Remortgage conveyancing.
If you are remortgaging your home or property, you will need a solicitor to handle the legal side of the process
What is conveyancing?
Conveyancing is the legal process of transferring property ownership from one party to another. While remortgaging doesn't change the property's ownership, it does alter the lender's interest in the property if you are increasing the loan amount, or it may involve a switch to a different lender.
If you are refinancing with a different lender, a solicitor will need to review the new mortgage terms, check the property's title deeds for legal issues, apply for searches, and redeem the existing mortgage.
Additionally, they prepare and oversee the signing of documents, such as the mortgage deed, and handle the registration of the new mortgage lender's interest (charge) in the property with HM Land Registry.
Read more:
The remortgage conveyancing process explained
Do I need a conveyancing solicitor when remortgaging?
If you are remortgaging your home with a different lender, you will need a conveyancing solicitor to complete the legal work for your remortgage.
If you are simply increasing your borrowing with your existing lender, or you are changing products (moving onto a new rate or deal) with the same lender, you won’t usually need a conveyancing solicitor (check with your lender to confirm).
Why your solicitor must be on your lender's mortgage panel
When remortgaging, your solicitor must also complete the legal work for your lender, including registering your lender’s interests (charge) at HM Land Registry.
If you choose a solicitor who is not on your lender's mortgage panel, your lender will have to instruct a second solicitor, which can delay the process and add additional legal fees.
Find out if our panel solicitors can act for your mortgage lender
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FAQs
How long does remortgage conveyancing take?
Remortgage conveyancing normally takes a few weeks from instruction to completion. There will be no property chain, no buyer and no seller to slow the process down. It is also not usually necessary to carry out full property searches.
Delays can happen if your conveyancing solicitor is swamped with work, often side lining remortgage cases as less urgent compared to buying or selling transactions. Our specialised remortgage panel of solicitors prioritises remortgaging, ensuring you transition to your new mortgage as quickly as possible.
What if my lender offers ‘free legals’?
While some mortgage lenders offer 'free legals' as a part of their remortgage products, there are potential drawbacks to using a solicitor tied to the lender, such as:
- Delays - remortgage conveyancing is often panelled out to conveyancing factories that may not offer the fastest service
- Conflict of interest - If a solicitor receives the majority of their work via lender referrals, the solicitor is may be under commercial pressure from the lender
- Additional charges - amounting to more than an all-inclusive service from an independent solicitor
Opting for an independent remortgage solicitor guarantees that you have an expert solely focused on your needs. Some lenders offer cashback as an alternative to free conveyancing, which could be more cost-effective. Additionally, you may secure a lower interest rate if the lender doesn't bundle legal fees into the loan.
Read more:
Will my solicitor advise me on my mortgage product?
Conveyancing solicitors do not provide financial advice, so you will need to decide on the mortgage product that best suits your requirements, either yourself, or with the help of a mortgage broker.
If you are thinking about remortgaging or comparing mortgages, however, our mortgage calculator can calculate and compare:
- monthly repayments
- affordability,
- total lifetime cost,
- the impact of future interest rate changes
- the impact of overpayments
- your current mortgage outstanding balance
- amount and interest you have repaid to date
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