Conveyancing and Remortgaging: What You Need To Know
What is Remortgaging?
Remortgaging describes the process of changing the mortgage on your property to a new lender or different deal. You may choose to remortgage for a number of different reasons including:
• Your fixed deal is up for renewal
• Your looking to change to a mortgage repayment plan with a better interest rate
• You want to borrow more money to make home improvements – for example to build an extension.
• Your financial circumstances have changed – for example you need to reduce mortgage payments due to a divorce.
Do I need a conveyancer for a remortgage?
It isn’t always necessary to use a conveyancer when remortgaging. For example if you are borrowing more money on your current mortgage deal with your existing lender, there will be no legal charges involved. You will only have to pay the additional charges for increasing the loan and the repayments.
If you are remortgaging by switching to a new deal or interest rate with your current lender, this is known as a ‘product transfer’ and doesn’t require any legal work.
You will need to use a conveyancer in the following situations:
• Transfer of Equity: If you are adding an additional person to the mortgage when you remortgage, this is known as a transfer of equity. It involves the changing of legal ownership of the property and therefore requires a solicitor. A solicitor will amend the deeds of ownership and draw up new paperwork stating how you will now own the property.
• Removing a person from the mortgage: This also involves the legal change in ownership of the property, so a solicitor is required to amend the deeds.
How much does remortgage conveyancing cost?
True Solicitors offers competitive remortgage conveyancing quotes. Please see the illustrative guide below for the approximate fees for remortgaging and transferring equity in your home:
True Solicitors LLP Remortgage and Transfer of Equity Fees
Other likely fees to third parties
*if there is a mortgage to redeem
***per name if there is no related purchase
Please note the fees quoted are an illustrative guide. For a bespoke quotation please use our Conveyancing Fee Calculator.
How long does conveyancing take when remortgaging?
The process typically takes 1 to 2 months, and is usually quicker when remortgaging with your existing lender.
True Solicitors offer competitive, no-completion, no fee conveyancing. Contact us today for a free no-obligation quote.