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Conveyancing

Remortgaging Solicitors

As a homeowner, at some point, you may wish to consider remortgaging with a different lender. This might be to release money from your property, to switch to a new mortgage deal, or due to a change in your personal circumstances. Whatever your situation, a remortgage solicitor can help you. At Davisons, our remortgage solicitors aim to make the process of remortgaging as prompt and seamless as possible.

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Do you always need a remortgaging solicitor?

If you are remortgaging with your existing lender, switching to a new deal or borrowing more money, you will not need a remortgage solicitor.

However, if you are moving to a new mortgage lender, you will need to instruct a remortgage conveyancing solicitor.

If your lender provides a solicitor, do you need to use them?

Some mortgage lenders may want you to use their solicitor. If this is a condition of the remortgage deal, then it is compulsory. Often lenders include a free legal package within their remortgage deals. However, it’s important to verify that the conveyancing service is genuinely complimentary and devoid of any concealed expenses. 

Ideally, you will be able to choose your own remortgage solicitor. You can then research the best conveyancing service for you. 

There are certain circumstances in which will be required to appoint a solicitor yourself. If you intend to include another person on your mortgage, it’s essential to enlist a mortgage solicitor’s help to adjust the mortgage deed for your property and create a ‘transfer of equity’ document. You will also need your own solicitor to complete paperwork if you are removing someone from your mortgage.

How can you prepare to remortgage?

If you are considering remortgaging, you can increase the chance of your mortgage application being accepted by taking the following steps: 

  • Ensure that your credit report is healthy. 
  • Manage your finances by paying off your credit cards in full each month and avoiding overdrawing your bank account. 
  • Avoid applying for any additional credit. 
  • Avoid spending significant sums of money. 
  • Explore various options to find the most favourable mortgage offers. Consider talking to an independent mortgage advisor who can explore the best options for you. 
  • Find out whether you will need to pay your existing mortgage lender early repayment charges. 

Mortgage providers consistently seek evidence of your financial competence to ensure timely monthly repayments. 

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What does remortgage conveyancing cost?

Costs for remortgage conveyancing can vary between £300 to £1,000 depending upon the value of your property and the conveyancer you choose.

Opting for a lender’s designated solicitor might offer cost savings at times. Yet, it could also lead to notably slower progress, particularly if they’re burdened with a heavy caseload. The conveyancer you instruct can make the difference between the remortgage process taking a few weeks or several months.  

Low price quotes can hide additional costs. At Davisons, our commitment to transparency ensures a ‘no hidden costs’ policy, guaranteeing no unexpected costs. 

What services are provided by a remortgaging solicitor?

After accepting a remortgage offer from a mortgage lender, your solicitor will initiate the conveyancing process. 

Initially, they’ll review both your new and existing mortgage details, obtaining a redemption statement from your current lender. Your solicitor will then assess your new mortgage terms, highlighting any issues and proposing solutions. 

Your solicitor will examine the terms and conditions of your new mortgage, making you aware of any issues that need to be addressed and suggest solutions.

As the title deeds for your property will transfer from one lender to another, your solicitor will need to carry out the following conveyancing work:

  • Confirming your identity. 
  • Ensuring bankruptcy status through a bankruptcy search. 
  • Validating property ownership by verifying title deeds with the Land Registry. 
  • Conducting anti-money laundering checks on funds designated for clearing your current mortgage. 
  • Obtaining local authority searches including environmental assessments. 
  • Reviewing any planning permission matters. 

Once the remortgage conveyancing process is complete, your solicitor will discharge the old mortgage and register the new mortgage with the Land Registry.

Why choose Davisons?

One of our remortgage solicitors are here to assist you, whether you’re refinancing for additional funds, seeking a better mortgage arrangement, or navigating through personal changes like a relationship breakdown. 

At Davisons, we excel in client care, guiding you seamlessly through remortgaging. Trust us to handle paperwork, legal checks, and review mortgage terms thoroughly. With extensive experience across various lenders, we ensure clarity at every step. Let’s simplify your remortgaging journey together. 

Have any questions or need any help?

Our team of specialist lawyers are experts in their field. Be confident in their advice and decisions to help get the right outcome for you. Contact us today to see how we can help

Remortgaging Solicitors FAQs

A remortgage entails the process of applying for a new mortgage agreement, typically from a different lender, while retaining ownership of your current residence. It involves substituting your existing mortgage with a new one, often with revised terms, interest rates, or repayment conditions, but without necessitating a change in your primary residential property. 

Remortgaging can carry risks including increased costs from fees, potential interest rate fluctuations, negative equity, temporary credit score impacts, loss of beneficial features, early repayment penalties, and the possibility of rejection, underscoring the importance of careful evaluation and professional guidance.Â