Solicitors for Remortgage

What is a remortgage?

A remortgage is the process of replacing your existing mortgage with a new one, either with your current lender or a new lender. There are many good reasons to remortgage, including:

• Switching to a better deal, such as a lower monthly payment or a better interest rate
• Moving to a flexible mortgage that allows you to over or under pay each month and take payment holidays
• Raising money to buy out an ex-partner
• Raising money for another reason, such as home improvements, buying a car or as a deposit on a buy-to-let property

Should you remortgage?

The main consideration is to work out if a remortgage is worth it. You may be able to save a lot of money on your monthly payments by switching to a new deal, but you will need to weigh that against the costs that may be associated with the remortgage such as early repayment fees, mortgage application fees and legal costs. You also need to make sure you are not overstretching yourself – if you take on a new mortgage that is bigger than your current one, your monthly payments may be higher, which may not be sustainable in the long run.

While we are unable to advise you on specific mortgage products, we are happy to walk you through the costs of remortgaging so you can make an informed decision.

What’s the conveyancing process for remortgaging?

When remortgaging, the overall process is similar to when you first took out your mortgage. Your solicitor will carry out searches and check the legal documents, almost as if you were buying the property for the first time. They will then send a Certificate of Title to your new mortgage provider. The lender will need to confirm it is happy with the legal title before they release the money.

Your solicitor will also liaise with your current mortgage lender to get details of how much you need to pay off on your current mortgage. Once everything is in place, they will arrange for the funds from your new mortgage lender to be used to pay off your existing mortgage, along with any early repayment charges or exit fees. They will then register the remortgage with the Land Registry.

There may be a few additional steps to take, such as providing proof of your income. Your conveyancer will guide you through these.

How long does a remortgage take?

Remortgaging usually takes between four and eight weeks, depending on the complexity of the case. Your solicitor will be able to give you a better estimate once they have had the chance to look over your paperwork.

Do I need a solicitor to remortgage with the same lender?

No, you generally do not need a solicitor to remortgage with the same lender. In this situation, the lender will deal with you directly to move you to the new rate or deal. However, it is always a good idea to speak with a solicitor to ensure that you are making the best decision for your individual circumstances. Adding or removing someone from the mortgage, for example after a divorce, is easier if you have the help of a remortgage solicitor.

Do I need a solicitor to remortgage with a different lender?

Yes, you will need to use a solicitor to remortgage with a different lender. The lender wants to know that the property has good legal title and is good security for the money it is lending. You will need a solicitor to deal with the formalities and provide the necessary assurances.

Why choose Osborne Law as your remortgage conveyancer?

Osborne Law’s remortgage conveyancing team has a wealth of experience and is dedicated to ensuring that your remortgage is completed as quickly and cost-effectively as possible. Our commitment to customer service has earned us an accreditation in Lexcel, which is an independent quality mark for the legal industry. With affordable fixed-fee quotes and a friendly, responsive service, we can help make the remortgage process straightforward and stress-free. For more information, get in touch with us today.

Remortgage solicitor fees

Our remortgage solicitor fees for the remortgage of a property are £995.00 plus VAT*

Search fees:

Land Registry Priority Search fee – £3.00
Bankruptcy Search fee – £2.00 per name
Search fees (includes Local Authority, drainage, environmental, Chancel, flood and planning searches) – £350.00 approximately. Note however that some lenders will accept no search indemnity insurance which is considerably cheaper and quicker to obtain. Once we have instructions from you to act in the remortgage, we will check whether it is possible to obtain search indemnity insurance.

HM Land Registry fee:

This mandatory cost is set by the Land Registry and depends on the value of the property you are re-mortgaging. The fee will range from £20.00 to £910.00.

Electronic Money Transfer fee:

£15 plus VAT per payment.

HM Land Registry Official Copies of the title:

£3.00 per copy

Landlord’s registration fee for notice of mortgage (leaseholds only):

£100 + VAT where applicable

These disbursements can vary widely and we will notify you of the charge as soon as possible during the course of your remortgage.

VAT:

You will only pay VAT on our legal fees and the cost to make an electronic money transfer.

Referral fees:

For some transactions, we do pay referral fees. The amount of any referral fee will be disclosed to you at the commencement of the transaction. To be clear, these referral fees are paid by us to third parties and not by you.