Remortgages
A remortgage means replacing the mortgage on your home with a new one, often with a different lender. We’ll handle the legal side so the switch goes through cleanly.
What will it cost?
Our legal fees for a remortgage usually depend on the value of the mortgage. Some are more complex and cost more; if yours is one of them, the lawyer dealing with it will tell you in writing before you commit. VAT is charged at 20%.
Estimate the cost of your sale
Answer a few short questions and we will show you an approximate cost for selling your property, with no obligation.
Are there any hidden costs or disbursements?
We’ll always be upfront about our fees at the start. Disbursements aren’t always known at the outset. For example, you may need an indemnity policy to cover alterations to the property or a defect in the title, and the exact cost of that won’t be clear until later. Common disbursements you can expect include payments to Land Registry for pre-completion searches, or local authority searches.
What work is included?
Every transaction is different, but the typical work on a remortgage includes:
- Obtaining and investigating title deeds
- Obtaining a redemption statement from the current lender
- Carrying out searches against the property
- Reporting to the new lender and meeting their requirements
- Applying for the release of mortgage funds
- Redeeming the current mortgage and receiving the new mortgage funds
- Sending any balance to you
- Applying to discharge the old mortgage and register the new mortgage at HM Land Registry
Is there anything not included?
Our costs cover the work usually needed to complete a remortgage. Other elements, such as updating your Will or dealing with a lender’s specific insurance requirements, aren’t included. If you need extra legal services (for example, a Declaration of Trust setting out shares of ownership), we’ll charge for those separately. You can read about the other residential property services we offer on our Residential Conveyancing page.
How long will it take?
Plenty of things affect the speed, especially a lender’s requirements and how quickly they respond. If a lender needs a local authority search, that often takes 3 to 6 weeks to come back. On average, we’d expect a straightforward remortgage to take around 10 weeks, though we can’t promise it.
A remortgage is usually simpler than a move, but you’ll get the same updates and the same person handling it.
Some remortgages are quick: switching to a better rate at the end of a fixed term, nothing else changing. Others do more, like releasing some of the value in your home or changing who’s named on the mortgage. Whatever yours is for, we’ll deal with it.
If you’re not sure which of these fits your situation, call us, and we’ll point you in the right direction.
