Navigating A Remortgage

24 June, 2025 4 minutes reading time

When to Bring in Legal Expertise

Remortgaging your home can be a smart financial move, potentially securing a better interest rate, releasing equity, or changing your mortgage terms. However, as you explore your options, a question we are often asked is: Do you need to engage a lawyer for this process?

The short answer is that it depends on your circumstances; however, in most cases, a lawyer is indeed essential. You will almost certainly need a legal professional if you are:

Switching Lenders

This is the most common scenario. When you transfer your mortgage from one bank or building society to another, the new lender requires legal checks to ensure that your property provides sufficient security for their loan. Your lawyer will oversee the transfer of the legal charge on your property.

Changing Property Ownership (Transfer of Equity)

If you’re adding or removing someone from the mortgage and the property deeds (e.g., due to marriage, divorce, or a new partner), it is essential to consult a lawyer to amend the legal ownership.

Releasing Equity

Suppose your remortgage involves borrowing a larger sum against the value of your property. In that case, legal processes are necessary to ensure that the new loan is secured and complies with relevant regulations.

Dealing with Leasehold Properties

Leasehold properties entail further complexities regarding ground rent, service charges, and lease terms. All of these necessitate a solicitor’s expertise.

Complexities or Uncertainties

Any issues with the property title, boundary disputes, or unusual circumstances surrounding your property will necessitate the advice of a lawyer.

When You Might Not Need a Lawyer

There are a couple of situations where you might not need a legal professional:

Product Transfer with Your Current Lender

If you’re simply staying with your existing lender but switching to a new mortgage rate or deal (e.g., moving from a fixed rate to another fixed rate with the same provider), this is often just an administrative adjustment. Your lender usually handles this internally, and it typically doesn’t involve new legal work.

Borrowing More from Your Current Lender (Further Advance)

If you are borrowing additional funds against your current mortgage agreement with the same lender, without altering the fundamental terms or ownership, legal work may not be required.

Even in these “no lawyer needed” scenarios, it can still be beneficial to consult one. They can offer valuable expertise, review the terms, and ensure your interests remain protected.

The Remortgage Process

Once you have established you need legal advice for your remortgage, the process begins with anti-money laundering checks to verify your identity. Next, your lawyer will contact your existing lender to obtain your current mortgage details and a redemption statement. This confirms the outstanding balance and any early repayment charges that may apply. For leasehold properties, your lawyer will carefully examine the lease terms to ensure they comply with the new lender’s requirements.

Once your new lender issues a formal mortgage offer (after valuation), the next stage is to review the terms and conditions. Some new lenders may request property searches to identify any potential issues. These are similar to those conducted when you first purchased the property. In some cases, a quicker search indemnity policy can be implemented instead.

Your lawyer then prepares the new mortgage deed for your signature and conducts bankruptcy searches to satisfy the new lender’s requirements. On the completion day, mortgage funds are requested from your new lender and used to pay off your old mortgage. Finally, your lawyer will register the new mortgage with the Land Registry, updating the legal title for your home.

Timescales

A standard remortgage can take between four and eight weeks from the time you apply. However, this can vary depending on several factors:

• Some lenders are quicker than others.

• If the property is leasehold, or there are issues with the title, or complicated ownership structures, these can prolong the process.

• Being proactive or responding quickly by providing documents and information to the legal team and lender can positively impact the timeline.

• Using a reputable mortgage broker can expedite the process by helping you find the right deal and manage the application.

If your current fixed-term mortgage is nearing its end, it’s a good idea to start the remortgage process about 12 weeks before it expires. This will help you avoid your lender automatically switching you to their potentially higher Standard Variable Rate (SVR).

Our Advice

Some straightforward product transfers may not require legal assistance. However, enlisting the services of a legal professional is generally a wise move for most remortgages. If you need support or advice regarding the remortgaging process, please don’t hesitate to contact us. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.

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