Remortgaging: Your handy legal guide

Remortgaging can be a smart financial move, but many homeowners underestimate the legal work involved. While your mortgage broker handles the financial side, there’s essential legal work that ensures your remortgage completes smoothly and on time.

At Leigh Duncan Solicitors, we see clients who’ve found great mortgage deals but need expert legal support to make them happen. Let’s walk through what the legal process involves and why professional help matters.

What does remortgaging mean legally?

From a legal perspective, remortgaging involves transferring your mortgage from one lender to another. This requires discharging your existing mortgage and registering a new one with HM Land Registry – all whilst ensuring your property ownership is properly verified and protected.

It’s not simply switching bank accounts. There are legal obligations, searches to conduct, and documentation to prepare that protects both you and your new lender.

The legal remortgage process: step by step

Identity verification and anti-money laundering checks We start by verifying your identity and conducting thorough anti-money laundering checks. This involves confirming your identity documents and checking the source of any funds you’re contributing to the remortgage (if any).

Title verification and property ownership We obtain your property’s title documents from HM Land Registry to confirm you’re the legal owner and check for any restrictions, covenants, or third-party interests that might affect the remortgage.

Reviewing your mortgage offer Once your new lender issues their formal mortgage offer, we review all the terms and conditions to ensure we can satisfy their requirements and identify any potential issues early.

Property searches We conduct local authority searches to satisfy your lender’s requirements. Depending on your lender and property, this might include environmental searches or other specialist reports. Some lenders accept search indemnity insurance as a quicker, more cost-effective alternative.

Obtaining your redemption statement We request an up-to-date redemption statement from your existing lender, confirming exactly how much needs to be repaid and when.

Pre-completion searches Before completion, we carry out an OS1 priority search at the Land Registry. This gives us a priority period (usually 30 working days) during which we can register your new mortgage ahead of any other applications received by the Land Registry, protecting your lender’s position.

Certificate of title We provide your new lender with a Certificate of Title, confirming that all their conditions have been met and requesting release of the mortgage funds.

Completion day On completion, we receive funds from your new lender, pay off your existing mortgage, settle all legal fees and disbursements, and transfer any remaining balance to you. We then register your new mortgage with HM Land Registry.

Common legal complications and how we handle them

Leasehold properties If you’re remortgaging a leasehold property, we need to check that the lease terms meet your new lender’s requirements. Short leases or unusual lease terms can sometimes cause delays.

Property alterations If you’ve made significant changes to your property, we may need to obtain retrospective planning permission or building regulation approvals to satisfy your lender.

Multiple owners When property is owned jointly, we ensure all owners are properly identified and consent to the remortgage. This includes checking for any matrimonial or civil partnership considerations.

Why the legal work matters

Protecting your interests Professional legal support ensures your property rights are protected throughout the process and that you understand exactly what you’re agreeing to.

Meeting deadlines Mortgage offers have expiry dates, and your current deal might be ending. We ensure everything completes on time so you don’t end up on your lender’s higher Standard Variable Rate.

Avoiding costly mistakes Legal errors can delay completion or even prevent your remortgage altogether. Our experience helps identify and resolve potential issues before they become problems.

Compliance with regulations We ensure all anti-money laundering requirements are met and that the transaction complies with current property law and lending regulations.

What it costs

Legal fees Our fees cover all the legal work involved in your remortgage, from initial verification through to post-completion registration. You can view our pricing structure here or contact us for a personalised cost estimate.

Disbursements These are third-party costs including Land Registry fees, search fees, and bank transfer charges. We provide a clear breakdown upfront so there are no surprises.

Lender legal fees Your new lender may require you to pay their legal costs separately, though some lenders include this in their overall package.

Timing your legal work

The legal process typically takes 2-4 weeks, and we recommend instructing us as soon as your mortgage application is approved as this helps to ensure we can identify any potential issues early and keep your remortgage on track.

Why choose professional legal support?

Some lenders offer “free legal services,” but these often come with limitations. You might face delays, poor communication, or find that complex issues aren’t handled properly.

At Leigh Duncan, your remortgage gets personal attention from experienced property lawyers. We understand the local market, work efficiently to meet deadlines, and keep you informed throughout the process.

Our Buckinghamshire base means we have strong relationships with local estate agents, surveyors, and other professionals who might be involved in your transaction.

Making your remortgage happen with Leigh Duncan

The legal side of remortgaging might seem complex, but with the right support, it should be straightforward. We handle all the technical requirements while keeping you informed about progress and any decisions you need to make.

Whether you’re switching for better rates, releasing equity, or simply avoiding your lender’s Standard Variable Rate, the legal work needs to be done properly. That’s where we come in – ensuring your remortgage completes smoothly so you can enjoy the benefits of your new deal.

If you’re considering remortgaging, give us a call to discuss how we can help. Even if you’re just exploring your options, we’re always happy to explain what’s involved and answer any questions you might have.