In short, yes, however, let’s first differentiate between remortgaging, additional borrowing and a product transfer.
The latter two will not require the use of a property solicitors services. They involve either just moving rate with your current lender (product transfer), or borrowing more funds via the existing lender (additional borrowing/advance). Additional borrowing will not incur legal charges, but you might be required to pay for a valuation, your repayments will increase and there could be a mortgage product fee too.
Moving to a new Mortgage Lender
Remortgaging always entails moving to a new lender, this could be to benefit from a more preferential rate or borrow more funds via equity you have within the property’s value.
You may want to release funds for home improvements, to consolidate debts (not tax) or reduce your monthly payments. We advise you speak to a mortgage advisor in connection with this as there will likely be fees in relation to; arrangement, valuation and maybe redemption. Therefore, just like moving home, you will need the services of a licensed conveyancer. We would recommend that if your current deal is coming to an end, give yourself circa three months to get your new rate in place.
Some lenders will offer ‘free legals’ and your conveyancing will be included in the remortgage package. This could be obligatory but if not, whether there is a cost or not, it could be very worthwhile obtaining a quote for comparison. On occasions, a free legal service can end up with you overwhelmed with a stack of files, if speed is essential to you then maybe receiving the quality assistance of a remortgage conveyancer will prove beneficial. Rest assured, our trusted conveyancers cover all lenders panels.
Please note that adding or removing someone from a mortgage will also require the work a property solicitor and is known as a transfer of equity.
There will be fees associated when remortgaging and these conveyancing fees cannot be added to the new loan, the cost will likely include; land registry, bankruptcy search, priority search, telegraphic transfer and official title copy fees.
However, conveyancing associated with remortgaging is generally less complicated and involves less third parties. The process though will entail many of the files of when you purchased your home; a new valuation, identification and anti money laundering checks, final redemption statement to ensure your current lender is repaid and whether you have an exit fee, reviewing new terms, raising any enquiries, completing a file assessment, registering changes with land registry and potentially searches and leasehold checks and all that is associated with this tenure.