Remortgaging Solicitors

For a lot of us, getting our first mortgage is exciting. It’s one of life’s big milestones.

Remortgaging, on the other hand, is like renewing your home insurance. There are lots of things you’d rather do, but you have to do it regardless.

And because we don’t remortgage as often as we renew our home insurance, the process can be just as confusing as it was the first time around. Except now we don’t have the excitement and anticipation to carry us through.

At Ringrose Law, we specialise in making the process of remortgaging as straight-forward and as stress-free as possible.

So whether you’re switching to a better deal, borrowing more, or adding or removing someone from your current mortgage, we can help.

When you remortgage with us, you’ll benefit from;

Vastly experienced remortgaging solicitors
Practical advice that’s jargon-free and easy to understand
Fixed fees without hidden costs
Regular updates
Prompt and reliable service

“The whole process from end to end was very easy to follow, with next steps being highlighted along the way, together with expected associated costs.

I always felt confident that matters were being conducted professionally and in a good time frame…”

– Mick Oldhamm 7th February 2024

Contact Our Experts

To find out how we can help you remortgage, contact out team. Or get an instant quote from our conveyancing calculator. Call Us: 0333 3580 393

Remortgaging With Ringrose Law: How it Works in 10 Simple Steps

Remortgaging with us is very straight-forward and we’ll handle the process for you. Here’s how it works:

Step 1: Get An instant Online Quote

First, get an online quote using our conveyancing calculator. Once you have your quote you can instructs us to deal with your remortgage. You can do this either online or by calling us.

Step 2: Acknowledgement of Service

We’ll send you a letter that acknowledging your instruction along with some initial paperwork. We’ll ask you supply some ID documents and fill in a questionnaire.

Step 3: Contact Your Current Lender

Once you have supplied all the relevant information, we’ll content your current mortgage lender. We’ll request a redemption figure and any property deeds they have.

Step 4: Your New Mortgage Offer

Once we get the mortgage offer from your new lender, we’ll get you to sign the mortgage contract (also called a mortgage deed).

Step 5: Your Properties Title Deeds

We’ll check the title deeds to your property to make sure everything is in order. We’ll check this in detail for rights of ownership, rights or restrictions. We’re obliged to inform your new mortgage lender if we find anything they need to know about. If this is the case, we’ll let you know first.

Step 6: Property Searches

Many mortgage lenders require us to conduct property searches as a condition of the mortgage. These are usually local authority, water and drainage, and environmental searches.

Step 7: Meeting the Conditions of the New Mortgage

When a lender offers a mortgage, the do so providing you need their lending conditions. We’re obliged to make sure their terms are met.

Step 8: Agreeing a Completion Date

We’ll agree a date of completion date with you. We’ll let your mortgage lender know when that is and request, they send the funds on that date.

Step 9: Completion Day

The day of completion, we’ll receive the money from your new lender. We’ll use that to repay your old mortgage and pay any remaining funds to you.

Step 10: Updating Your Title Deeds

Once you new mortgage is in place, we’ll update the title deeds of your property. We’ll remove the old lender and replace it with your new lender. Then we’ll send you a copy of your updated title deeds.

“First time remortgaging the house. After the mess the buying solicitors made of it was worried.

From first contact, Ringrose made us feel at home. Answered questions and helped with queries. Can’t thank you enough…”

– Chris Norman 28th November 2023

Contact Our Experts

To find out how we can help you remortgage, contact out team. Or get an instant quote from our conveyancing calculator. Call Us: 0333 3580 393

On this page:The Remortgaging Process

How can we help?

Frequently Asked Questions

What is a Remortgage?

When you bought your home, chances are you got a mortgage. Remortgaging is the process of paying off one mortgage with the proceeds from a new one.

There are several reasons to remortgage, including:

Securing a Better Deal

If;

Interest rates have dropped
You’re coming to the end of your fixed rate mortgage, or
You credit rating has improved

You might be able to remortgage on a lower interest rate. This could save you thousands of pounds.

Changing Mortgage Terms

Remortgaging can allow you to adjust the term of your mortgage. Either by shortening it to pay off your loan faster, extending it to reduce your monthly payments, or an option to take payment holidays.

Debt Consolidation

Some choose to remortgage to consolidate debts. Using the additional funds to pay off high-interest loans or credit card debts.

Raising Capital

Remortgaging can also provide access to funds by releasing equity from your property. You can use this extra money for home improvements or investments.

Whatever your reason for remortgaging, Ringrose Law can help you through the process.

Transfer of Equity

If you’re adding someone to, or removing someone from the title deeds, your mortgage lender will need to consent to the changes. This often means re-mortgaging.

How Long Does it Take to Remortgage?

It usually takes four to eight weeks to remortgage.
However, this can vary depending on how long it takes to get your searches back, hearing back from mortgage lenders etc.

There is often quite a lot of paperwork to complete which can hold things up. The best thing you can do it to complete and return any paperwork as quickly as possible.

We’ll always strive to meet all deadlines and we’ll keep you updated on progress.

Do I Need a Solicitor to Remortgage?

Yes, in most cases, you will need a solicitor or a licensed conveyancer when remortgaging. Especially if you are switching lenders.

When a solicitor does the conveyancing work for a remortgage, they act for both you and the lender.

Acting for you: they will conduct the necessary legal searches and find any issues you might be liable for.
Acting for the lender: to make sure property is a good security to lend against.

If you’re just switching to a new mortgage product with your current lender (known as a product transfer), you may not need a solicitor. In these cases, the legal work involved is minimal since the lender remains the same.

Some lenders offer free legal services as part of the remortgage deal. Especially for straightforward cases. They may appoint a solicitor or conveyancer to handle the necessary legal work on your behalf.

If you want to add someone to, or remove someone from the mortgage, you’ll need a solicitor that can handle transfer of equity.

When Should I Remortgage?

It’s good to consider re-mortgaging when;

Your current fixed rate mortgage is due to expire – If you don’t, your lender will put you on their standard variable rate. These are often much higher interest than fixed rates.
You can get a lower interest rate with a different product or lender – You’ll need to work our if the cost of their early repayment charges (ERC’s) outweighs the benefit of the lower interest rate.
You’re on a variable rate mortgage and worried about interest rate hikes – Interest rate rises can be hard to predict. Again, you should weight up the costs of remortgage versus any potential savings.
You want to borrow more money – Remortgaging could be a good way to borrow more money to pay for home improvements or consolidate other debts.
Your equity has increased significantly – If the value of your property has increased significantly, your equity will also have increased. This means the loan-to-value (LTV) of your borrowing will have decreased. A lower LTV can often give you access to much better interest rates.
You want more flexible terms – Such as the ability to overpay without incurring fees, take payment holidays, and offset your savings against the interest.

Can I Remortgage Early?

You can remortgage early. However, there’s no point in doing so unless there is a financial benefit.

How Much Does Remortgaging Cost?

Legal fees – this is for the cost of the conveyancing services done by your solicitor. You can get an instant quote by using our conveyancing calculator.
Search fees – Search like local authority, water and drainage and environmental fees have associated fees.
Land Registry fee – For changing the details of mortgage lenders with the Land Registry.

Can I Add My Legal Fees to the Mortgage?

No. Legal fees are separate to the mortgage so you can’t add them on.

My Mortgage Lender Has a Conveyancing Solicitor, Do I Have to Use Them?

It’s often the case that your mortgage lender wants you to use their preferred solicitor. If it’s free and part of the remortgage deal, you might not have much a choice.

However, if you are paying for a solicitor, you have the right to choose your own.

Ringrose Law Solicitors