Remortgage Solicitors

If you are considering remortgaging your home, whether you are the occupier of the property, a buy-to-let landlord or an investor, you will need legal advice. There is a legal process involved when a property owner seeks a mortgage from a bank or a lender, and it is important that you work with an experienced solicitor.

JMW's highly experienced remortgage conveyancing solicitors will handle the legal aspects of your remortgage and work efficiently to manage your expectations and keep you informed of progress throughout the transaction. If you are an investor or landlord, our team understands the differences in processes compared to that of a high street remortgage thanks to our experience in acting for many specialist lenders and banks. Whatever your position, we have the expertise to assist.

Our approach will help you to meet all of the legal requirements and get the best value from the remortgage process, in as quick and stress-free a manner as possible. To take advantage of our expertise in this area of law, contact us today to speak with a remortgage solicitor. Simply call JMW on 0345 872 6666, or fill in our online enquiry form and a member of the team will give you a call back as soon as possible.

How JMW Can Help

At JMW, our remortgage solicitors stand by you throughout the entire process of remortgaging a property and make sure all of the legal requirements are met. We have a track record of success in helping residential property owners, investors and homeowners remortgage their properties, and we offer a fast and reliable service.

We know that buy-to-let properties often involve additional checks, such as verifying tenancy agreements, confirming the property is let lawfully or reviewing HMO licences. Lenders usually expect a solicitor to certify these details, and we have a wealth of experience in working with lenders in this capacity.

If you have any questions regarding the remortgage process, please don't hesitate to get in touch.

Meet Our Team

JMW’s expert remortgage conveyancing solicitors have a strong reputation for handling an array of remortgage transactions. We cater to all and have significant experience in dealing with everything from high street banks to specialist lenders.

What Is a Remortgage?

Remortgaging is the process of switching a home loan from one product to another, either with the same lender or bank, or another provider.

Remortgaging can have significant benefits for homeowners, buy-to-let landlords and property investors, including:

• Reducing monthly mortgage payments
• Raising funds for home improvements
• Providing an improved rate of interest if your circumstances have changed since you first purchased the property
• Offering better security in the form of a fixed rate, especially if the existing mortgage is on a tracker or variable rate

If you are remortgaging or require any further advice on the above then please contact one of our team for further assistance.

Q

Do you need a solicitor to remortgage?

A

Remortgaging can save property owners significant sums of money. You will need conveyancing services and, as such, it is highly recommended that you seek expert remortgage advice from an experienced solicitor.

Switching to a new mortgage lender involves your current mortgage being paid off in full and replaced with a new mortgage. It is essential in these cases to instruct an experienced remortgage solicitor to handle the legal process, which involves corresponding with the new mortgage lender, reviewing documentation, updating the Land Registry records and providing guidance on conveyancing costs.

JMW can offer in-depth advice on the remortgaging process and the fees involved. We recommend that you  consult an independent mortgage broker or financial advisor for guidance on which mortgage product is right for you.

Q

How does the process differ when remaining with the same lender?

A

If you are remortgaging with the same lender - for example, if you are getting an advance on an existing mortgage, or getting a product transfer to a new rate or deal - it may not be necessary to instruct a solicitor. Even so, remortgage solicitors may still be able to provide helpful advice on the process. Speak to JMW if you have any concerns about whether you need your own solicitor when you accept a new deal from your existing lender.

Q

What fees are involved in a remortgage?

A

Typical fees you may encounter when remortgaging your property can include:

• Early repayment penalties paid to your existing lender
• Exit fee (also called a deeds release fee or an admin charge) to your current lender
• Mortgage fees to your new lender, including an arrangement fee and a booking fee
• Land Registry fees
• Search fees covering the cost of any local authority, drainage and water, and environmental searches required by your new lender
• Valuation fee to your new lender
• Remortgage conveyancing fees to your solicitor for their conveyancing services
• Brokerage fee to your broker

Fees are different in every case, and it is important to consider them in evaluating your remortgage plan.

Q

How long does a remortgage take?

A

A typical remortgage takes four weeks from receipt of the mortgage offer. However, the team at JMW can complete cases quicker, if required. 

Because many of the delays associated with remortgaging are caused by administrative holdups, the best way to keep the process moving as quickly as possible is to complete the necessary documentation and send it back promptly.

Q

What documents do you need from me?

