Remortgaging is usually more straightforward than buying or selling, but it still needs proper legal work to protect you and satisfy your new lender. Our remortgage solicitors in Reading keep the process efficient and clearly priced, so switching lender or releasing funds doesn’t become more complicated than it needs to be.
A remortgage means replacing your existing mortgage with a new one, either with your current lender or a new one. Legally, this involves your new lender’s solicitor, often the same firm acting for you, checking the title, obtaining a redemption statement for your existing mortgage, registering the new mortgage, and paying off the old one on completion.
Because you already own the property, a remortgage is usually quicker and simpler than a purchase: there is no chain, and searches are sometimes not required at all if your lender is satisfied with indemnity insurance instead, particularly on a straightforward product switch to a new deal with the same lender.
People remortgage for several reasons: moving to a better interest rate as a fixed deal ends, releasing equity for home improvements or another purchase, consolidating other borrowing, or changing the mortgage term or type. Whatever the reason, the legal work involved is broadly similar, though releasing a significant sum can bring extra questions from your lender about what it is being used for.
A remortgage moves your mortgage to a new lender, and always involves a solicitor to handle the change of legal charge at HM Land Registry. A product transfer simply switches you to a new deal with your existing lender, without a change of lender, and often does not need a solicitor at all, since the legal charge stays exactly as it is.
If your existing lender can offer a competitive new rate, a product transfer can be quicker and cheaper than remortgaging elsewhere, precisely because no legal work is usually needed. Where it’s worth remortgaging instead, typically to get a meaningfully better rate, release equity, or change lender for another reason, that’s where our role comes in, and we would always encourage you to compare both options with your broker before deciding.
Once your new mortgage offer has been issued, the legal work runs to a fairly short, predictable timeline.
Straightforward remortgages can often complete within 2 to 4 weeks of instruction, considerably faster than a purchase, provided your lender doesn’t require additional searches or raise unusual conditions.
Not necessarily. Many lenders accept indemnity insurance instead of fresh searches on a straightforward remortgage, particularly where you are staying with your existing lender. Where you are moving to a new lender, or your property has unusual features, new searches may still be required.
If your property is leasehold, your new lender will want to see the lease terms, service charge information and, in some cases, confirmation the freeholder has been notified of the new mortgage, which can add a little time. If you are remortgaging a buy-to-let property, your lender will also usually want to see the tenancy agreement, and different lending criteria can apply compared with a residential mortgage.
We act for clients remortgaging property across Reading, Berkshire and the wider Thames Valley, as well as clients further afield across England and Wales, from our office at 1 London Street in central Reading. We’re happy to work to a broker-imposed deadline where your new rate is time-limited.
Our residential conveyancing team is accredited under the Law Society’s Conveyancing Quality Scheme (CQS), and the wider firm is top ranked in Chambers and Partners and The Legal 500. That combination of sector accreditation and firm-wide recognition means you get specialist knowledge backed by real depth.
Get in touch as soon as your new mortgage offer is issued and we can get started straight away. Call 0118 951 6200, or get in touch via our online enquiry form.
How long does a remortgage take?
Straightforward remortgages often complete within 2 to 4 weeks of instruction, faster than a purchase, since there is no chain. Leasehold properties or unusual lender conditions can add extra time.
Do I need a solicitor to remortgage?
Yes, in almost all cases. Your new lender requires a solicitor to check the title, register their mortgage, and pay off your existing mortgage on completion. Many lenders offer a fixed legal fee as part of a remortgage deal, which we can advise you on.
Can I remortgage to release equity?
Yes, provided your lender is satisfied with the loan-to-value ratio and, usually, what the funds are being used for. The legal process is much the same as any remortgage, though your lender may ask more detailed questions if a significant sum is being released.
Will I need new searches when I remortgage?
Often not. Many lenders accept indemnity insurance instead of fresh searches for a straightforward remortgage, particularly if you are staying with your existing lender, though this depends on your specific lender’s requirements.
Can I remortgage a leasehold flat?
Yes, but your lender will want to see the lease terms and service charge information, and a short lease can affect what your lender is willing to offer. If your lease has fewer than 80-85 years remaining, it is worth checking this before committing to a specific deal.