Property Remortgaging

Remortgaging a property should be a smooth, stress-free process, but without the right legal support you can run into problems that means remortgaging takes longer, costs you more or leaves you with a worse deal on your new mortgage.

At Thornton Jones, we are highly experienced in guiding clients through every step of remortgaging their home and other property, including buy-to-lets. We can make sure every detail is taken care of and any potential issues are identified early so any unnecessary delays or additional costs can be avoided wherever possible.

When you use our solicitors for your remortgage, we can guarantee that a senior member of our team will deal with your conveyancing, so you can have total confidence in the quality of service you received. We want your remortgage to go ahead as quickly as possible, with minimum hassle, allowing you to get on with your life.

As well as assisting with remortgaging for all types of property, we also have strong expertise in equity release for older clients, so please get in touch to find out more about how we can help you facilitate your plans.

For expert advice tailored to your needs, speak to one of our experienced remortgaging conveyancing solicitors in Yorkshire by contacting your local Thornton Jones office in Garforth, Mapplewell, Ossett, Sherburn in Elmet or Wakefield or emailing enquiries@thorntonjones.co.uk.

How we can help you with remortgaging

Anti-money laundering checks

Before your remortgage can go ahead, we will need proof of your identity for anti-money laundering checks which are a legal requirement.

Dealing with your current mortgage lender

We will contact your current mortgage lender to request a ‘redemption statement’. This is a statement of the remaining balance left to pay on your existing mortgage and any exit fees, early repayment charges or other costs for paying off your mortgage.

Remortgaging for leasehold property

If you are remortgaging a leasehold property, we will review the terms of your lease, including the number of years remaining on the lease. Our solicitors will make sure the terms of your lease comply with the requirements of your new mortgage lender, so your remortgage can go ahead. We can also advise you about renewing your lease if required.

Reviewing the terms of your new mortgage

We will review the terms of any new mortgage you are offering to make sure they are fair and match your goals and circumstances. If we identify any issues that could cause problems for you in the future, we will raise these with you and your lender, then seek to find a reasonable solution that allows you to get the mortgage you need on favourable terms.

Conveyancing checks

Where required, we will make sure any necessary checks and searches are carried out, such as checking the Land Registry to make sure there have been no relevant changes with the property deeds since your previous mortgage was taken out. This is an essential part of making sure your mortgage goes ahead smoothly and you are not later caught out by any unexpected issues.

Transfer of funds

Our remortgage conveyancing solicitors will handle the transfer of funds from your new lender to your old lender (where you are changing mortgage provider).We will take receipt of the new mortgage funds from your new lender, pay off your existing mortgage and any charges, then transfer any remaining balance to your account.

Updating the land registry

Once the remortgage is complete and your previous lender has confirmed that your old mortgage has been discharged, we will notify the Land Registry of the change to the legal title for your property and update the register with the details of your new lender.

Click here to view our Remortgaging Fees

For an indication of how much remortgaging might cost, you can use our conveyancing calculator for an instant quote.

FAQs about remortgaging your property

What is remortgaging, and why would I want to do it?

Remortgaging is the process of switching your current mortgage to a new deal, either with your existing lender or a different lender. This can be done for various reasons:

• To get a better interest rate: If your current mortgage is on a standard variable rate (SVR), remortgaging to a fixed or discounted rate could save you money.
• To borrow more money: If you want to release equity in your property for purposes like home improvements, debt consolidation, or other large expenses, remortgaging may allow you to borrow more.
• To change mortgage terms: You might remortgage to shorten or extend your loan term, switch from an interest-only to a repayment mortgage, or change the type of mortgage you have.
• To get out of a deal: If you’re nearing the end of a fixed-rate deal or you want to leave an unattractive mortgage deal, remortgaging can help you find a more suitable option.

Are there any fees or costs associated with remortgaging?

Yes, there are several potential fees and costs involved with remortgaging, which vary depending on the lender and the specifics of your mortgage:

Early Repayment Charges (ERCs): If you are still within a fixed-rate or discounted mortgage deal, your current lender may charge you an ERC for paying off the mortgage early. These can range from a small percentage to a larger amount, depending on how much time is left on your deal.

