Do I Need Remortgage Conveyancing Even Though I’m Not Moving House?

With an estimated 1.5million people coming to the end of a fixed rate mortgage deal in 2024, there is a huge demand for remortgage deals. What’s more, with a subdued housing market, many homeowners are choosing to stay put and invest in home improvements, remortgaging to give them the funds they need.

Whatever the reason for remortgaging your home, it is important to know that you still need to use professional remortgage conveyancing, even though you are not actually moving house.

Why do you need remortgage conveyancing?

Remortgaging your property means transferring the loan from one lender to another. This is a simpler process than moving house, as you don’t need local searches and reports. However, there are still a number of formal legal steps that must be completed by a remortgage conveyancing professional.

You need remortgage conveyancing if you’re switching lender, but you may not need it if you are simply switching deals with your existing lender, or if you’re accessing further funds on your existing mortgage. You also need mortgage conveyancing if you’re adding or removing a name from your mortgage, such as adding a new partner or removing someone following a divorce.

What does a remortgage conveyancer do?

A remortgage conveyancer does more than just handle the paperwork, as Lucy Chiddey a licenced conveyancer from Holdens Law explains:

“My role is more than just dotting the Is and crossing the Ts. I work closely with my clients to ensure that they fully understand the terms of their new deal, including any costs such as early redemption fees, to ensure they’re making an informed decision.

“I then handle everything on their behalf, including requesting and transferring deeds, dealing with any conditions required by the new lender such as searches and lease checks, and registering the changes with the Land Registry. I also manage the transfer of funds, sending any surplus to the client.”

How long does remortgage conveyancing take?

Remortgage conveyancing doesn’t take as long as conveyancing on a property purchase, but you should still allow up to two months for the process. If you’re remortgaging because your fixed rate deal is coming to an end, it’s best to allow three months to be sure that your new deal will be in place before the old deal expires.

“My team at Holdens Law works promptly and professionally to ensure your remortgage conveyancing goes through as quickly as possible,” says Lucy. “But we never cut corners to achieve this. Our process is quick but comprehensive, covering everything from checking the small print of your deal to checking your ID for money laundering regulations.”

What does remortgage conveyancing cost?

There are a number of fees involved in remortgaging your home, and these need to be considered to ensure your new deal actually saves you money. There may be an early repayment charge if your current deal is still running and this can be a significant amount. You may also have to pay for deed release fees, ID checks, arrangement fees for your new mortgage, land registry fees and fees for bankruptcy and other searches. These will be on top of the fee charged by your remortgage conveyancing solicitor.

At Holdens Law, we pride ourselves on being open and honest about fees, delivering exceptional value with no hidden charges. Lucy and her team will explain all the potential costs to you in advance, to help you to decide if remortgaging is cost-effective for you.

“With Britain’s mortgage payers facing as much as £19bn in extra costs due to rising interest rates, we understand how important remortgaging is for many of our clients,” she says. “At Holdens, we work hard to ensure you’ve chosen the best possible deal that works for you and your circumstances, both now and in the future.”

If you’d like to find out more about remortgage conveyancing in Lancaster or remortgage conveyancing in Kendal, contact Holdens Law today.