benefit from remortgaging, but you might consider it if:

• Your current fixed or tracker deal is ending soon

• You want to borrow more money against your home

• Your property has increased in value

• Your financial circumstances have changed

• You want to overpay and need a more flexible deal

In Coventry, we regularly support local homeowners—from Foleshill to Earlsdon—who are remortgaging for a wide variety of reasons.

Legal Steps in the Remortgage Process

While not as complex as a full property sale or purchase, remortgaging still involves several legal steps. Here’s what our team handles for you:

Title Investigation

We review the legal title of your property to ensure it’s mortgageable. This includes checking for restrictions, covenants, or boundary issues that may affect your lender’s security.

Redemption of Existing Mortgage

Your old mortgage must be legally repaid. We obtain a redemption statement from your current lender and coordinate repayment on completion.

New Mortgage Documents

We review the new mortgage offer, ensuring all terms are correct and your interests are protected. You’ll be asked to sign a Mortgage Deed, which we then register with HM Land Registry.

Property Searches (if required)

Some lenders require updated local authority or environmental searches. In other cases, search indemnity insurance may be used to save time and cost.

Registration

Once the new mortgage completes, we update the legal title with the Land Registry, removing the old lender and registering the new one.

Why Use a Solicitor When Remortgaging?

Even if your lender offers “free legal services”, using your own solicitor ensures independent advice and a smoother experience. Here's why Coventry homeowners trust Maya & Co:

• SRA-Regulated Legal Advice: As a regulated firm, we act in your best interest—not your lender’s.

• Clear Communication: No jargon, just updates you understand.

• Fixed-Fee Pricing: You’ll know upfront what you’re paying.

• Faster Turnaround: Local, dedicated solicitors who progress cases proactively.

• Personal Service: We’re not a call centre—you’ll work directly with your conveyancer.

Coventry Remortgaging: Local Insights

Property values in Coventry have steadily risen over the last five years, especially in areas like Coundon, Binley, and Stoke Heath. This presents opportunities for homeowners to release equity or secure more favourable lending terms.

However, the market is dynamic. Lenders may change their criteria or request more documentation—particularly in the current economy. That’s why it's essential to work with a solicitor who understands the local lending landscape and can liaise quickly with both you and your broker.

What You'll Need to Provide

To begin the remortgaging process, your solicitor will usually require:

• Your new mortgage offer

• Proof of ID and address

• Buildings insurance schedule

• Existing title deeds or Land Registry information

• Details of your current lender

We’ll guide you step by step and liaise directly with the lender or broker where possible.

FAQs About Remortgaging in Coventry

How long does remortgaging take?

It usually takes 3–6 weeks, but this can vary depending on lender processing times and whether searches are needed.

Do I need to be present at your office?

No. We work with clients across Coventry and the West Midlands remotely. You can complete your remortgage via phone, email, and post.

Can I use my remortgage to pay off debts?

Yes, many homeowners release equity to consolidate other borrowing. You should always discuss this with a financial advisor as well.

What if my property is leasehold?

We’ll review your lease terms and deal with any landlord or management company requirements.

Ready to Remortgage? Speak to Our Conveyancing Solicitors Today

At Maya & Co Solicitors, we make remortgaging straightforward. With fixed fees, clear timelines, and local expertise, we’re trusted by homeowners across Coventry, Birmingham, and Warwickshire.

Call: 02476 66 4000

Email: info@mayaandcosolicitors.com 

Visit: 434 Foleshill Road, Coventry, CV6 5JX

Explore our full conveyancing services