A

There are several documents you may need to supply during the process of a remortgage, and preparing them in advance can enable our remortgage solicitors to work more quickly in securing your deal. These include:

• A photo ID, such as a passport or UK driving licence
• A recent utility bill, council tax bill, or bank statement to serve as proof of address
• Documents with your current mortgage account number and the name of your current lender
• Any paperwork showing early repayment fees or product end dates, if relevant
• Title deeds or Land Registry documents, if you hold physical copies of these
• Details of any changes made to the property, such as lease extensions, transfers of equity, or deeds of trust
• A copy of your current buildings insurance policy showing the insured amount and renewal date
• Recent payslips, tax returns and bank statements, which will need to be supplied to your new lender
• Details of any help-to-buy loans, shared ownership arrangements or second charges
• Evidence relating to matrimonial or ownership agreements, if more than one person is involved
• Completion documents for major alterations, such as planning permission and building regulations certificates

If your property is leasehold, you may need documents relating to the lease, such as:

• The lease agreement
• Service charge statements and ground rent accounts
• Contact details for the freeholder or managing agent
• Documents regarding buildings insurance arranged by the freeholder, if applicable

Preparing as much documentation as possible in the early stages can streamline the remortgage process and allow you to start benefiting from a better deal on interest rates or monthly payments as soon as possible.

Q

Do I need searches for a remortgage? When can search indemnity insurance be used?

A

In many cases, full searches are not required when you remortgage. Most lenders will take a more streamlined approach, because you already own the property and the legal title has been reviewed before. Instead of ordering full conveyancing searches, solicitors usually rely on Land Registry searches and search indemnity insurance, if the lender allows it. We may make enquiries about any known issues, such as alterations, disputes, or new charges on the title if necessary.

However, this depends entirely on the lender's policy. Some lenders insist on updated local authority searches, water and drainage searches, and environmental searches, or may do so if a long time has passed since the original purchase, or the remortgage involves a large increase in borrowing.

If your lender does not insist on searches, your solicitor can usually proceed without them, which can speed up the remortgage process.

Q

Are there extra steps or fees if my property is leasehold?

A

Remortgaging a leasehold property usually involves extra steps and, as a result, some additional fees. Your solicitor must check the remaining term of the lease, ground rent clauses, service charge provisions and any restrictions that could affect the lender with the landlord or managing agent. If anything in the lease raises concerns - for example, a short remaining term or escalating ground rent - the lender may request further information before they are satisfied.

Most leasehold remortgages require a management information pack from the freeholder or managing agent, with:

• Service charge accounts and budgets.
• Ground rent statements.
• Information on buildings insurance arranged by the freeholder (if applicable).
• Details of planned major works.

The freeholder or managing agent can charge an additional fee for this pack.

Most leases also include clauses requiring formal notice when the mortgage changes. Your solicitor will send a notice of charge to register the new lender, and a notice of assignment if ownership details are being updated at the same time. Some leases require the freeholder’s consent to the new mortgage, though this is less common, and you may incur a fee for a certificate of compliance, if the property has restrictions on the title.

These fees vary widely because they are set by the freeholder or agent rather than your solicitor. The team at JMW can advise you on the charges that may apply and help you to calculate the value of your remortgage amount based on an estimate of the fees involved.

Q

What is the remortgage conveyancing process?

A

At JMW, our remortgage conveyancing process works as follows:

1. Contact us to obtain an initial quote that sets out the terms of the remortgage conveyancing process, and any associated remortgage solicitor fees.
2. Provide us with the necessary paperwork detailing your current mortgage and building insurance, as well as identification documents.
3. We will contact your existing mortgage lender to obtain an initial redemption statement that lays out the cost of paying off the mortgage, as well as any property deeds they might have.
4. We will obtain, review and report on the mortgage offer from your prospective new lender with the mortgage deed enclosed for you to sign.
5. We will carry out the necessary administrative and legal work to confirm that all of the lending conditions have been met. This includes checking the title deeds of your property to identify any preexisting loans, rights and restrictions, as well as performing water and drainage, environmental and local authority searches.
6. Once all of this has been completed, we will request an updated redemption statement and agree a final completion date. When this date arrives, we will receive the money from your new lender, ensure that your current mortgage lender is immediately repaid and transfer the remaining money to you.
7. Finally, we will register your new mortgage lender on the property title and send you a copy of the updated title deeds.

JMW's remortgage solicitors take on the responsibility for the legal and administrative requirements of this process, to make things as stress-free as possible for you.