Whilst it is all part and parcel of property ownership, re-mortgaging can sometimes be a tricky process so you will need to take legal advice on it. Your lender will require legal representation and might also insist that you are legally represented. We are on all the main lender panels and the majority of the smaller lenders which means we can act for you and the lender at no extra cost. We are also on the closed re-mortgage panels of both Aldermore Bank and Pepper Money and deal with their “Free Legals” and “Fees Assisted” re-mortgage products.
You should choose us because our specialist property lawyers are best placed to help you through the process of re-mortgaging. We have a wealth of experience and knowledge of all aspects of property transactions whether the properties are freehold or leasehold, a flat, a house or just land. All our staff that would touch your case specialise in property work, have had training in that area and receive on-going training to keep them up to date with changes. We are a long established practice but have a modern approach. We have close connections with lenders and know how they work and what is or is not generally acceptable to them. We use search insurance on re-mortgages where the lender permits. This costs less and is quicker than obtaining searches.
You can easily instruct us by calling into our office, by telephone, by post, by email or through our Portal.
There are lots of things to consider when re-mortgaging and from the onset you should seek our advice. We can give you advice on likely costs so that you can budget and can also advise on the process.
Contact one of our expert property lawyers on 0800 103 2600 or complete an enquiry form and we will call you back. There are a few stages to re-mortgaging your property and one of our specialist re-mortgage teams will help you manage the process. Here are some of the things you need to understand:
What is a re-mortgage?
Generally speaking a re-mortgage is when you apply to borrow money from a lender to repay an existing charge or charges secured against a property and/or to release equity from the property. However, some lenders will also categorise granting a new mortgage on an unencumbered property as a re-mortgage. In either case the common denominator is that you are not purchasing the property, you already have ownership.
When should I instruct you?
We would strongly recommend that you get in contact with us at the very beginning when you are thinking of re-mortgaging. We can give you advice on the process which is particularly important if you have not re-mortgaged before. If you are an investor who regularly re-mortgages you know how important it is to forewarn us of what you are planning. Get in front of the game.
Do you undertake property transfers at the same as re-mortgage?
Yes, we can do that. An additional fee is charged by us and also the Land Registry. Any SDLT (or LTT in Wales) considerations need to be addressed.
Does my location, or that of the property, matter?
No, your location is irrelevant – we can act for you whether or not you are local to our offices. Verification of your identity can be dealt with electronically and you can on-board (instruct us) by completing documents on our Portal. If face to face is needed we also have the facility to use Zoom and/or Teams video conferencing if you cannot get to one of our various offices.
The location of the property you are re-mortgaging is also irrelevant as the same principles apply to a re-mortgage of any property wherever it is situated in England and Wales.
I am thinking of re-mortgaging, what should I do?
Contact us, an initial enquiry costs nothing and we can advise you how to prepare for the mortgage offer to be issued. You may then wish to act quickly. Get in front of the curve.
Can you also act for my lender?
If you have not re-mortgaged before that might sound a somewhat strange question but it is actually an important one. If you are taking out a mortgage your lender also requires legal representation and some are very selective. The good news is that we are on the conveyancing panels of all the high street lenders and also the open panels of most of the specialist lenders. We are also on the closed panels of both Aldermore Bank and Pepper Money – they both limit which conveyancers can act for them and our appointments speak volumes. The instruct us generally but also on some specific mortgage products such as “Free Legals” and “Fees Assisted” – in both cases they have negotiated fee scales with us that are highly competitive.
Other lenders have their own favourites and you may be encouraged to use another conveyancer but you should think twice about that as the quality of service we deliver reflects the fact that we value your custom and want to act for you for many years to come.
How much does it cost for you to act for me when remortgaging my property?
General information about cost can be found here. You can also ask us for a no obligation bespoke written fee estimate for your particular transaction.
Will Russell & Russell provide a written conveyancing fee estimate for my remortgage?
We always provide a written estimate at the outset of a transaction. This will be based on the information provided by you to us at that time. This reflects the fact that we know that you need to budget and also to ensure that there's no misunderstanding between us at a later time. We hope you will be delighted with our services and will use us again and appreciate that will not be the case if you feel that we have let you down over costs. We can write to you with the fee estimate or email it to you.
