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.

remortgage conveyancing calendar

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 ‘free legals’, take the cashback option if one is offered by the lender and choose your own solicitor (See: Remortgage '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. (Quittance 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.

Before you instruct, check that your solicitor can act for your lender.

If your solicitor is not on your mortgage lender's panel, it could cost you more money in additional fees and could delay your move.

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.

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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Puzzled by the remortgage conveyancing process?

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Helen Goddard, Legal researcher

Author:
Helen Goddard, Legal researcher