Remortgaging can be a great way to save money, release equity, or switch to a better deal. With ConveyQuote, the process is simple, secure, and supported by trusted legal professionals who manage every step for you.
Whether you’re changing lenders, adding or removing a name from your mortgage, or restructuring your finances, our guide explains exactly what to expect from start to finish.
If you have questions at any stage, our friendly team are here to help on 02081 584466.
When you remortgage, your conveyancer acts for both you and your new mortgage lender to complete all legal and administrative work required to transfer the loan.
Your conveyancer will:
If your property is leasehold, your conveyancer will also review your lease, liaise with your landlord or managing agent, and serve any required notices once the new mortgage has been registered.
If your remortgage involves a transfer of equity, your conveyancer will carry out additional checks on all parties involved and ensure that identity verification and source of funds documents are provided for Anti-Money Laundering Regulations.
The remortgage process usually takes around four to six weeks to complete, though it can vary depending on your lender and how quickly information is provided.
Here’s what typically happens:
Throughout the process, you’ll receive progress updates from your conveyancer, and they will also be on hand to answer any additional queries you may have.
Most remortgage transactions do not require full searches, which helps save both time and cost. Instead, your conveyancer may usually arrange Title and Search Indemnity Insurance on your behalf.
This insurance provides protection for both you and your lender against potential risks that searches would normally uncover, such as planning or environmental issues. The policy is affordable, typically between £35 and £100 plus VAT, and allows your remortgage to complete more quickly.
If you prefer to carry out full searches instead of using indemnity insurance, you can discuss this with your conveyancer at the start of the transaction.
Your new mortgage offer confirms your lender’s agreement to provide the loan. Your conveyancer will review the offer carefully, explain any conditions, and ensure that all requirements are met before completion.
Your lender may use a secure mortgage portal to share documents and updates directly with your conveyancer. Small administrative fees may apply for managing this system, which will be detailed clearly in your quote.
Once everything is approved, your conveyancer will send you a mortgage deed to sign. This document gives your new lender a legal charge over your property.
If anyone over 17 years old lives in your property but is not named on the mortgage, they may be required to sign an occupier’s consent form confirming that they will vacate the property if the lender takes possession in the future.
Before completion, your conveyancer will request a redemption statement from your existing lender. This confirms the exact amount needed to pay off your current mortgage, including any interest up to the completion date.
It’s important to continue making your monthly mortgage payments until your conveyancer confirms that your remortgage has completed. Once completion takes place, your old lender will be repaid in full and the account closed.
If you complete close to your payment date, your old lender may still collect one final direct debit, which will then be refunded once the account is settled.
On the day of completion, your new lender sends the mortgage funds directly to your conveyancer. These funds are then used to pay off your existing lender in full.
Your conveyancer will confirm once the mortgage has been redeemed and your remortgage is officially complete. You will also receive a statement showing how the funds have been applied and any remaining balance.
If your property is leasehold, your conveyancer will notify your landlord or management company of the change in lender and pay any applicable notice fees on your behalf.
Following completion, your conveyancer will update HM Land Registry to remove your old mortgage and register your new lender. You don’t need to do anything further, your conveyancer will handle this for you.
Due to Land Registry processing times, this step can take several months to finalise, but your conveyancer will confirm once registration is complete.
If your remortgage includes a transfer of equity or stamp duty declaration, your conveyancer will also manage this process and ensure any required submissions to HMRC are made correctly and on time.
Remortgage transactions involve the transfer of large sums of money, which can attract online fraud. ConveyQuote and our panel of trusted conveyancing experts use secure robust systems and verification checks to protect your personal and financial data.
Your conveyancer will NEVER email you to confirm a change in bank details. Always verify payment details by phone before sending or receiving funds. Avoid posting details about your remortgage or lender online, as this can make you a target for scams.
You can help your remortgage complete faster by:
Get a free instant conveyancing quote today with ConveyQuote. Compare experienced, regulated conveyancing experts and start your remortgage journey with confidence.