Remortgaging

A remortgage is the replacement of your existing mortgage with a new loan, either from a different lender or on new terms that require a fresh mortgage deed. It is usually more straightforward than a purchase, but the new lender still needs a solicitor to check the title, deal with the existing lender and register the new mortgage.

If you are simply moving to a new deal with your existing lender (a “product transfer”), you will not usually need a solicitor at all.

The key stages of a remortgage

1. Taking your instructions. We confirm our fees in writing, verify your identity and obtain a redemption statement from your existing lender.
2. Checking the title. We obtain the title from HM Land Registry and check it against the requirements of your new lender. If the property is leasehold we also check the lease, and may need information from the landlord or managing agent.
3. Searches. Many lenders accept a search indemnity policy on a remortgage instead of full searches; we will tell you what your lender requires.
4. The mortgage deed. We send you the new mortgage deed to sign and confirm to the lender that the title is acceptable.
5. Completion. On the completion day the new lender releases the funds, we repay your existing mortgage and send any surplus to you.
6. After completion. We register the new mortgage at HM Land Registry and the removal of the old one.

Our fees page sets out how long each stage typically takes.

Acting for your lender

On most remortgages we act for both you and the new lender. To act for a lender we must be on its panel of approved solicitors, and we are on the panels of nearly all the major lenders. We will confirm at the outset that we can act for yours. In the rare case that we cannot, the lender will instruct its own solicitors and you may be asked to pay their costs as well as ours.

Remortgaging with a change of ownership

Remortgages are often combined with adding or removing someone from the title, for example when a partner moves in or a relationship ends. This is known as a transfer of equity. We deal with both together, and advise on whether Stamp Duty Land Tax is payable on the share of the mortgage being taken on.

Our fees

Our fees for remortgages, the disbursements you are likely to pay and typical timescales are published on our residential conveyancing fees page.