You’ll need to hire a conveyancing solicitor when you’re remortgaging with a different lender. When remortgaging, your solicitor will need to carry out certain checks and searches as well as obtain legal documents.
We’ve put together everything you need to know about remortgaging, including a review of solicitor’s fees and how the remortgaging process works.
Do I Need a Solicitor to Remortgage with the Same Lender?
If you're remortgaging with your existing lender, then you won't need conveyancing services from a remortgage solicitor. This is known as a product transfer. If you're adding or removing someone from the mortgage, then you might need the help of a remortgage solicitor.
To learn more, read do I need a solicitor to remortgage.
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What Does a Solicitor Do When you Remortgage?
The remortgage conveyancing process is slightly different to the process for buying or selling property. Below we’ll explore what a solicitor does when you remortgage.
Verify your identity
Verify source of funds
Check title deeds
Redemption statement
Property searches
Further searches and checks
Review remortgage offer
Certificate of Title
Transfer funds
Update transfer deed
How Long Does Remortgage Conveyancing Take?
The conveyancing process when remortgaging takes around one to two months to complete. It’s important to start the process at least six months prior to your current mortgage deal expiring to avoid any delays.
It’s also important to make sure your chosen solicitor or conveyancer is authorised and approved to work with your new mortgage lender. If they’re not, this could cause delays and even extra charges.
How Much are Remortgage Solicitor Fees?
Solicitors fees for a remortgage will cost £1,078 on average according to our data. Our research shows that the solicitor’s legal fee will cost £720 inc VAT. you’ll have to pay for the relevant disbursements on top:
Search fees - £290
Electronic bank transfer fee - £40
Electronic ID check - £20
Title deeds copy - £4
Land Registry fees - £4
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Can You Add the Conveyancer Fee to the Remortgage?
You can’t add your conveyancing fees to your remortgage as you’re paying the solicitor’s legal fee for their time and service. This will be required upfront or at the end of the conveyancing process.
You can add the arrangement fee and the deeds release fee to your mortgage.