Valuation Fees: Lenders often require a valuation of your property to ensure it is worth the amount you want to borrow. Some lenders offer a free valuation, but others may charge a fee.

Arrangement Fees: Some lenders charge an arrangement fee to set up the new mortgage. This can be added to the loan or paid upfront.

Legal Fees: If you use a solicitor to help with the remortgage process, legal fees may apply. However, many lenders offer a “free legal service” for straightforward remortgages.

Broker Fees: If you hire a mortgage broker to help find the best deal, they may charge a fee, although many brokers work on a commission basis with the lender.

While these costs can add up, they may still be outweighed by the savings you make through a better mortgage rate or more favourable terms.

Can I remortgage if I have bad credit?

It is possible to remortgage with bad credit, but your options may be more limited, and the interest rates may be higher. Lenders will assess your credit score and financial situation as part of the remortgaging process. If you have a history of missed payments, defaults, or other credit issues, it could impact your ability to get a competitive deal. However, there are lenders that specialize in offering remortgages to people with poor credit. Some things to consider if you have bad credit:

• Higher interest rates: You may have to pay a higher interest rate to reflect the risk the lender is taking.
• Limited loan-to-value (LTV) options: With bad credit, lenders may be less willing to offer high LTV mortgages, meaning you may need to have a larger deposit or equity in your home.
• Secured vs. unsecured debt: If you’re looking to release equity or consolidate debt, it may be difficult to get a remortgage without a clean credit history.

It’s always a good idea to speak to a mortgage broker if you have bad credit, as they can help you find the best options.

How long does the remortgaging process take?

The remortgaging process can take anywhere from a few weeks to a couple of months, depending on several factors:

• Lender and application type: If you are remortgaging with the same lender, the process might be quicker. If you are switching lenders, the application process might take longer due to additional checks.
• Property valuation: The lender may need to arrange a valuation of your property, which can take time to schedule.
• Documentation and checks: The lender will need to assess your financial situation, which includes reviewing your income, debts, and property value.

On average, the process usually takes between 4 and 6 weeks from the initial application to completion, but it can be faster or slower depending on your circumstances.

How do I know when is the right time to remortgage?

Deciding when to remortgage depends on several factors:

• End of your current deal: If you’re on a fixed-rate mortgage, it’s typically best to remortgage before your fixed term ends, especially if you’re about to revert to a higher standard variable rate (SVR).
• Interest rates: If interest rates are low or expected to rise, it may be a good time to remortgage to lock in a better rate for the future.
• Changes in property value: If the value of your property has increased significantly, you may be able to remortgage and release some equity or secure a better rate based on a lower loan-to-value (LTV) ratio.
• Improved credit score: If your credit score has improved since you first took out your mortgage, remortgaging could help you secure a more favourable rate.

You can use online comparison tools or consult a mortgage broker to assess whether remortgaging will be beneficial for you at any given time.

Why choose Thornton Jones’ conveyancing solicitors for your remortgage?

At Thornton Jones, we have years of experience guiding clients through all types of conveyancing transaction, including remortgaging. With strong ties to our local community across Yorkshire and a reputation for excellence that attracts clients from all over the country, we can provide a reliable conveyancing service with a personal touch for every client.

Unlike other law firms, we ensure every conveyancing client has their transaction dealt with by an experienced, senior member of our team. This means we can guarantee an efficient, high-quality conveyancing experience for your remortgage, no matter how complex your situation or requirements.

We are accredited by the Law Society’s Conveyancing Quality Scheme (CQS) for our skills and experience in handling all types of residential property transactions.

Our Head of Conveyancing, Stuart Knox is a member of Solicitors for the Elderly, so has particular expertise supporting elderly clients with remortgaging and equity release.

Thornton Jones is independently regulated by the Solicitors Regulation Authority (SRA).

Get in touch with our remortgage conveyancing solicitors in Yorkshire

Speak to one of our experienced remortgaging conveyancing solicitors in Yorkshire by contacting your local Thornton Jones office in Garforth, Mapplewell, Ossett, Sherburn in Elmet or Wakefield or emailing enquiries@thorntonjones.co.uk.