How long does remortgage conveyancing take?
On average, the remortgage conveyancing process takes 3-4 weeks from the receipt of the mortgage offer and the completed mortgagor (borrower) forms. This article looks at what borrowers can do to speed the process up and avoid unnecessary delays.
What’s involved in the remortgage conveyancing process?
Once you have received a mortgage offer from your chosen lender, you will need to instruct a conveyancing solicitor.
The solicitor will need to carry out all the legal work needed to complete your remortgage. The solicitor will also need to register your lender’s interests in the property as a ‘legal charge’.
Why does speed matter?
Most people remortgage in order to take advantage of a lower interest rate. The sooner the remortgage conveyancing process completes, the sooner you benefit from the lower interest rate.
Although the remortgage conveyancing process can usually be completed in under a month, delays are possible.
Some mortgage offers only last for 3 months. If the conveyancing process were to take longer you would have to reapply for the remortgage. If your circumstances change or the mortgage product is no longer available, you could find yourself unable to remortgage.
What you can do to speed up the process?
Once you have chosen a lender and a mortgage product and you have applied for a mortgage, the following tips will help you complete the process as quickly as possible:
- Instruct an independent conveyancing solicitor - avoid mortgage lender incentives like ‘free legals’.Take the cashback option if one is offered by the lender and choose your own solicitor.
(See: Mortgage lender 'free legals' - Is there a catch?) - Tell your solicitor you are in a hurry - the solicitor won’t assume you are.
- Ask the lender if there are any special conditions and tell your solicitor immediately. This allows the solicitor more time to address these as early in the process as possible.
- Make sure the solicitor is on your lender’s panel - if they aren’t they will have to subcontract the work out which will slow things down. (Completely Moved ensure all panel-member remortgage solicitors can act for all UK lenders).
- Complete the forms asap - your solicitor will need you to complete and sign various forms before the conveyancing process can commence. Don’t delay - nothing can happen until you complete and return these to your solicitor.
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If remortgaging a leasehold property:
- Contact your freeholder when applying for a remortgage and ask if they need anything.
- Make sure your service charges, ground rent and insurance are up to date - your freeholder won’t complete unless they are.
How long does it take to release mortgage funds?
If you are releasing equity (i.e. borrowing more than your previous mortgage) you will usually receive the additional money on the day of completion.
