Switching to a new mortgage deal can save you thousands of pounds over the life of your loan. Whether you’re coming to the end of your fixed-rate period or simply seeking better terms, understanding the legal process is essential. That’s where remortgage conveyancing comes in—the legal work required to transfer your mortgage from one lender to another whilst keeping the same property.
What Is Remortgage Conveyancing?
Remortgage conveyancing is the legal process of switching your mortgage to a new lender or negotiating a new deal with your existing lender. Unlike purchasing a property, you’re not changing ownership—you’re simply replacing the charge one lender has over your property with another.
The process is generally more straightforward than buying or selling a home. There’s no chain to worry about, no surveys to arrange (in most cases), and no negotiations over price. However, legal work is still required to protect both you and your new lender’s interests.
Do You Always Need a Conveyancer for Remortgaging?
In most cases, yes. Whilst the process is simpler than a purchase, you’ll still need a solicitor or licensed conveyancer to handle the legal work. They’ll carry out essential checks, ensure there are no issues with your property’s title, and register the new mortgage with the Land Registry.
Some lenders may offer free legal work as part of their remortgage package. However, “free” doesn’t always mean better—you’ll want to ensure the conveyancer is responsive and efficient, as delays can cost you money if your current deal expires.
The Remortgage Conveyancing Process Explained
Initial Checks and Paperwork
Your conveyancer will start by obtaining your property’s title deeds from the Land Registry. They’ll review these carefully to identify any issues that might affect the remortgage, such as restrictions, covenants, or third-party rights.
They’ll also conduct searches to ensure there are no outstanding charges against the property and verify that you’re the registered owner. This stage typically takes between one and two weeks, depending on how quickly the Land Registry responds.
Liaising with Lenders
Once the initial checks are complete, your conveyancer will communicate with both your existing and new lenders. They’ll request a redemption statement from your current lender, which details exactly how much you owe and any early repayment charges.
Simultaneously, they’ll review your new lender’s mortgage offer to ensure the terms match what you’ve agreed. They’ll also prepare the legal charge document that gives your new lender security over the property.
Completion Day
On completion day, your conveyancer will transfer funds from your new lender to pay off your existing mortgage. Any remaining funds will be sent to your bank account. The whole process usually completes within a few hours.
Your conveyancer will then register the change with the Land Registry, removing your old lender’s charge and registering the new one. This final step can take several weeks but doesn’t affect your ability to use the new mortgage.
How Long Does Remortgage Conveyancing Take?
Most straightforward remortgages complete within four to six weeks. However, complications can extend this timeframe. Issues with your property’s title, delays in obtaining searches, or problems with either lender can all slow things down.
If you’re approaching the end of your fixed-rate period, start the process at least three months in advance. This buffer gives you time to address any unexpected issues without sliding onto your lender’s standard variable rate.
How Much Does Remortgage Conveyancing Cost?
Legal fees for remortgaging typically range from £300 to £800, plus disbursements (third-party costs) of around £50 to £150. These disbursements cover Land Registry fees, search fees, and bank transfer charges.
Many brokers and lenders offer free legal work as an incentive. Whilst this can represent significant savings, read the terms carefully. Some offers are only valid if the remortgage completes, meaning you could face charges if the deal falls through.
Why it’s Important to Understand Remortgage Conveyancing
Understanding remortgage conveyancing helps you navigate the switching process with confidence. Whilst less complex than buying a property, it still requires professional legal expertise to ensure everything proceeds smoothly. By starting early and choosing a responsive conveyancer, you’ll be well-positioned to secure your new mortgage deal without unnecessary stress or expense.