Remortgage Advice

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Solicitors for Remortgage

When thinking about remortgaging your home, seeking legal assistance can ensure you make the right decisions and pick the option that is the very best fit for you. At JMW, our highly experienced solicitors can advise you on the range of options available and discuss which are the most favourable for your specific situation.

Our expert remortgage solicitors will help you to assess the costs associated with remortgaging and walk you through the often complex process. This will ensure that you are able to meet all of your legal requirements and get the best value from the mortgage 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 today. Simply call us 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.

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How JMW Can Help

At JMW, our remortgage solicitors will advise you on the range of options available and help you to work out which is the right fit for you. Everyone is in a different situation regarding their mortgage repayments, so it is important to select a solution that best matches your needs.

We can then take care of the legal process of remortgage conveyancing for you, handling the complicated essentials and updating you on our progress as and when you need it.

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. You will provide 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 and review the mortgage offer from your prospective new lender, and offer you guidance. If the deal is acceptable, you will sign the new mortgage deed.
  5. We will carry out the necessary administrative and legal work to ensure that all of the lending conditions have been met, including checking the title deeds of your property to identify any preexisting loans, rights and restrictions, as well as perform 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.

Our highly experienced team of remortgaging solicitors has helped countless people with their home loan issues and providing remortgaging advice throughout the process, so if you have any questions - no matter how big or small - regarding remortgaging, please don't hesitate to get in touch.

What Is a Remortgage?

Remortgaging is the process of switching a home loan from one product to another, either with the same lender or another provider. The majority of people do this so they can save money on their mortgage repayments, which is typically a household's biggest outlay every month. They aim to do this by opting for a mortgage deal with lower rates than they are currently paying. In addition, people might want to switch to a product that lasts for a shorter or longer period of time than their current deal.

There are a wide variety of remortgage deals available on the market that offer varying degrees of value, while in many cases there may be certain fees attached to leaving your current deal. This is why it is valuable to seek independent advice on the remortgage conveyancing process before proceeding.

What Are the Benefits of Remortgaging?

Remortgaging is seen as a favourable move by some homeowners because it can:

  • Bring down your monthly mortgage payments
  • Give you access to funds following an increase in the equity of your property
  • Provide an improved rate of interest following a change in circumstances since you first bought the property
  • Provide better security in the form of a fixed rate (if the previous mortgage was on a tracker or variable rate)

How Long Does a Remortgage Take?

A typical remortgage process takes between four and eight weeks to complete, depending on the circumstances. However, in some cases it can take longer, for example if an initial deal is rejected.

It is also possible to agree a mortgage in principle up to three months in advance if you are planning to proceed with a remortgage in the near future.

Because many of the delays associated with remortgaging are caused by administrative holdups, the best way of ensuring that the process moves along as quickly as possible is to ensure that any relevant documentation is completed and sent back promptly.

Remortgaging can save homeowners a huge amount of money, but the process for arranging a remortgage can be extremely complex. Additionally, the associated costs can sometimes be significant, to a degree that potentially exceeds the benefits.

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

  • Early repayment charge 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 for updating the records held by the Land Registry
  • Search fees covering the cost of 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
  • New mortgage repayments to your lender

With so many fees to potentially consider, it is highly recommended that you seek expert remortgage advice beforehand to gain a proper understanding of what you are likely to pay and how best to navigate this process. For this, you will need a solicitor with significant experience in handling remortgage transactions.

Remortgage solicitors cannot provide advice on which mortgage product is right for you, and you should consult an independent mortgage broker or financial advisor for guidance on this. However, your chosen solicitor will be able to offer in-depth advice on the remortgaging process and the fees involved, making it much easier for you to select an arrangement that will be beneficial for you both now and in the future.

FAQs About Remortgaging

How does the process differ when switching to a different lender?

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 hire a solicitor, although remortgage solicitors may still be able to provide helpful advice on the process.

If you are switching to a new mortgage lender, this is a much more in-depth process, which will involve your current mortgage being paid off in full and replaced with a new mortgage. As such, it is essential in these cases to hire an experienced remortgage solicitor to handle the complex legal process, including corresponding with the new mortgage lender, reviewing the documentation, updating the Land Registry records and providing guidance on conveyancing costs.

Talk to Us

For more information about how our expert team can help you make the right choices regarding your remortgage options, get in touch today. To find out more about our conveyancing services and legal fees, give us a call on 0345 872 6666 or complete our online enquiry form, which will enable us to give you a call back at a convenient time.