Remortgaging

The stages involved in the remortgage of a residential property can vary for each transaction.  However, below are the key stages we would typically expect in a standard remortgage transaction.

Step 1:  We take your instructions and give initial advice.

Step 2:  We contact your existing mortgage provider to obtain the title deeds and request a redemption figure.

Step 3:  We send you a copy of the new mortgage offer to make sure the terms are correct.

Step 4: We prepare the documentation for you to sign in relation to your new mortgage and you sign this in advance of completion.

Step 5: We check the title deeds and obtain all relevant property searches as required by your lender.

Step 6: We request the funds from your new lender.

Step 7: We arrange the repayment of your old mortgage at completion. 

Step 8: We remit the balance of any mortgage funds to your designated bank account once fees and outlays have been deducted.

Step 9: We deal with having the old mortgage discharged from the title of the property once the mortgage has been repaid.

Step 10: We deal with having the new mortgage registered against the title to the property and have the title deeds if required sent to the new lender until such time as your loan with them has been repaid.

Step 11: You are also sent a copy of your title once it has been issued by the Land Register.

We will keep you updated throughout the process.

The time the remortgage will take depends on a number of factors, for example how long it takes your new lender to issue mortgage papers. The average process takes between four to six weeks.  It can be faster or slower than that depending on the parties involved.

We will provide you with a written fee estimate once we have obtained all the relevant information following an initial discussion or email exchange with you. If there are any expected complications during the remortgage, we will let you know and discuss any potential impact on price before additional fees are incurred.

Additional third-party costs

Typical third-party costs include:

• Property Search and Legal Report payable to search company: £150
• Registration fee for Discharge of Mortgage payable to Land Register: £60-£80
• Registration fee for Security for new mortgage payable to Land Register: £80
• Advance Notice for new Security payable to Land Register: £20
• Plans Report: £127 (if applicable)

There may also be miscellaneous expenses such as obtaining copies of missing title deeds, the cost of which depends on the number of deeds required, or the requirement for a new title plan. Any such additional costs would be discussed with you at the time before proceeding.

These costs are either inclusive of VAT or no VAT is payable.

Our highly experienced Property team can help you explore your remortgage options with a cost-effective remortgage service, tailored to your particular circumstances and needs.