Do You Need a Solicitor to Remortgage?

The remortgage process can sometimes be relatively straightforward, but do you need a solicitor for it? Find out when you do and don’t right here.

Do you need a solicitor for a remortgage application?

The short answer is sometimes. If you are renewing your mortgage with your existing lender, known as a product transfer, then you do not need a solicitor, even if you’re releasing equity.

There are, however, times when you will need one to remortgage, namely:

• If you are switching to a new mortgage lender
• If you are adding or removing a name on the mortgage

Why do you need a solicitor under these circumstances?

You will need one because there is legal due diligence that must be carried out in these scenarios. If you are switching to a new lender, they have an obligation to ensure your home is appropriate security for the mortgage they will be providing for you.

To change a mortgage from sole names to joint, or vice versa, you need to go through a process called a ‘transfer of equity’ which requires a solicitor.

What services does your solicitor provide?

Your solicitor will do the following to help with the legal aspects of your remortgage:

• Complete your initial paperwork, including a property information form
• Formally verify your identity (a legal requirement)
• Obtain your title deeds and a copy of the legal title from Land Registry
• Carry out searches on behalf of the lender (if requested)
• Obtain a redemption statement from your existing lender
• Go through the legal aspects of your mortgage offer
• Report to your lender that the property is acceptable security
• Arrange for your existing mortgage to be redeemed
• Arrange for arrange Land Registry to remove your previous mortgage from their register and ask them to register your new one in its place

How much does a remortgage solicitor cost?

The average cost of a solicitor for a remortgage is around £350, but some lenders cover this cost for you. If you are adding or removing a name on the mortgage, this usually costs extra.

If your lender is not covering the fee, it will need to be paid upfront.

Do you need a solicitor for your remortgage? Our mortgage brokers can introduce you to one as part of the service, with no additional charge for the referral.