6 minute read 
The main reason to remortgage is to reduce your monthly payments. But you need to make sure that your savings are more than the early redemption fees, arrangement fees, valuation fees, and broker costs. But did you also know that you could have to pay legal fees as well? 

Will I always need a conveyancing solicitor when remortgaging? 

When you remortgage, you don't always have to hire a conveyancing professional. If you're just getting an advance, which means you're borrowing more on your current mortgage deal with your current lender, there are no legal fees involved. There are only fees for increasing the loan and payments. 
If you just switch to a new rate or deal with your current lender, this is called a "product transfer" and doesn't require any extra legal work. 
Otherwise the answer is yes - you will need a solicitor or conveyancer to help with the legal side of a remortgage. 

Which conveyancing solicitor should I use when remortgaging? 

The good news is that most lenders will include a free legal package in their remortgage deals. This means that their chosen conveyancing solicitor will take care of the legal requirements. But make sure this really is free! If your preferred lender's legal package doesn't come for free, ask if you can look elsewhere. 
There are a few circumstances when you will need to hire your own conveyancing solicitor: 
Adding someone to the mortgage: If you want to add a friend or partner to the mortgage when you remortgage, you'll need a solicitor because you're changing who owns the house. This kind of deal is also called a "transfer of equity." You will need a lawyer to help you change the deeds and write up the paperwork that says how you will own the property. 
Taking someone off the mortgage means that the property's ownership is changing, so a solicitor will be needed to make changes to the deeds. 

How much does a Conveyancer cost? 

Conveyancing fee 
£300 – £1,000 
Land Registry fee 
£20 – £910 
Priority search 
Bankruptcy search 
Official copy of the title 
£3 – £12 
When you remortgage, you might not have to pay any legal fees if your new lender pays for them. 

Can I add legal fees to my remortgage? 

Most of the legal fees for remortgaging are usually paid for by the lender. If there is a fee, it will have to be paid up front and can't be added to the new mortgage. 

Should I use the mortgage lender’s conveyancing solicitor? 

The mortgage lender you choose may want you to use the solicitor they recommend. If it's free and part of the deal to remortgage, you won't have much of a choice. But if you have to pay for the solicitor, you have the right to look for a better deal. 
Just to be aware, not every lender works with every solicitor who does conveyancing. 

What does the conveyancing solicitor do when remortgaging? 

Even though conveyancing is easier than when you bought your home, you still have to do some legal work when you remortgage. The steps in the process of remortgaging are: 
ID Checks: Your solicitor will ask for proof of your identity to prevent money laundering. 
The current mortgage: Your lawyer will ask your current lender for information about your current mortgage and a redemption statement. This shows how much you owe and if there are any fees for leaving the loan or paying it off early. 
Leasehold checks: A lawyer will make sure that the lease terms and the amount of time left on the lease meet the needs of the new lender. 
Property searches: Before they are willing to lend on a property, your new lender may ask that searches be done. 
Valuation: Your new lender will figure out how much your home is worth and send you and your lawyer a formal mortgage offer. 
Fine print: Your lawyer will look over the terms of the mortgage offer and let you and the lender know about any problems. 
Signature: When you are happy with the new mortgage deed, you will sign it. 
Final checks: Your lawyer will look into whether or not you've ever been declared bankrupt. 
They will also do a priority search at the Land Registry to make sure that the property deeds haven't changed since the remortgaging process started. 
Completion: When your lawyer gets the mortgage money from the new lender, they will pay off your old mortgage and any fees, and then send you any money left over. 
Registering changes with the Land Registry: Once your old lender confirms they've received the money and paid off their mortgage, your lawyer will tell the Land Registry that you've refinanced and register the new mortgage to update the legal title of your home. 

How long does conveyancing take when remortgaging? 

The process of remortgaging takes between one and two months. Most of the time, it goes faster if you use the same lender. So, if you want to switch mortgages before the end of your current deal, you should wait at least two months. 

Next steps 

We work with a great panel of lenders that between themselves cover all the lenders available in the market place. If you want like a no obligation quote please speak to one of our friendly consultants now on 0330 128 0989 or Request a Callback. 
Your home or property may be repossessed if you do not keep up repayments on your mortgage. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK. Reeds Financial is a trading style of Reeds Financial Limited which is an appointed representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Reeds Financial Limited is registered in England and Wales no: 12656133. Registered address: Reeds Financial Limited, Innovation Centre Medway, Maidstone Road, Chatham, Kent, ME5 9FD. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances. 
Tagged as: Conveyancing, Remortgage
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