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Remortgage Conveyancing: Wilson Browne Solicitors

Reasons to choose Wilson Browne

Remortgage Conveyancing Solicitors

On the lookout for comprehensive remortgage conveyancing services provided by a transparent, efficient, and professional solicitor?

Regardless of whether you’re keen to secure a better mortgage deal or you want to release some extra equity to cover your future plans or unexpected costs, the remortgage conveyancing team at Wilson Browne Solicitors can help.

We can provide clear and practical advice regarding your new mortgage and completing all the relevant legal paperwork to finalise your remortgage.

From dealing with your bank or building society on your behalf to keeping you updated every step of the way with where you are in the process, our experienced team can handle it all.

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What is a remortgage?

In simple terms, remortgaging refers to taking out a new mortgage on a property you already own, perhaps for the first time, or to replace an existing mortgage. There are many reasons to consider a re-mortgage including:

  • Getting a better deal – consider any early repayment penalties on your current mortgage
  • Switching to a fixed rate
  • To borrow more – this could be for home improvements or maybe a new car
  • To consolidate debts
  • More flexibility – for example, a lender may allow you to overpay or take a break
  • A change in circumstances – such as the breakdown of a relationship

While there are many reasons for seeking to remortgage your home, it’s worth bearing in mind that this process may not always be right for you. For example, your existing rate may be competitive or the early repayment penalties could outweigh the benefit of re-mortgaging, so consider this carefully.

If you’d like to discuss your financial situation in more detail or require any kind of remortgage conveyancing guidance, please don’t hesitate to contact our friendly team today.

How we can help with conveyancing for remortgage

In most cases, unless you stay with your existing mortgage lender and it is simply a case of “product transfer”, it will be necessary for a conveyancer to be involved in your remortgage.

Your new lender will want to ensure that the title to the property is “good and marketable” before they proceed. This is where a conveyancer comes in – they will investigate the title to the property on behalf of the new lender in a similar way to if you were purchasing.

Any existing mortgage will need to be redeemed (paid off) and the conveyancer will attend to this following receipt of the new mortgage advance.

There are sometimes additional points to consider such as the need to comply with a restriction on the register requiring the consent of a third party to enable the transaction to proceed.

To help with this process, we can provide professional support with:

  • Assessing the costs of remortgaging
  • Liaising with your bank or building society
  • Transferring your mortgage from one lender to another
  • Carrying out the relevant ID and title deed checks
  • Obtaining a redemption statement from your current mortgage lender
  • Conducting leasehold checks, if necessary

Remortgage Conveyancing FAQs

Do you need conveyancing when remortgaging?

Even though you’re not moving home, a conveyancer is often still required for remortgaging if you plan on moving to a new mortgage deal with a different lender.

The conveyancer or solicitor will make the transfer from one lender to another, handling all the necessary legal paperwork in the process.

What do solicitors check for a remortgage?

A remortgaging solicitor will carry out a range of important checks. This includes conducting both title and ID checks (you’ll need to provide proof of ID), obtaining details of your existing mortgage and lender with a redemption statement, and checking the new mortgage offer and lender.

How much does a solicitor cost to remortgage?

According to Compare My Move, the average conveyancing fees when remortgaging in the UK in 2023 is £1,078.

On top of these costs, you may also have to pay a fee to leave your current deal, which is £175 plus 1-5% of property value on average according to the same data.

However, when it comes to legal fees, more and more lenders are offering remortgage clients incentives in the form of either free legal fees with their own solicitor or a sum of money, cashback towards covering these legal fees.

While free legal fees may sound perfect, this isn’t always the case. Before agreeing to one of these deals, we recommend checking that the package on offer is in fact, free and whether there are any ‘strings attached’.

Anything out of the ordinary may result in having to pay additional, unexpected fees.

At Wilson Browne Solicitors, we pride ourselves on our clear and transparent pricing, to help prevent unexpected extra costs from souring your remortgaging process and experience.

How long does conveyancing take after remortgage offer?

Once you’ve accepted a remortgage offer, it can take just a matter of weeks to complete the process.

You should typically allow for around 4-8 weeks for this process from start to finish, but it can be much quicker.

Should you remortgage?

While remortgaging can potentially save you a lot of money or allow you to benefit from releasing equity, you must check the terms of your current mortgage first to help determine whether remortgaging is right for you.

Between early repayment fees and the costs of securing your new mortgage (like application fees, Land Registry searches, and survey fees) it could make remortgaging and switching mortgage deals a financially unwise decision.

Unfortunately, the expert solicitors here at Wilson Browne can’t provide you with mortgage advice. Only an independent mortgage broker or financial advisor can offer you bespoke mortgage deal guidance based on your specific financial situation.

Regardless of whether you’re considering remortgaging your home soon or are keen to learn more about the various remortgage conveyancing services available at Wilson Browne Solicitors? Please feel free to get in touch today!

The first call (0800 088 6004) is always free, allowing you to discuss your remortgage conveyancing requirements with an experienced member of our team without worrying about hidden consultation charges.

Alternatively, why not visit one of our offices to speak to our team in person?

We’ve opened branches across the UK including in locations like Leicester, Northampton, Corby, Kettering, Wellingborough, and Higham Ferrers and Rushden, to make paying our expert team a visit even easier.

Contact our remortgage conveyancing team today