Questions about remortgaging property
Do I need a conveyancing solicitor when remortgaging?
Yes. If you are remortgaging your home, a conveyancing 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’
Are there any exceptions?
Yes. If you are just increasing your borrowing with your existing lender, or are moving onto a new rate or deal with the same lender, you won’t need a conveyancing solicitor.
What does the conveyancing solicitor do on a remortgage?
Conveyancing is the process of transferring the legal title of a property from one person to another. Although the title (ownership) of the property does not change hands, the extent of the lender's interest in the property, or even the lender itself, does.
It is therefore necessary for a solicitor to check the title and legal standing of the property. This is to ensure that the property offers sufficient security for the lender, and to formally register the new interest.
How long will the conveyancing take?
Remortgage conveyancing should only take a few weeks. There is no chain, no buyer and seller and no need to carry out full searches.
Delays are more likely to occur if the solicitor is overloaded (see Problems with Remortage "Free Legals"). If the solicitor is overworked, he will probably prioritise buyers and sellers as remortgages are often perceived as not being time sensitive.
We can help you find a specialist remortgage conveyancing solicitor to prioritise your case, so you can get on your new rate as soon as possible.
Can my solicitor act for my mortgage lender?
As part of the remortgage conveyancing process, the solicitor will also need to act for the mortgage lender. To be able to do this, the solicitor will need to be on the lender's approved panel of conveyancing solicitors.
Your conveyancing solicitor will be able to complete the remortgage process for all UK lenders.
How much does remortgage conveyancing cost?
There is considerably less work involved in remortgage conveyancing than there is with a sale or purchase. Additionally there are fewer disbursements, e.g. search insurance can be purchased instead of full searches.
What is included in my remortgage conveyancing quote?
A fixed fee service means there are no hidden additional extras. All of the fees and third-party costs listed in the table below are included in the 'All-inclusive' remortgage conveyancing fee.
What do other solicitors charge?
A quote for remortgage conveyancing should include the following fees and costs. If a solicitor's quote is missing certain items, you may face additional charges in addition to their quoted fees.
|Fee/Disbursement||Typical solicitor cost|
|Conveyancing fee||£250 - £900|
|TT Fee||£15 - £35|
|Bankruptcy search||£2 - £12|
|Official copies||£3 - £18|
|ID verification||£8 - £20|
|Searches or search indemnity fee||£30 - £350|
|HM Land Registry fee||£20 - £135|
My lender offers ‘Free Legals’
Some lenders offer 'free legals' as part of the remortgage deal. However, there are a number of potential downsides to using a mortgage lender's free legal service that may end up costing you more and taking longer.
Your next step
Whether you are gifting a property to a child, getting married or separating, or transferring equity for any other reason, we can help you find an expert conveyancing solicitor. Even if you are just looking for advice, we can help.
If you are also planning to remortgage as part of the transfer process, the remortgage legal work can be completed at the same time as your transfer of equity.
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