A remortgage is when you move from your current mortgage lender to a new lender. It’s common for people to look for the best mortgage deal when coming to the end of a fixed term. There are competitive mortgage deals on the market that offer fixed interest rates from 2 years up to 10 years.
Our expert team of Conveyancing Solicitors are on hand to provide a fast, efficient and reliable service making your remortgage process as quick and pain-free as possible. We will work with you to ensure we complete to your deadlines and move from one fixed rate to another as soon as possible.
We are property experts and will advise you through each stage of the remortgage transaction. Our fees are competitive and transparent. We are ’Open Lawyers’ we understand how important it is to budget when remortgaging.
Unlike many Conveyancers and Solicitors we do not have a menu of additional fees we add to the headline quoted fee. If, due to unforeseen circumstances additional work is required we will advise you of what is required and any additional fee that may be incurred. If there is no additional work, the quote you receive is the fee you pay.
We are not volume Conveyancing Solicitors we pride ourselves in our straightforward approach and excellent service. We offer an accessible and convenient remortgage service tailored to your needs.
The Remortgage Process
The legal process of remortgaging can be fairly straightforward as the Title of the property will already be in your name. Often, the lender you’ve selected will offer to pay for the associated legal fees or panel work to their own introduced law firm to act for the lender and not you.
You can appoint your own Solicitor to manage the process. This can result in your remortgage being completed sooner rather than placing the matter in a bulk operating law firm, which can often be the case.
When you instruct Simpson Millar you will be allocated a dedicated Conveyancer who will review the matter, your circumstances and seek instructions at the earliest opportunity if we uncover:
- An early repayment charge, the prohibitive cost of which may 'handcuff' you to your current deal.
- The outstanding balance on your mortgage is too low to make remortgaging viable, once the relevant fees have been taken into account.
- The value of your house has decreased since taking out your mortgage, leaving you unable to secure a cheaper deal due to a higher loan-to-value ratio (the proportion of a property's value you need to borrow)
When considering a remortgage it’s important you obtain financial advice on mortgage products available in the market, the outstanding balance on your existing mortgage and also budget for legal fees. This information will enable you to budget around repayments and understand the term of the new mortgage.
Once you have identified a potential remortgage you need to appoint a Conveyancing Solicitor. Obtain quotes either online or by phone. Make sure you ask the following questions:
- Is the law firm on the mortgage lender’s panel? If the new lender does not accept the law firm they will not be in a position to act for you and the lender. The firm may advise they can act for you and the lender will appoint their law firm, this is called ‘separate representation’ and usually incurs higher fees for you and may cause a delay when two law firms are then involved in one transaction.
- Can the Conveyancing Solicitor meet your deadlines? You may be remortgaging for a better rate, require money to consolidate debts or buy a new kitchen. Whatever the reasons advise the Conveyancing Solicitor of your deadlines so they can work towards them. You do not want to find yourself out of pocket waiting for your remortgage to complete on a better rate.
Once you have appointed your Conveyancing Solicitor you will be asked to provide information about your remortgage such as:
- The existing lender details and the account number. Your Conveyancing Solicitor will then write to your existing lender and request an ‘amount owing statement’. They will also determine if your current mortgage has an early redemption penalty or if it’s a month-end lender which means interest is calculated on a monthly basis rather than daily. If it’s a month-end lender product it’s important you complete your new mortgage at the end of the month otherwise you will find you pay a month’s interest on your existing mortgage, and daily interest on your new mortgage. Your Conveyancing Solicitor will advise you of the best time to complete.
- You will be required to provide your identification in accordance with Anti Money Laundering procedures, this is a standard requirement.
How Long Does a Remortgage Take?
The average time it takes to remortgage is between 4-6 weeks, which varies from transaction to transaction. If you have an early repayment charge you will need to ensure your mortgage offer from your new lender is received as soon as possible as this will help the process of moving from one lender to another is as seamless as possible.
Once you have provided the necessary information your Conveyancing Solicitor will obtain an up to date copy of the registered title from the Land Registry. They will check the property is ‘good and marketable’ in accordance with your new lender requirements. If your property is leasehold the Conveyancing Solicitor will also check the lease and supporting documentation before being in a position to proceed. If there are any onerous conditions our Conveyancing Solicitor will discuss these with you and your lender.
When you receive a copy of your new mortgage offer your Conveyancing Solicitor will also receive their copy setting out any conditions to be complied with before the matter can proceed. Your Conveyancing Solicitor will check the mortgage offer and if happy prepare a report to you and send you the Mortgage Deed to sign and return.
Once you have your mortgage offer and your Conveyancing Solicitor is happy they will request a final redemption statement from your existing lender calculated to your agreed date of completion.
Your Conveyancing Solicitor will send you a copy of the final redemption statement and also send you a Completion Statement setting out all the financial elements of the transaction. The Statement will be calculated to the date of Completion, if there is a balance due to you this will be sent on the day of completion, if there is a balance owed you will be required to send this, cleared funds before you can complete.
If you are happy with the figures your Conveyancing Solicitor will submit final searches and report to you on any entries.
If the searches are clear your Conveyancing Solicitor will request the mortgage funds from your new lender in readiness for completion.
The Completion Day
Your Conveyancing Solicitor will receive the mortgage funds from your new lender and pay the mortgage balance to your existing lender in accordance with the Completion Statement you have received. They will also deduct the legal fees payable and arrange to send you the balance, if any.
Your Conveyancing Solicitor will then arrange to register the new lender mortgage deed with the Land Registry which takes place after completion.
To ensure you know from the start how much remortgaging your home will cost, we provide an itemised quote, so you can see a breakdown of the work we will undertake and related expenses. We’ll let you know if any additional work is required, so you’re never caught out by unexpected remortgage fees.
For a fast and efficient remortgaging service tailored to your needs click here to get a free remortgage quote and instruct us today.
Simpson Millar exceeded our expectations in every way possible - professionalism, approachability, speed of responding to queries and speed of reaching completion, personalised service- all in all, the first solicitor to have made a conveyancing process as seamless as possible. LD, client
Rachael far exceeded our expectations! Amazing service and communication from start to finish, we will be using her again and again and have even passed her name to family members who are going to use her! Amazing. Matthew, client
Simpson Millar is a national law firm with over 500 staff and offices in Bristol, Cardiff, Kingston-upon-Thames, Lancaster, Leeds, Liverpool, London, Manchester, Morecambe and Southport.