Remortgage conveyancing solicitors
In this article:
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 need a conveyancing solicitor.
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.
Our panel solicitors can act for over 100 mortgage lenders
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What does a conveyancing solicitor do on a remortgage?
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 moving to a different lender, your solicitor will need to check the property's title, carry out the legal due diligence, and formally register the lender's interest.
Read more:
The remortgage conveyancing process explained
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.
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
How much does remortgage conveyancing cost?
Remortgage conveyancing is generally inexpensive. 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.
See also:
Get an instant remortgage quote
What is included in my remortgage conveyancing quote?
A fixed fee service means there are no hidden additional extras. All the fees and third-party costs listed in the table below are included in the 'All-inclusive' remortgage conveyancing fee.
What do other remortgage 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 |
| Priority search | £3 |
| 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 |
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:
Should I use my mortgage lender's free legal service?
How we can help you
Our remortgage solicitor panel has helped thousands of homeowners successfully remortgage their propeties. Our fixed-fee conveyancing service will make your remortgage as straightforward and stress-free as possible.
If you are also planning to remortgage as part of a transfer of equity, the remortgage legal work can be completed at the same time.
- Remortgage and equity transfer experts
- No Completion, No Fee Guarantee
- CQS-accredited panel solicitors
- Fixed fees - All-inclusive Quote
Fixed fees from £415 inc VAT
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Author:
Gaynor Haliday, Legal researcher
About the author
Gaynor Haliday is an experienced legal researcher and published author. She has had numerous articles published in the press and is a legal industry commentator.