Remortgage Conveyancing

Do I need a conveyancer for remortgaging?

If you're looking to borrow more on an existing deal with your current lender, no - you wouldn't need a remortgage conveyancer. The same applies if you're getting a remortgage with a current lender and simply moving to a new deal. This is known simply as a "product transfer".

But you will need a mortgage conveyancing solicitor if you're switching to a new lender. This will involve fresh legal requirements. Only a conveyancer offers the skills and expertise to help you deal with all the fees and paperwork involved.

Can I choose my own mortgage conveyancing solicitor?

Once you find a new lender who offers the terms that suit you, it's not unusual for them to help with the legal part. Sometimes it's included as part of their service. But other times it isn't. It's also possible that your lender will suggest someone themselves.

If you're not tied to the lender's legal services, you should be able to find your own remortgage conveyancing solicitor. Homeward Legal can help you with this search too. We have established an expert panel of property lawyers who can take care of the process for you.

The first and most important thing to make sure is that any solicitor you choose is on your lender's panel. If not, the lender will need to appoint someone. This slows the process down and adds to the fees you'll have to pay.

The good news is that we work with solicitors who are on all lender panels. Trust us to take care of your remortgage and you'll have complete confidence that your conveyancer can act for your lender. And that means no delays, no unnecessary fees and no extra worries.

How does the remortgage conveyancing process work?

At Homeward Legal, our mission is to offer affordable remortgage conveyancing quotes to every customer who comes to us. Once you're happy to proceed, that's when we get to work. 

As soon as you instruct your conveyancer, you'll be asked to supply some information about you and your property. Your solicitor will also talk to your existing lender to see what costs must be paid to exit your current deal. They may also have some legal documents (deeds) to hand back.

Once your property lawyer receives the formal offer from your new lender, they'll start to do all the necessary searches. Your remortgage conveyancing solicitor could suggest search insurance or personal searches instead. In some cases, these may save you time and money.

Your mortgage conveyancing solicitor can tell you about any specific requirements you need to meet in advance. Or you could read about these individual lender requirements via UK Finance. Lender requirements all vary. If you choose us, however, your solicitor will let you know the most appropriate route.

The next step is to arrange a completion date, which is when you'll receive the money from the new lender. Your solicitor will also check that you have nothing left to pay on the old mortgage. After you sign the new deed and completion takes place, your solicitor will take care of all post-completion formalities. This includes updating the title deeds with the Land Registry.

How much does remortgaging conveyancing cost?

Like any mortgage conveyancing process, there are fees involved with the legal side of getting a remortgage. It's not possible to say for sure what this amount will be, however. It can vary on a case-by-case basis. Factors such as the property value can also have an impact.

Your legal fees will cover everything your property lawyer must do to make the switch as quick and simple as possible. 

Our guide to remortgage conveyancing fees will give you a better idea of how much it could cost you. But remember - the cheapest remortgage conveyancing quotes you'll find aren't necessarily the best. They can include hidden costs that you won't know about until later.

At Homeward Legal, however, get a quote from us and the fixed legal Fee you are quoted when you come to us will be the price you pay. You can find out more about services by calling our team on . You can contact us online too.

What remortgage conveyancing fees are there?

As we said above, there are many factors that can shape your remortgage conveyancing quote. Some of the fees involved are fixed. Others, however, can be different from case to case.

Here are some of the common remortgage conveyancing fees you can expect to pay:

Fixed legal fees

The name says it all. These are the fees that you'll pay your conveyancer for the legal work involved. This is a fixed legal cost** that you'll pay upfront when you instruct a property lawyer. It can start at around £350 - but will cost more if more work is needed.

You can get a free online quote from us that'll show you just what you'll pay.

Search fees

Just as you would when buying a new home, your new lender will require searches to be carried out. This includes local council, water, and other environmental searches. The costs of these can depend on factors such as the type of search and location of your property. 

Solicitors may take out a search indemnity policy rather than being required to order a new full search pack. This would come at far less cost (usually between £30-£50, instead of £300 plus) but this would be dependent on your mortgage lender requirements.

For this, your conveyancer will provide you with an estimated cost - but they'll let you know as soon as possible if the cost is likely to be higher.

Land Registry fee

When you switch lender, your remortgage conveyancing solicitor will need to update the records held by the Land Registry. The amount is fixed. But it's also based on the value of your property and how your conveyancer applies.  

In addition to your conveyancing costs, bear in mind the lender's costs. That includes both your new lender fees, as well as the cost of leaving your old deal. 

What will my remortgage conveyancing solicitor do?

The remortgage conveyancing process can feel a little more straightforward compared to buying or selling a home. But there are still many tasks that need legal expertise, such as:

• Checking your ID 
• Valuing your property
• Leaving your current mortgage deal
• Checking the fine print of your new deal
• Carrying out the searches
• Arranging the completion date
• Updating your Land Registry details
• All other checks e.g., any lease terms if relevant

How long does remortgage conveyancing take?

You might hear that a remortgage is not that time-critical. After all, you already live in the property. So, it's not like you're buying a new home and have to move by a set time. But we take a different view.

Maybe you want to get a lower or discounted interest rate, for example? If so, it's important for you to move quickly. That way, we can help you save on the interest you'd otherwise pay at the higher rate of your existing deal.

Like the costs, however, the time it takes can depend on other factors. In general, we'd suggest that it can take anywhere from four to eight weeks to complete. Your remortgage conveyancing solicitor will always try to make sure the process goes as quickly and efficiently as possible.

Can I speed up the process?

It might not always be possible to make the process go quicker. But there are things you can do to help reduce the risk of any delays. The first is to instruct a remortgage conveyancing solicitor from Homeward Legal - even if your lender offers free legal service.

Why? Well, our conveyancers are acting on behalf of you. A lender's free legal service can be subject to delays that hold up the process. You can't always be sure the lender's solicitor will be focused on your best interests at all time. With us, however, our number one priority is serving you.

There are other things you can do to speed up the process too. You should complete your forms as soon as you get them. It can be a good idea to ask your new lender if they have any specific conditions too. You might also want to think about any special searches that might be required.

Making sure your conveyancer is on your lender's panel can also cut out any delays. But that's not a problem at Homeward Legal as the remortgage conveyancers we work with cover all lender panels. So, there's one more reason why we can help when you come to look for a better deal.