Remortgaging your home: how a solicitor can help

Remortgaging is a normal part of home ownership, whether you’re switching to a better rate, borrowing more money, or releasing equity. But while it might seem simpler than buying or selling, the legal process still needs careful handling. A solicitor plays a key role in making sure the new mortgage is completed correctly, the lender’s requirements are met, and your property title remains secure.

If you’re planning to remortgage, our conveyancing solicitors can guide you through the process and help you complete quickly and efficiently.

When you need a solicitor for remortgaging

Most lenders require a solicitor to act for them when registering the new mortgage and redeeming the old one. You’ll need legal help if:

• You’re switching to a new lender rather than a new deal with the same lender.
• You’re removing or adding someone to the title.
• Your property is leasehold or subject to restrictive covenants.
• Funds are being released to you or another party.

The solicitor ensures that the existing mortgage is repaid, the new charge is correctly registered at the Land Registry, and all lender conditions are satisfied before funds are released.

It’s imperative to seek legal advice when remortgaging your home to ensure you understand your obligations as a borrower. Seeking practical legal advice when you remortgage can help you avoid a range of complications that may result from breaching mortgage conditions. 

For instance, letting your property without consent, missing payments without your lender’s prior approval, or failing to arrange adequate buildings insurance can all lead to your mortgage being withdrawn. It could also lead to financial penalties from your lender, such as higher interest rates or, in extreme cases, the repossession of your home.

The remortgage process

Remortgaging typically takes around four to eight weeks, though timescales can vary depending on the lender’s processes and how quickly documents are provided. The steps usually include:

1. Obtaining the redemption statement from the current lender.
2. Reviewing the title and preparing the new mortgage deed.
3. Completing lender checks and signing documentation.
4. Redeeming the old mortgage and registering the new one with the Land Registry.

Common causes of delay

Delays most often arise when lenders request additional documents, such as proof of identity, updated buildings insurance, or leasehold management information. Leasehold properties can take longer due to the need for landlord consent or notice of charge fees.

To ensure a smooth and timely transaction, it is vital that you provide your solicitor with the documents they request as soon as possible, such as certified ID, a copy of your buildings insurance and evidence of how your funds were accrued and where they are currently held if you are topping up your mortgage.

We also advise clients to read all paperwork and correspondence carefully. If documents such as the mortgage deed are not completed correctly, this can delay the registration of the new mortgage at the Land Registry. Similarly, providing incorrect details for your current mortgage will prevent us from obtaining redemption statements, therefore delaying the process.

Remember, we are here to make the process as straightforward as possible, so please do not hesitate to get in touch if you have any questions at any point in your transaction.

FAQs about remortgaging

Here are answers to some of the main questions we are asked about remortgaging:

1. What is a remortgage?

   Remortgaging is the process of switching to a new mortgage product, either with a new or existing lender, to change your repayment terms, secure better interest rates, and/or get additional borrowing.

2. How do I start the remortgaging process?

   The first step would be to contact a mortgage broker or your lender to confirm which mortgage products are available to you. Your broker/lender will also help you with the application for your new mortgage. Whilst you are applying for your new mortgage, the next step is to contact a solicitor who will begin working on the legal side of the transaction, such as reviewing your title deeds and obtaining a redemption statement to confirm the amount remaining to be paid off on your current mortgage.

3. How long does remortgaging take?

   An average remortgage transaction takes between 8 and 12 weeks, but can often be shorter if your mortgage offer is issued quickly. Providing your broker and solicitor with the requested documents as soon as possible will avoid delays and prevent the transaction from taking longer than needed.

4. Do I need a solicitor to remortgage my house?

   Instructing a solicitor to act for your remortgage will provide you with clarity regarding the obligations and terms of your new mortgage. Lenders often require the remortgage to be undertaken by a solicitor to ensure the process is completed efficiently and without complications.

5. Can I use the same solicitor for buying and remortgaging?

   Yes, you can use the same solicitor for buying and remortgaging, and this is often recommended. Using the same solicitor will save time and money, as compliance and source of funds checks can be undertaken for both transactions at the same time, thereby cutting out unnecessary correspondence between solicitors, which can cause delays.

Contact our remortgaging solicitors

Our solicitors act for homeowners nationwide, helping clients remortgage smoothly and avoid unnecessary costs or delays. We liaise directly with lenders to ensure all legal requirements are met and funds are released on time.

Joe Kennedy, solicitor and deputy head of residential property, comments:

“Effective legal advice when remortgaging is absolutely crucial. This is not only to ensure any special conditions noted in the mortgage offer itself are complied with, but also to make sure the legal side of matters is finalised before your fixed rate comes to an end, which, depending on your variable rate, could save you hundreds of pounds a month.”

He adds:

“To ensure a smooth remortgage, instruct your conveyancer and have the initial paperwork returned to them before the mortgage offer is issued. This way, once the offer is issued, we can begin to review it immediately and deal with any potential requirements your mortgage company may have at a very early stage.”

Whether you’re securing a better rate, releasing equity, or adding a co-owner to the title, our solicitors provide clear, practical advice at every stage. Get in touch to speak with our remortgaging solicitors.