Remortgage solicitors – are they needed?
The cost of living crisis doesn’t seem to be going away any time soon. For many people, this means taking steps to protect themselves from changing mortgage rates. If you are going to remortgage, solicitors are almost certainly going to come into the process at some point.
But do you have to use a solicitor to remortgage? What do they actually do? How much do they cost? How long will the remortgaging process take?
Let’s get down into the why, what, and how much of using a conveyancing solicitor to remortgage your home:
Is A Solicitor Needed For A Remortgage?
The only situation where you won’t need a solicitor to remortgage is when you are sticking with your current lender. This act of borrowing more money as part of your current mortgage deal is sometimes called “getting an advance” or a “product transfer” and doesn’t require any legal work.
If you are changing lenders when remortgaging though, you will need a solicitor. This is partly because it’s good to have expert advice on hand to guide you through the available options and the process as a whole. But also, new lenders don’t tend to work without a conveyancer being involved.
On the plus side, many lenders will have a partner firm of conveyancing solicitor “on the board”. Sometimes, they even include the work of this firm for free in your remortgaging package.
However, it’s worth checking if the “recommended” firm offers good value and quality service.
One final note – if you are planning to add someone new to the mortgage (such as a new partner) or remove someone, you will need to use a skilled remortgage solicitor to change the legal paperwork.
Should I Use The Mortgage Lender’s Conveyancing Solicitor?
Most people at least consider using their lender’s firm if only because they then don’t need to search for one. However, when you can have Solicitors Near Me find you a trusted remortgage solicitor for FREE and with no obligation to use them, it’s not always such a big advantage.
That said, if your chosen lender works exclusively with their one solicitor or it’s built into their remortgage deal in some way, you don’t always have that much freedom of choice.
What Does A Solicitor Do On A Remortgage?
A remortgage solicitor handles every aspect of moving your mortgage from one lender to another. Their job will include:
- Completing checks and searches – just as they (or your original conveyancer) did during your first mortgage application.
- Assessing your new mortgage deal – noting anything that seems like it might have been missed or have a detrimental effect on your circumstances.
- Transferring deeds – as well as your mortgage redemption statement between lenders.
- Registering deeds – updating the registration of your title deeds with the Land Registry.
- Transferring funds – between lenders after completion and paying off your current mortgage.
How Long Does A Remortgage Take With A Solicitor?
It’s not uncommon for a remortgage to take up to two months even if using a solicitor. This means it’s a good idea to plan to give yourself a bit of leeway on top of this. Delays during the process – if your surveys and checks turn up something, for example – can add to this.
This also makes it vital to reply to any queries from your solicitor as fast as possible if you want everything to go through by a certain deadline. In addition, it’s worth checking you are confident in your remortgage solicitor’s communication style and work ethic if you can choose your law firm.
Remortgaging Fees – How Nuch Does It Cost?
There are certain fees that are part of the remortgaging process no matter whether you use a solicitor or not. These are things like the Land Registry fee and a selection of searches. These can cost anywhere from £40 to nearly £1000 (the big swing is in the size of the Land Registry fee).
Remortgaging fees from a solicitor are usually in the region of £300 to £1000 on top of this. But they are an often vital part of the process that can’t – and shouldn’t – usually be avoided.
Find The Right Remortgage Solicitor – For FREE
Do you want to minimise your monthly payments? Release some equity in your home? Consolidate debts?
No matter why you need a remortgage, Solicitors Near Me can help you find the right expert for you – for FREE and with no commitment to use the firm we find for you.