Remortgage Conveyancing Guide
Remortgage conveyancing guide
Your step-by-step journey through the remortgage process. Our guide covers the main steps in any remortgage handled by Best Value Conveyancing.
Remortgaging replaces your current mortgage with a new one, typically to access equity, secure fixed rates, or get better interest rates.
1. Initial instructions
Once matched with a solicitor, they’ll send a client care letter requesting:
- Signed Letter of Engagement
- Identity documents
- Current mortgage account number
Return these promptly so we can open your file and request deeds from your current lender.
2. Checking deeds
We request deeds from your current lender and obtain an Office Copy from Land Registry showing legal information and property plans. This is checked as if it were a new purchase.
3. Search requirements
Depending on your new lender:
- Search indemnity insurance: £30-£40 (most lenders accept this)
- New searches: Required by some lenders (covers planning risks, new roads etc.)
We check your lender’s requirements and advise accordingly.
4. Mortgage offer review
When your new mortgage offer arrives, we check the property value is correct and conditions are met. We’ll explain borrowing amount, interest rates, monthly payments, and special conditions.
5. Signing documents
Once we have the mortgage offer, deeds, and search results, you’ll sign the new mortgage deed. This can be done by post if you’re not local.
We then request completion funds and a redemption statement for your current mortgage.
6. Pre-completion
We request mortgage funds (5-7 working days notice required) and conduct final searches:
- Land Registry OS1 search (no new entries since documents obtained)
- Land Charges search (bankruptcy check)
7. Completion
New mortgage funds are received and used to pay off your old mortgage. Completion is achieved and any necessary search indemnity insurance is arranged.
8. Post-Completion
We register the new mortgage at Land Registry (within 2 months) and send title deeds to your new lender. Remaining documents come to you for safekeeping.
Transfer of equity on remortgage
If changing ownership (e.g., divorce, separation):
Step 1: Obtain lender consent
Step 2: Draft Transfer Deed (signed by all parties including mortgage company)
Step 3: Complete transfer and pay any monies due
Step 4: Pay Stamp Duty on chargeable consideration (half the mortgage amount, unless under £125,000 or divorce-related)
We hope you have found this remortgage conveyancing guide helpful with understanding the process. Call Best Value Conveyancing on 0800 038 7007 for more information about remortgaging.