Do you need a solicitor to remortgage?
The simple answer is that if the mortgage lender doesn’t insist on a remortgage solicitor, it’s highly advisable to use one. It’s also worth noting that you are not obliged to use the solicitor recommended by your lender which is often a false economy. In this article we explain the conveyancing process, how it differs from the initial purchase of your home and why you need a remortgage solicitor.
How Can Bretherton Law Help?
Bretherton Law provide high levels of client care which is demonstrated by our client testimonials and our commitment to the Lexcel accreditation. Our team of specialised remortgage solicitors are experts in their field.
We will always be clear about our costs and keep you up to date on our progress. We’ll be sure to explain all the processes clearly and answer any queries you have. and we’ll keep everything on track, giving you clear timescales, eliminating delays and keeping you posted at every step.
Why Bretherton Law?
- Fixed fee remortgage solicitor fees with no hidden costs
- Same day response promise
- An experienced, friendly and accessible team
- A named, dedicated solicitor
- Lexcel and Conveyancing Quality Scheme Accreditation
- Talk to real people. No AI or automated call answering technology.
What is Remortgage Conveyancing?
Remortgage conveyancing is the legal process of swapping one lender for another. This typically occurs when a homeowner decides to switch to a new mortgage deal with a different lender, either to secure a better interest rate or to release equity from their property.
The conveyancing process for a remortgage is similar to that of a property purchase, but with a few key differences. For example, there is no need for a property survey or conveyancing searches, as these would have been completed during the initial purchase. However, there are still important legal steps that must be taken to ensure a smooth and successful remortgage.
Do you need a solicitor to remortgage?
Remortgage solicitors play a crucial role in the remortgage process. They are responsible for handling all legal aspects of the transfer of the mortgage, including:
- Reviewing the terms of the new mortgage offer
- With leasehold property, the terms of the lease need to meet with the lenders criteria
- Conducting necessary legal searches if the lender requires them
- Liaising with the new mortgage lender
- Paying off the existing mortgage with the previous lender
- Registering the new mortgage with the Land Registry
It is important to choose a reputable and experienced remortgage solicitor to handle your remortgage. They will ensure that all legal requirements are met and that the process runs smoothly.
Do I have to use the remortgage solicitor recommended by my mortgage provider?
When remortgaging your property, you are not required to use the solicitor recommended by your mortgage provider. You have the freedom to choose your own conveyancing solicitor for the remortgage process. Remember, the role of a conveyancing solicitor is to handle the legal aspects of the remortgage process, ensure all necessary documentation is in order, and protect your interests. Therefore, it is crucial to choose a reputable and experienced solicitor to ensure a smooth and successful remortgage.
Lenders often earn a referral fee for the remortgage work they introduce to solicitors which mean solicitors don’t earn a lot from lender introduced work. Service levels are often compromised which causes complications and delays. It’s worth requesting remortgage conveyancing quotes which can compared to the lenders recommended solicitors remortgage fees.
Remortgage Solicitor Fees
The fees involved in remortgage conveyancing can vary depending on the complexity of the case. For details on our fees please get in touch for a fixed fee quote and you will receive a competitive remortgage conveyancing quote which includes a full breakdown of our fees and disbursements.
In addition to remortgage solicitor fees there are some standard fees that you can expect to pay during the process.
Land Registry Fees
The Land Registry is responsible for registering the new mortgage with the government and updating the property records. The fee for this service is based on the value of the property and can be found on the Land Registry website.
Stamp Duty Land Tax (SDLT)
In most cases, there is no need to pay Stamp Duty Land Tax when remortgaging a property. However, if you are releasing equity from your property, you may be subject to SDLT. Your remortgage solicitor will be able to advise you on whether this applies to your situation.
The Remortgage Conveyancing Process
The remortgage conveyancing process can be broken down into the following steps:
Step 1: Instructing a Conveyancing Solicitor
The first step in the remortgage process is to instruct a conveyancing solicitor to handle the legal aspects.
Step 2: Conducting Legal Searches
As mentioned earlier, there is no need for property searches during a remortgage. However, your solicitor may still need to conduct searches for bankruptcy, land charges, and other legal matters.
Step 3: Reviewing the Mortgage Offer
Once the legal searches have been completed, your conveyancing solicitor will review the terms of the new mortgage offer. They will ensure that all conditions are met and that there are no hidden fees or clauses.
Step 4: Preparing and Exchanging Contracts
Once the mortgage offer has been reviewed and approved, your solicitor will prepare the necessary legal documents and contracts and send them to you to sign.
Step 5: Registering the New Mortgage
The final step in the remortgage conveyancing process is to register the new mortgage with the Land Registry. This will update the property records and officially transfer ownership to the new lender.
Common Questions and Answers Regarding Remortgage Conveyancing
How long does a remortgage take?
A remortgage typically takes around 4-8 weeks to complete. However, the duration can vary depending on various factors such as the complexity of the case, the efficiency of the remortgage solicitors involved, and any potential issues that may arise during the process.
Do I need a Solicitor to remortgage with the same lender?
No, you typically do not need a solicitor to remortgage with the same lender. When you remortgage with the same lender, it is known as a “product transfer” or a “rate switch.” These transactions usually involve minimal legal work and can be done directly with the lender. However, it is always recommended to seek professional advice from a conveyancing solicitor to ensure that you fully understand the terms and conditions of the remortgage and to ensure that the process is carried out correctly.
Can you add legal fees to your remortgage?
Yes, it is possible to add legal fees to your remortgage. However, this will depend on the policies of your lender and the specific terms of your remortgage agreement. Some lenders may allow you to add legal fees to the overall remortgage amount, while others may require you to pay these fees separately. It is important to check with your lender and discuss this option with them to understand their specific requirements and processes. Additionally, it is always recommended to seek professional advice from a conveyancing solicitor to ensure that you understand all the costs involved in the remortgage process, including legal fees.
Should I remortgage?
There are several benefits to remortgaging your property, including:
Lower Interest Rates: One of the main reasons homeowners choose to remortgage is to secure a lower interest rate. This can result in significant savings over the life of the mortgage.
Releasing Equity: If your property has increased in value since you purchased it, you may be able to release some of the equity through a remortgage. This can provide you with extra funds for home improvements, debt consolidation, or other expenses.
Consolidating Debts: Remortgaging can also be a useful tool for consolidating debts. By releasing equity from your property and using it to pay off high-interest debts, you can save money on interest and potentially improve your credit score.
Get in Touch
Based in the centre of St Albans City but providing remortgage conveyancing services across England and Wales, our team can help you with your property transaction with a level of client care not offered by many remortgage conveyancing firms. Over the last 50 years we have built an enviable reputation – but don’t just take our word for it, take a look at what our clients say about us in our testimonials.
For a fixed fee remortgage quote, please get in touch via the contact form or call us on 01727 869 293. (If you telephone us your call will be answered by a real person no recorded voice saying press this and that number).
