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Do you need a solicitor to remortgage?
Put simply, yes.
When we use the term “remortgage”, we’re referring to refinancing to a new mortgage lender, rather than sticking with the same lender.
However, there are other types mortgage options available that some may believe falls under the term “remortgage”, which may not require a solicitor, although they technically aren’t the same thing.
Therefore in this guide we’ll explain why you need a solicitor to remortgage, along with alternative options that do not require a solicitor.
A remortgage is a term for refinancing your home.
You are essentially moving your mortgage from one lender to another.
You can find out more about what a remortgage is and some reasons you might consider remortgaging on our dedicated guide. We also have a specific guide on self-employed remortages too.
Some examples of why to consider a remortgage include reducing monthly repayments or raising funds for home improvements.
A solicitor (otherwise referred to as a conveyancer) is responsible for the drawdown of funds from the new lender that you’re remortgaging to and paying off the existing lender.
The lender will require a solicitor to carry this out on your behalf.
Aside from the drawdown of funds, the solicitor will carry out their checks (e.g. ID checks and checks on the property itself).
They’ll also have you sign the mortgage deeds and will issue a mortgage questionnaire.
Depending on the arrangement you’re looking to have carried out, the solicitor may carry out additional work.
This may include adding or removing someone from your mortgage (otherwise known as a transfer of equity).
Once their work is complete, they’ll set the completion date for your remortgage.
It’s important to highlight any early repayment charges to your solicitor, and the expiry date for these charges, in order to avoid completing on your remortgage too early and having to pay this charge.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
Many lenders offer a free legal service.
For the lenders who do not offer free legals, it’s common for these lenders to offer cashback in place of this to help cover the cost of the remortgage.
If you’re using your own solicitor, you’ll need to check what their fee will be.
As briefly mentioned, there are some mortgage products, similar to remortgages, which do not require a solicitor.
Firstly you have product transfers (otherwise known as rate switches).
This option simply means to switch your existing rate over to a new rate with your current lender, meaning it’s technically not a remortgage.
As the funds are still remaining with the same lender, there’s no need for a solicitor.
A further advance is another instance where you may not need a solicitor.
This is where you request additional funds from your existing lender. An example of why you’d do so may be for home improvements. Again, technically not a remortgage.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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