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Remortgaging your home: what to consider
Remortgaging your home can give you the flexibility to find a better mortgage rate, change your mortgage arrangements or release equity from your property. You may want to spend money on home improvements or consolidate your finances. Before you decide to commit, it’s important to get the best possible advice from experienced professionals.
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Comprehensive support every step of the way
At Tees, our conveyancing teams have extensive experience dealing with remortgages for homeowners, landlords and property investors. Our legal team takes care of all the essential checks, from property valuation to ensuring leasehold agreements are in order. We’ll also handle homeowner background checks and assist with any potential planning concerns, giving you peace of mind throughout the process.
The remortgage process
Although every remortgage is different, the process will usually involve the following steps.
1. Choose your new mortgage – You will need to arrange your new mortgage before the legal work can begin. (Speak to Toni Chalmers-Smith if you require later years’ advice, including later life lending/equity release and care fees planning). Your mortgage broker or lender will normally send your mortgage offer to you and your solicitor.
It is important to consider the overall cost of switching, including any early repayment charges, arrangement fees and legal costs.
2. Instruct your solicitor – Once you have chosen your new mortgage, you can instruct our residential property conveyancing team. We will confirm the information and documents we need from you and liaise with your new lender.
3. Legal checks and property searches – We will check the title to your property and deal with the legal requirements set by your new lender.
Depending on the circumstances, searches may be required. If you are remortgaging with the same lender or certain searches have already been completed, your lender may have different requirements.
4. Redeeming your existing mortgage – Your existing mortgage will need to be paid off when the new mortgage completes. We will obtain the necessary redemption statement and arrange for the existing mortgage to be discharged.
5. Completing the remortgage – On completion, your new mortgage funds are received and used to repay your existing mortgage. Your new lender’s charge is then registered against the property.
We will deal with the necessary registration formalities and confirm when the remortgage has been completed.
Remortgaging and transferring equity
Sometimes a remortgage is combined with a change in property ownership. For example, you may want to add or remove someone from the title at the same time as changing your mortgage.
This is known as a transfer of equity. It can have additional legal, tax and mortgage implications, so it is important to take appropriate advice before proceeding.
Our residential property solicitors can deal with the remortgage and transfer of equity together, helping to make the process as efficient as possible.
Remortgaging a property with a complex title
Some properties require additional legal work when being remortgaged. This could include properties with:
- Leasehold ownership
- Unregistered title
- Agricultural or rural land
- Restrictive covenants
- Flying freeholds
- Shared ownership arrangements
- Multiple owners
- Existing restrictions or charges registered against the title.
Our teams have experience dealing with a wide range of residential property matters and can identify potential issues early in the process.
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Remortgaging may appear straightforward, but delays can occur if information is missing or an issue is identified with the property’s title.
Our residential property solicitors will work with you, your lender and other parties involved in the transaction to keep matters moving. We will explain what needs to happen at each stage and make you aware of any issues that could affect your remortgage. Our residential property teams advise homeowners and property investors across the region and beyond.
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Remortgaging FAQs
Do I need a solicitor to remortgage?
In most cases, your new mortgage lender will require legal work to be carried out before the new mortgage can be registered. Some lenders offer free legal services for certain remortgage products, while others allow you to choose your own solicitor.
Your lender will confirm its requirements when your offer is approved.
How long does a remortgage take?
The timescale can vary depending on the lender, the property and whether any issues are identified during the legal checks. A straightforward remortgage can often be completed relatively quickly, but it is sensible to allow several weeks, especially if the lender requires searches to be carried out
If your current mortgage deal is ending, you should ensure you start the process early enough to allow time for the new mortgage and legal work to be completed.
Can I remortgage with the same lender?
Yes. You may be able to switch to a new mortgage product with your existing lender without changing lenders. This is sometimes referred to as a product transfer.
If you are changing your mortgage product but not taking out a new mortgage with a different lender, the legal requirements may be different. Your lender or mortgage adviser can explain what is required.
Can I remortgage before my current mortgage ends?
You may be able to, but your existing mortgage could include an early repayment charge. You should check the terms of your current mortgage and consider whether the potential benefits of remortgaging outweigh the costs of an early repayment charge as they can be significant.
Can I borrow more when I remortgage?
Depending on your circumstances and the lender’s criteria, you may be able to increase the amount you borrow when you remortgage. This is sometimes referred to as additional borrowing or capital raising.
Your mortgage adviser or lender can advise whether you are eligible. If the additional borrowing is for a specific purpose, there may also be legal considerations to take into account.
Can I remortgage if I have a leasehold property?
Yes. Leasehold properties can be remortgaged, although your lender may require additional information about the lease. Such re-mortgages can take significantly longer than freehold properties, as requirements of landlords or managing agents also need to be ascertained. In addition, if the lease is not satisfactory to a lender, a deed of variation may be required.
We will check the title and lease and deal with any legal requirements your lender has.
Can I remortgage and transfer ownership at the same time?
Yes. A remortgage can be combined with a transfer of equity where appropriate. This might be necessary if someone is being added to or removed from the property’s ownership.
There can be tax, legal and mortgage implications, so we recommend taking advice before making any changes to ownership.
What happens to my old mortgage when I remortgage?
When your remortgage completes, the new mortgage funds are generally used to repay your existing mortgage. Your solicitor will obtain a redemption statement from your existing lender and arrange repayment as part of the completion process.
The existing lender’s charge is then removed from the title usually electronically by the existing lender and the new lender’s charge is registered which we would deal with also
Will I need property searches when I remortgage?
This depends on your lender and the circumstances of the remortgage. Some lenders require searches, while others may accept alternative forms of protection or existing information such as search indemnity insurance
We will confirm what is required for your particular remortgage.
What documents will I need to provide?
The documents required will depend on your lender and circumstances. We may need identification, information about your existing mortgage and property, and documents relating to any changes in ownership.
We will tell you what is required at the start of the process so you can provide the information promptly.
You might also need
Release the equity in your home with help from our legal and financial experts. We’ll advise on whether its right for you and find the best options.
Shared ownership can be a great way to get onto the property ladder if you’re not able to buy a home outright.
If you own a share in a house, a declaration of trust is a document that says how much you’ll get when it’s sold.
A transfer of equity is the legal process to change the ownership of a property by adding or removing one or more people to the legal register.
