Conveyancing for remortgage is typically more straightforward than purchasing a property. While the legal process is similar, there is no transfer of ownership, negotiation between buyer and seller, or property chain involved, which can make the process much simpler and quicker.
With this in mind, the remortgage conveyancing process can be completed within two to six weeks rather than several months, with the latter being more typical for a property purchase.
At a glance: remortgage conveyancing
- A straightforward remortgage can often complete within two to six weeks.
- You may not need a conveyancer if you stay with your current lender and no details change.
- You will usually need a conveyancer if you switch to a new lender.
- Your solicitor checks the title, reviews the mortgage offer, repays the existing mortgage and registers the new lender’s charge.
Let’s walk you through the remortgage conveyancing process, step-by-step.
Do I need a conveyancer to remortgage?
You won’t need a conveyancer if you’re staying with your current lender and not changing any details. If you switch lenders, a conveyancer ensures your property is a secure investment for the new lender and that there are no legal issues.
The remortgage conveyancing process
Although you already own your own property, your remortgage solicitor will need to carry out a series of legal checks and formalities in order to satisfy your new lender.
Having a conveyancer is essential for a smooth remortgage process. All of these steps ensure that your transaction remains compliant, accurate, and completed without risk.
Step 1: Instruction and onboarding
Once you’ve accepted your new mortgage offer, you’ll first need to instruct a remortgage conveyancing solicitor. Instructing a solicitor allows them to access your file, issue their terms of engagement, and begin gathering all of the necessary information for your remortgage.
This initial process can vary depending on who you choose to work with. At ONP Solicitors, onboarding is handled through our secure digital app, where you can easily complete forms, upload documents, and track your case in real time.
Step 2: Identity checks and compliance requirements
Your solicitor will need to verify your identity in line with UK anti-money-laundering regulations before any work can happen. This is a legal requirement for all conveyancing transactions.
Your lender may have already carried out checks, but your solicitor is required to complete their own independent verification as well. During this stage, you may be asked to provide evidence of the source of any additional funds, especially if you are borrowing more money or releasing equity.
This step may seem tedious, but it ensures that you and your lender are protected from fraud and financial risk.
Step 3: Current mortgage review and redemption statement
At this stage, your solicitor will contact your existing lender for a redemption statement. This document confirms the exact amount required to repay your current mortgage. It also includes:
- Your outstanding balance
- Any interest accrued
- Any early repayment charges
This amount is key because it ensures that your new mortgage funds will fully pay off the existing loan. Without an accurate redemption statement, you risk underpayment, which could delay or prevent the remortgage from going ahead.
Step 4: New mortgage offer review
Once your new lender has issued their formal mortgage offer, your solicitor will carry out a comprehensive legal review. This is arguably the most important stage in the remortgage conveyancing process, as it ensures that all conditions of the loan can be satisfied without risk.
Your solicitor will check the lender’s requirements and also provide you with a clear explanation of the terms. This is to ensure you fully understand your financial and legal commitments before signing.
Step 5: Title checks and Land Registry review
Even though you already own the property, your solicitor will need to confirm that the legal title is correct and free from any issues that could affect the new lender.
This stage involves obtaining official copies of your title from HM Land Registry and reviewing any restrictions, covenants, or existing charges. If any issues are uncovered during this process, your solicitor will resolve these before proceeding further.
Step 6: Searches or indemnity insurance
Remortgage cases don’t usually require a full property search. However, some lenders do request them, especially if the property hasn’t been checked recently.
If your case doesn’t require a search, your solicitor might arrange for search indemnity insurance. This provides protection for the lender against potential risks that would normally be identified through a search.
Your solicitor will be able to guide you on this decision based on your lender’s requirements.
Step 7: Mortgage deed and legal document signing
Once all checks have been completed, you will be asked to sign the mortgage deed and any supporting legal documents. This will act as the formal agreement between you and your new mortgage lender.
Step 8: Certificate of Title and request for funds
For completion to take place, your solicitor will submit a Certificate of Title to your new lender. A Certificate of Title confirms that all legal work has been completed and that the property meets the lender’s requirements.
Step 9: Completion and existing mortgage repayment
Once the Certificate of Title has been received and reviewed by your new lender, they will release the mortgage funds on your agreed-upon completion date. These funds can then be used to repay your existing mortgage in full.
If you are borrowing additional funds, either through equity release or other means, the money will be transferred to you after the existing loan has been cleared.
When you reach this step, your new mortgage will officially replace your old one.
Step 10: New mortgage registration
The last step is to register the new lender’s charge against your property and with HM Land Registry. Your solicitor will also ensure that the previous lender’s charge is removed.
Once registration is complete, you can take a deep breath. The remortgage process is complete, and your new lender’s interest will be legally recorded.
Get your remortgage conveyancing quote today
If you’re thinking about remortgaging, our friendly team at ONP Solicitors are here to help. We’re proudly accredited by the Conveyancing Quality Scheme and help over 80,000 happy customers each year.
We also know how important it is to stay updated throughout the remortgaging process, which is why we prioritise transparency, speed, and efficiency via our convenient digital app.
Get your personalised quote today or check out our remortgage FAQs for more information.
