Do I need a conveyancing solicitor when remortgaging?
Yes. If you are remortgaging your home, a conveyancing solicitor will need to carry out all the legal work needed to complete your remortgage. The solicitor will also need to register your lender’s interests in the property as a ‘legal charge’
Are there any exceptions?
Yes. If you are just increasing your borrowing with your existing lender, or are moving onto a new rate or deal with the same lender, you won’t need a conveyancing solicitor.
What does the conveyancing solicitor do on a remortgage?
Conveyancing is the process of transferring the legal title of a property from one person to another. Although the title (ownership) of the property does not change hands, the extent of the lender’s interest in the property, or even the lender itself, does.
It is therefore necessary for a solicitor to check the title and legal standing of the property. This is to ensure that the property offers sufficient security for the lender, and to formally register the new interest.
How long will the conveyancing take?
Remortgage conveyancing should only take a few weeks. There is no chain, no buyer and seller and no need to carry out full searches.
Delays are more likely to occur if the solicitor is overloaded (see Problems with Remortage “Free Legals”). If the solicitor is overworked, he will probably prioritise buyers and sellers as remortgages are often perceived as not being time sensitive.
At Ukconveyance, we take the view that you want to get onto your new % Interest Rate ASAP. Our remortgage conveyancing service is designed to complete the remortgage process as quickly as possible
Can Ukconveyance act for my mortgage lender?
As part of the remortgage conveyancing process, the solicitor will also need to act for the mortgage lender. To be able to do this, the solicitor will need to be on the lender’s approved panel of conveyancing solicitors.
Your conveyancing solicitor will be able to complete the remortgage process for all UK lenders.
How much does remortgage conveyancing cost?
There is considerably less work involved in remortgage conveyancing than there is with a sale or purchase. Additionally there are fewer disbursements, e.g. search insurance can be purchased instead of full searches.
A quote for remortgage conveyancing fees should include:
- Conveyancing fee £250 – £900
- TT Fee £15 – £35
- Priority search £3
- Bankruptcy search £2 – £12
- Official copies £3 – £12
- ID verification £8 – £20
- Searches or search indemnity fee £30 – £350
- M Land Registry fee £20 – £910