In the case of re-mortgages, we usually offer a fixed fee. We quote a fixed fee for the work normally undertaken in a standard case and will provide you with a list of additional fixed fees that we would charge if you require additional work to be undertaken. An example of additional fees in the case of a re-mortgage would be our fee to cover the extra time obtaining a Certificate of Compliance.
We will always honour our fixed fee quote unless the information relied upon by us at the time of the estimate was incorrect or it subsequently becomes apparent that there's an aspect of the transaction that will significantly affect the amount of time that has to be spent by us. In either case we will notify you of any such development before we proceed further so that you can decide whether to incur additional expense. Examples of circumstances that might change the cost would be if the property is a flat, not a house as you initially informed us. For a free quote and breakdown of related third party expenses (disbursements) known at this time, please use our quote enquiry form.
In addition to receiving instructions direct from borrowers, we also work alongside brokers, referrers and property agents who refer clients to us. If we've agreed to pay to them a referral fee for recommending us to act for you then We will disclose the amount to you and We will pay the amount involved to the referrer out of our fee.
How long does the remortgage conveyancing process take?
Unfortunately nobody can say for sure how long the process will take – every transaction has its own different circumstances. However in the case of a straightforward re-mortgage transaction, where we are forewarned by you that you have made an application and the lender allows us to use Search/Title Indemnity Insurance completion may take place within two to four weeks of the mortgage offer being issued.
What are the key stages of the conveyancing remortgage process?
You should instruct us once you submit the mortgage application so that we can be prepared and ready to take action immediately after you receive an acceptable mortgage offer. You can use our Portal to on board (instruct). Once you've accepted a mortgage offer, and instructed us to proceed, there are several steps which must be completed. The key stages included in our re-mortgage fees are:
You instruct us and the usual Identity and Anti Money Laundering checks are undertaken;
The title and any relevant deeds, mortgage redemption figures (if you have a mortgage) and other required information are gathered by us. The information required tends to be more complex for leasehold or managed properties which can cause delay;
Any searches required by the new lender are carried out by us and may give rise to further enquiries that you may need to assist in answering. If the lender agrees, we will use Search Indemnity Insurance which costs less than obtaining the searches and also avoids delay;
In anticipation of completion we will arrange for you to sign the new Mortgage Deed. This can be emailed to you but we need the signed hard copy back from you through the post before we can complete;
We will obtain and check your mortgage redemption statement to ensure there is enough money to redeem your mortgage and send you a comprehensive financial statement to approve;
A target completion date is agreed with you and we request the new mortgage advance from your new lender;
On the day of completion, the new lender sends the mortgage monies to our bank account. When the monies are received the transaction is complete and we will attend to repayment of your mortgage. Following completion we will attend to the distribution of the balance mortgage proceeds available for payment to you by transferring funds to your bank account and will notify you that everything has satisfactorily completed. Time permitting this will be dealt with on the day;
We then register the new mortgage at the Land Registry.
What is a mortgage valuation?
Your lender will ask a surveyor to value your property. This may involve an inspection but in some cases lender valuations for re-mortgages are dealt with without the property being physically inspected. If an inspection is not undertaken this is referred to as a “desktop” valuation. In any event the valuation is only for the lenders information. You cannot rely on a lenders valuation.
Will I have a direct contact number and email for my conveyancer?
Yes, we will let you know the name and direct contact details of the person who is primarily dealing with your case when you become our client. That person will have support and also a Supervisor.
What happens if I need to speak to someone out of normal office hours or at a weekend?
We operate an out of hours, seven days a week service so you can speak to us in the evening or at weekend if you need to. The number to call is 07884 067 920.
“Having come back to work for a rest, I just wanted to thank you both again for your help and support throughout. As mentioned to you last week Michelle, Adina has been absolutely superb and has worked hard to maintain good communication between all parties, including the NatWest. Her helpful attitude and willingness to go that extra mile was very much appreciated and although I didn’t deal with you very much Michelle, I understand Adina can only work as fast as you did, so a BIG thank you to you too for your efficiency throughout the process.
“It’s very often the case that you’ll hear how solicitors can be slow in turning these things around so I was very pleased to have had such a good experience with Russell and Russell and would highly recommended your services in future to friends and family.”
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