Richard Broadhead, Head of Residential Property at Thompson Smith and Puxon, explains when a Solicitor is and isn’t required for a property remortgage…

There are a number of reasons why someone may consider remortgaging their property. This could include switching between a variable and fixed rate, switching providers, changing the length of your mortgage terms, to borrow against your property, or remortgaging due to a separation or change in family circumstances.

If you are remortgaging with your current mortgage provider, simply because you have come to the end of your fixed term, then you do not need to have a Solicitor, because all the details that the Land Registry hold will remain unchanged.

However, if you are changing mortgage providers, to secure a better deal, for example, then you will need to appoint a Solicitor to manage the legal aspects and ensure that the new mortgage is registered against the legal title.

There are several steps that your conveyancer will work through when remortgaging a property. This includes carrying out ID and anti-money laundering checks, reviewing the existing mortgage, checking terms, conducting property searches, arranging the signing of the new mortgage deed, holding and managing the transfer of funds on completion, and registering the changes with Land Registry.

A remortgage is often more straightforward than a property sale or purchase, so will typically take less time, usually between 4-8 weeks. However, each case is different and will depend on the circumstances surrounding the remortgage and the type of property. If you are thinking about re-mortgaging, then it is sensible to start looking into the process around 6 months before your fixed term comes to an end.

For further information on re-mortgaging or for a competitive estimate, please contact the Thompson Smith and Puxon residential property team on 01206 217070 or email movinghome@tsplegal.com.