The Cost of Remortgaging Your Home

We have made the following key assumptions about your purchase.

• Your transaction is standard and that no unforeseen matters or legal issues arise which must be resolved prior to exchange of contracts
• That you provide any documents that we request from you without any undue delays and that your transaction is completed in a timely manner
• That your property is registered at the Land Registry. The Land Registry is a Government department created in 1862 to register the ownership of land and property in England and Wales. There are currently more than 23 million titles documented. Useful if you would like to check property ownership, prove that you own a property or check whether your property is registered. Find out more information here
• That all of the necessary building regulations or planning permission have been obtained
• That there are no other unusual problems or complications
• That all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

If your re-mortgage becomes more complex, for any reason, we may need to revise the quote that we have given you.

The following do not form part of our standard legal service and would typically increase the cost of our service. We will let you know about any additional costs as soon as they become apparent. These include

• The need to rectify unusual or onerous defects in the leasehold or freehold title
• The need to prepare any documents that are not part of the main transaction
• The need for an indemnity policy, and any associated disbursements, which may be required in some non-routine circumstances

Our service does not include:

• Financial Advice, including the effect of a lifetime mortgage on your current circumstances or on your estate following death

We have listed the key stages that are included as standard in our legal fee for your re-mortgage here.

If you’re staying with your current mortgage provider and simply changing your mortgage rate because your fixed term has ended, there’s no need for a solicitor. This is because the Land Registry’s records won’t need updating.

Changing your mortgage provider involves legal aspects, like ensuring the new mortgage is properly registered against the title of your property. A solicitor will manage these aspects to ensure everything is handled correctly.

Your solicitor will take care of various tasks including ID checks, anti-money laundering checks, reviewing your current mortgage, checking new mortgage terms, conducting property searches, preparing the new mortgage deed for signing, managing funds transfer upon completion, and registering the mortgage changes with the Land Registry.

While a remortgage is generally more straightforward than buying or selling, it usually takes about 4-8 weeks. The exact timing can vary based on your specific circumstances and the type of property involved.

It’s wise to begin exploring your options around 6 months before your current fixed term ends. This gives you ample time to understand the process and make informed decisions.