If you’re remortgaging with a different lender, a conveyancing solicitor is usually required to handle the legal aspects of the process. A solicitor will need to carry out certain checks and searches as well as obtain legal documents.
We’ve put together everything you need to know about remortgaging, including a review of solicitor’s fees and how the remortgaging process works.
Do I Need a Solicitor to Remortgage with the Same Lender?
If you're remortgaging with your existing lender, this is known as a product transfer. In this case you won't need conveyancing services from a remortgage solicitor. However, if you're adding or removing someone from the mortgage, then you might need the help of a remortgage solicitor.
To learn more, read do I need a solicitor to remortgage?
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What Does a Solicitor Do When you Remortgage?
The remortgage conveyancing process is slightly different to the process for buying or selling property. Below we’ll explore what a solicitor does when you remortgage.
Verify your identity
Verify source of funds
Check title deeds
Redemption statement
Property searches
Further searches and checks
Review remortgage offer
Certificate of Title
Transfer funds
Update transfer deed
How Long Does Remortgage Conveyancing Take?
The conveyancing process when remortgaging takes around one to two months to complete. Starting the remortgaging process several months before your current deal ends can help avoid delays.
Check whether your chosen solicitor is authorised to work with your new lender, as this may impact timescales or fees.
How Much are Remortgage Solicitor Fees?
Solicitor fees for a remortgage average around £454, according to our data.
Additionally, there will be the following disbursements:
Conveyancing searches - £250-£450
Electronic bank transfer fee - £34
Electronic ID check - £12
Title deeds copy - £11
Land Registry fees - £6
Save money on your remortgage fees
Accredited property conveyancers
Used by over 1.5 million movers in the UK
Can You Add the Conveyancer Fee to the Remortgage?
Conveyancing fees are typically paid directly to the solicitor and aren’t usually added to the mortgage balance.
You can, however, add the arrangement fee and the deeds release fee to your mortgage.
