Remortgage Conveyancing

What Is Remortgage Conveyancing?

Conveyancing is the legal process of transferring the mortgage charge on your property from one lender to another. When you remortgage with a new lender, the old lender's legal interest in your property needs to be removed and replaced with the new lender's interest. This is what conveyancing achieves.

A qualified solicitor or licensed conveyancer handles this process on your behalf. Their role involves:

• Verifying the property ownership and checking the title deeds
• Conducting property searches to identify potential issues
• Liaising with both the old and new lender
• Managing the flow of funds on completion day
• Registering the new mortgage charge with the Land Registry

Unlike house purchase conveyancing, remortgage conveyancing does not involve a chain of buyers and sellers. This makes it generally simpler and faster, though it still requires careful attention to legal detail.

The Conveyancing Process Step by Step

Here is what happens during remortgage conveyancing, in the order it typically unfolds:

1. Instruction: Once your mortgage offer is issued, the lender instructs the conveyancer. If you are using the lender's free legal service, a panel solicitor is assigned. If you are using your own solicitor, you instruct them directly.
2. Initial paperwork: The solicitor sends you forms to complete, including identity verification and property questionnaires. Complete and return these promptly.
3. Property searches: The solicitor orders searches from the local authority, environmental agencies, and water companies. These check for planning issues, flood risk, contamination, and drainage matters.
4. Title review: The solicitor obtains the title deeds from the Land Registry and checks for any issues such as restrictive covenants, rights of way, or outstanding charges.
5. Redemption statement: The solicitor requests a redemption figure from your current lender — this is the exact amount needed to pay off your existing mortgage on a specific date.
6. Report to lender: The solicitor prepares a report for the new lender confirming that the property and title are satisfactory and that completion can proceed.
7. Completion: On the agreed date, the new lender releases the mortgage funds to the solicitor, who uses them to repay the old lender. The new mortgage charge is then registered with the Land Registry.

How Long Does Remortgage Conveyancing Take?

Remortgage conveyancing typically takes between two and four weeks, though it can be shorter or longer depending on several factors:

Factors that can speed things up:

• Quick responses from you to any queries or requests
• Clean, straightforward title with no complications
• Efficient solicitor with good systems and processes
• No issues arising from property searches
• Current lender providing the redemption statement promptly

Factors that can cause delays:

• Title issues (missing documents, unregistered alterations, restrictive covenants)
• Slow responses from the local authority on search queries
• Issues with the property (short lease, non-standard construction, planning concerns)
• Your current lender being slow to provide a redemption statement
• Incomplete or incorrect information on your forms

The conveyancing process usually runs in parallel with the lender's underwriting, so it does not always add to the total remortgage timeline. However, if conveyancing hits delays while underwriting is already complete, it can become the bottleneck.

Remortgage Conveyancing Costs

If your remortgage deal includes free legal work, the lender covers the standard conveyancing costs. If you are paying for legal work yourself, here is a breakdown of typical costs:

Solicitor's professional fee: £300–£800

This covers the solicitor's time and expertise in handling the legal transfer.

Disbursements (third-party costs):

• Local authority searches: £100–£300 (varies significantly by area)
• Environmental search: £30–£60
• Water and drainage search: £30–£60
• Land Registry search: £3–£6
• Land Registry registration fee: £20–£270 (depends on property value)
• Bank transfer fees: £25–£50 per transfer
• ID verification: £5–£20 per person

Total estimated cost: £500–£1,500

Some solicitors offer fixed-fee conveyancing packages for remortgages, which can give you certainty over costs. Always ask for a full quote including disbursements so you can compare accurately.

Choosing a Conveyancer for Your Remortgage

If you have the option to choose your own conveyancer (rather than using the lender's free panel solicitor), consider the following:

• Panel membership: Your chosen conveyancer must be on the new lender's approved panel. Check this before instructing them, as joining a panel can take time.
• Experience: Look for firms that regularly handle remortgage conveyancing. They will be familiar with lender requirements and common issues.
• Communication: Good communication is crucial. Choose a firm that provides regular updates and is responsive to your queries. Read reviews from previous clients.
• Pricing: Get quotes from several firms and make sure they include all disbursements. The cheapest option is not always the best — consider the overall service and speed.
• No-completion-no-fee: Many conveyancers offer a guarantee that you do not pay their professional fee if the remortgage does not complete. This provides peace of mind.
• Online vs local: Online conveyancing firms can be efficient and competitively priced. Local firms may offer a more personal service. Both can handle remortgage work effectively.

How to Speed Up Remortgage Conveyancing

While some aspects of conveyancing are outside your control, there are practical steps you can take to help things move faster:

• Return forms and documents immediately — When your solicitor sends you paperwork, complete and return it the same day if possible. Delays at your end are directly reflected in the overall timeline.
• Have your ID ready — Prepare your proof of identity and address so you can verify yourself quickly when your solicitor requests it.
• Respond to queries promptly — If the solicitor has questions about the property or your circumstances, answer them straight away. Do not let emails sit unread.
• Inform your solicitor of any property issues upfront — If you know about any alterations, extensions, or issues with the property, tell your solicitor at the start. Surprises that emerge later in the process cause delays.
• Chase your current lender if needed — If the redemption statement is taking a long time, a polite call to your current lender can sometimes speed things up.
• Keep your contact details up to date — Make sure your solicitor, broker, and lender all have your current phone number and email address.

The most efficient remortgages are those where all parties communicate well and respond quickly. By doing your part, you can help ensure the conveyancing runs smoothly and your remortgage completes on time.