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When you originally took out your mortgage, you will have chosen a product best suited to your personal and financial situation. Alongside the type of mortgage, you would have also agreed to a fixed-term period. When that period comes to an end, it’s the perfect time to explore your remortgage options.
As providers of expert remortgage advice, we get a lot of questions when we speak to customers. One of the most popular questions we get asked about remortgaging is whether you need a solicitor to help with the process.
It’s a completely reasonable question, after all, you needed one the first time around!
The short answer is yes – and we’ll walk you through it in this article, so you feel fully prepared for your remortgage or equity release.
Do I need a Solicitor to Remortgage?
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Why would I need a solicitor to remortgage?
Having a solicitor by your side plays a key role during the remortgage process, especially when you’re moving to a new lender. They’ll handle the transfer of legal rights over the property, ensuring everything is correctly registered with your new lender.
Your solicitor will be able to take off the charge from your first lender, and add on the charge from your new lender, allowing your new mortgage to go ahead. You will generally not need a solicitor if you are doing a product transfer mortgage, as this all stays with the same lender.
A solicitor will also be needed if you want to remove a name from your mortgage, for example, following a separation or divorce. This is important to ensure the property’s legal ownership is correctly reflected in the deeds.
If you’re planning to add a partner or a friend to your mortgage, a solicitor can guide you through the legal process. This is known as a ‘transfer of equity’ and is a straightforward way to update property ownership. Your solicitor will help you draw up a new ownership agreement that reflects the changes.
What will the solicitor need from me when I remortgage?
Most of what the solicitor will do, will be done in the background. This means you can rest easy whilst they work on all the legalities of your case, such as the aforementioned points, as well as things like land registry.
In addition to the above points, the solicitor will also perform some checks on you and the properties value.
Where you will have to get involved, is with something called a legal pack. This is simply where the solicitor will take some information from you for themselves, so they can arrange everything as planned. Legally, your mortgage broker cannot pass on your information, so you’ll need to help them out here.
What are the costs of using a solicitor?
The cost of a solicitor can vary, but it often depends on your mortgage lender and the services they provide. There are lenders who will offer a free legal service (or a cash back sum), though in our eyes, the main difference between those and external companies, is the quality of that service.
We are able to recommend to you trusted solicitors who are able to help you out with the complex legalities of your remortgage process. They put you first, catering to all of your needs, just like us here at UK Moneyman.
Whilst more often than not these will incur charges, it’s arguably a better choice due to the level of service they provide. On top of this, if you take a cash back option, this may cover most of your legal fees anyway, so it’s a cost-effective and more beneficial route to you.
Additionally, free legal services may not cover the removal of a name or a transfer of equity, so if that’s part of your remortgage plan, you may need to use an external solicitor.
Can I add the costs of a solicitor onto my remortgage?
Some fees can be added to your mortgage balance, but solicitor’s legal fees are usually paid separately, requiring full payment upfront.
Book Your Free Remortgage Review Today
If you’re approaching the end of your fixed-term period, now’s the perfect time to explore your remortgage options. Book a free remortgage review with us today, and we’ll take a closer look at your situation.
Our team will work to find a deal that’s tailored to your needs – whether it’s a straightforward remortgage, remortgaging to release equity or raising capital.
And when the time comes, we can connect you with trusted solicitors to guide you through the legal side, ensuring everything is handled smoothly and professionally.
