How Does Remortgaging Work?

February 21, 2023

Remortgaging can allow you to significantly cut your monthly mortgage repayments, as well as potentially release additional funds for things like home improvements. The process is relatively straightforward, but it is still important to have expert legal support to guide you, keeping your property and your money safe.

In this article, we will cover:

• What is the remortgaging process?
• How long does remortgaging take?
• How much does remortgaging cost?
• Do you need a solicitor for remortgaging?
• Should you use the solicitor recommended by your lender?
• What should you look for in a remortgaging solicitor?

While we want this article to be helpful, it should not be taken as legal advice. If you would like help with remortgaging, our team will be happy to support you.

To speak to an expert about your remortgage, please call us on 01452 522047 or request a call back and we will contact you shortly.

Or use our conveyancing quote tool to see how much your remortgaging might cost.

What is the remortgaging process?

There are various steps you will need to go through when remortgaging your property:

Agreeing a new mortgage

You can do this directly with lenders, but most people will work through a mortgage broker, as this can give you access to the best rates and make the process simpler for you.

Investigating your property’s title

This means making sure there are no issues with the property title that would put the lender at risk when providing your new mortgage.

Investigating a property title for remortgaging will typically include checking the title register with the Land Registry and your new lender may require local authority searches, as well as sometimes other authorities depending on the location of the property (e.g. coal mining searches).

Obtaining a redemption statement

This is a statement from your existing lender showing how much is left to repay on your existing mortgage and any other costs you would need to pay them for remortgaging e.g. any applicable early exit fee.

Transfer of funds from your new lender

Once your new mortgage is agreed and it is confirmed there are no issues with the property, your new lender will transfer the funds to your solicitor. They will use these funds to pay off your existing mortgage.

Registering the new mortgage at the Land Registry

The title register will need to be updated with details of your new lender. Your solicitor will take care of this for you, applying to the Land Registry on your behalf.

Notifying the freeholder and management company (leasehold property only)

If the property is a leasehold (as is the case for most flats), you will need to give notice to the freeholder and management company of the new mortgage. Your solicitor will take care of this for you as standard.

How long does remortgaging take?

This will depend on the circumstances, but normally it should be possible to complete the remortgage comfortably within three weeks of the offer being made by the lender unless the lender requires searches to be undertaken.

The only part that takes longer is updating the title register with the details of your new lender. The Land Registry can take anywhere from a few months to over a year to update the record once a request has been made, but this does not affect the remortgage process.

How much does remortgaging cost?

The cost of your remortgage conveyancing will depend on various factors, including:

• The value of your property
• Whether it is leasehold or freehold
• Whether this is your main residence or not

Looking for a competitive quote for your conveyancing? Please use our conveyancing quote tool.

Do you need a solicitor for remortgaging?

While you can theoretically handle your remortgaging yourself, it is always best to work with an experienced conveyancing solicitor. They can ensure that the process is carried out correctly and efficiently, minimising the risks of any problems. You will also be covered by their professional indemnity insurance should anything go wrong.

Should you use the solicitor recommended by your lender?

As part of the remortgaging process, your lender will typically recommend a solicitor to handle the legal side of things for you. They may offer to cover the solicitor’s fees as part of your remortgage deal.

While your lender’s recommended firm of solicitors may be perfectly competent, choosing your own solicitor provides reassurance that you are getting truly independent advice.

At Tayntons, we are on the recommended panels for most major lenders, meaning we can handle your remortgaging for you in almost all cases.

What should you look for in a remortgaging solicitor?

When searching for a remortgaging solicitor, we recommend looking for the following:

Conveyancing Quality Scheme (CQS) accreditation

The Law Society’s Conveyancing Quality Scheme (CQS) provides assurance that a firm meets minimum standards. This gives confidence that their conveyancing should be safe and reliable. Tayntons is proud to be a longstanding CQS member.

Local expertise

Working with a local firm means they know the area and the sort of issues that are likely to affect properties like yours. This can help to make sure no potential problems are overlooked. A local firm can also often give a better service, with more of a focus on you as an individual compared to national firms.

Good communication

One of the most common complaints people have about conveyancers is poor communication. Nobody wants to have to chase the person handling their remortgage, so it helps to find a firm that responds quickly to enquiries.

Clear, competitive fees

The cost of your remortgage should be made clear from the outset. You should expect a transparent quote, with a full breakdown of all costs, agreed in advance.

Contact our remortgaging solicitors in Gloucester

Do you need help with remortgaging in Gloucester, Cheltenham, the Forest of Dean or across Gloucestershire?

Speak to one of our remortgaging experts now by calling us on 01452 522047 or request a call back and we will contact you shortly.

Or use our conveyancing quote tool to see how much your remortgaging might cost.