What Legal Work Is Involved in a Remortgage?
When you remortgage, a solicitor or licensed conveyancer handles the legal transfer of the mortgage from one lender to another. This is a simpler process than buying a property, as there's no change of ownership, but it still involves important legal steps.
The solicitor will carry out property searches, review the title deeds, check for any legal issues that might affect the mortgage, and handle the transfer of funds between lenders on completion day. They'll also register the new lender's charge against your property with the Land Registry.
If you're remortgaging with your existing lender (a product transfer), you typically don't need a solicitor at all, as no legal transfer takes place. This is one of the advantages of staying with your current lender, though you may miss out on better rates available elsewhere.
How Much Do Remortgage Solicitor Fees Cost?
If you're paying for conveyancing yourself, remortgage legal fees typically range from £300 to £600 plus VAT. The exact cost depends on the complexity of the case, the solicitor's location and whether there are any additional charges for things like leasehold properties or shared ownership.
On top of the solicitor's basic fee, you may also need to pay disbursements. These are third-party costs that the solicitor pays on your behalf, such as Land Registry fees (around £20 to £270 depending on the property value), property search fees (around £200 to £300) and bank transfer fees (around £25 to £50).
In total, the legal costs of a straightforward remortgage, if you're paying yourself, usually come to between £500 and £1,000 including VAT and disbursements.
Getting Free Legal Work With Your Remortgage
Many remortgage deals include free legal work as a standard incentive. The lender appoints and pays for a solicitor from their panel to handle the conveyancing on your behalf at no cost to you. This can save you several hundred pounds.
The solicitor in a free legal package acts for both you and the lender. While this is perfectly normal and legal, it's worth understanding that their primary obligation is to the lender. In straightforward cases, this makes no practical difference, but in more complex situations, you may wish to instruct your own solicitor.
If you choose to use your own solicitor instead of the lender's free option, you'll need to cover the full cost yourself. This might be worthwhile if you have a trusted solicitor or if your case involves complexities such as leasehold extensions, boundary disputes or unusual property types.
How Long Does the Legal Process Take?
The legal side of a remortgage typically takes four to eight weeks from the point your solicitor is instructed. This includes time for ordering and receiving property searches, reviewing documents, raising any enquiries and arranging the completion date.
Delays can occur if there are issues with the title, if searches reveal unexpected problems, or if there's a backlog at the Land Registry. You can help speed things up by responding promptly to any requests from your solicitor and providing documents as quickly as possible.
Some lenders and solicitors offer expedited services that can reduce the timeline to as little as two to three weeks. If you're approaching the end of your current deal and time is tight, ask your broker or solicitor about fast-track options.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.