When considering a remortgage, you might question whether paying for a solicitor is really necessary.
It’s understandable – legal fees add to your costs, and if you’re remortgaging to save money with a better rate, additional expenses aren’t what you want.
Here’s what matters: attempting to handle the legal side yourself could create serious problems.
Remortgaging changes the legal charge on your property, and mistakes might cause delays, unnecessary costs, or complications with your new lender.
Understanding exactly when legal help is needed – and when it isn’t – helps you make better choices and potentially reduce costs where possible.
The Short Answer: When Legal Help is Required
Here’s what you need to know upfront: for most remortgages, you’ll need either a solicitor or licensed conveyancer when switching to a new lender.
Mortgage providers require this because someone must manage the legal process of removing the previous lender’s interest in your property and registering theirs.
But here’s where you can save money: if you’re simply moving to a new deal with your current lender (called a product transfer), you won’t need legal representation. These situations don’t change the legal charge on your property, so no legal work is needed.
Alternatively, some remortgage lenders allow you to use their solicitors. While this still incurs a cost, it will normally be lower than engaging your own solicitor.
What Your Solicitor Actually Does
You might wonder what you’re paying for. During a remortgage, your solicitor:
- Obtains your title deeds from the Land Registry
- Checks for any issues with the title
- Verifies the details of your existing mortgage
- Handles the legal paperwork to remove the old lender’s charge
- Registers the new lender’s charge with the Land Registry
- Manages all communication between lenders
- Deals with the transfer of funds
Unlike buying a property, remortgaging usually doesn’t require property searches, making the process simpler and less expensive.
Understanding the Costs
Let’s talk about money.
Legal fees for remortgaging typically range from £500 to £700, varying with complexity and location. This usually covers the basic legal work, obtaining title documents, Land Registry fees, and bank transfers.
Some lenders include free legal services with remortgages. While this saves money, these services often take longer than using your own solicitor because they handle large volumes of cases.
Alternative Option: Licensed Conveyancers
Licensed conveyancers offer another option for handling your remortgage. These property specialists, regulated by the Council for Licensed Conveyancers (CLC), focus exclusively on property transactions.
They should charge less than solicitors and many people find them more accessible.
The main distinction? Solicitors have broader legal training, which helps if your case involves additional legal matters, such as remortgaging during a divorce.
Product Transfers: Simpler Solutions
Staying with your current lender but switching to a new deal via a product transfer doesn’t require legal work. This significantly reduces the cost, but it is also a lot quicker.
Product transfers are done online and only take a few days to be processed.
When Legal Help Becomes Essential
Some situations always need legal support:
- Changes to property ownership when adding or removing someone
- Leasehold property changes, especially lease extensions
- Significant changes to your borrowing amount
Selecting Your Legal Representative
Whether choosing a solicitor or conveyancer, consider:
- Experience in property transactions
- Transparent fee structures
- Professional credentials (verify through Law Society or CLC)
- Communication style and frequency of updates
Starting Your Remortgage
Begin by reviewing your current mortgage’s early repayment charges, organising recent financial documents, and discussing options with a mortgage broker.
Working with Mortgage Brokers
Brokers do more than find competitive rates – they can recommend reliable legal representatives and might access remortgage deals including legal services. They coordinate between parties, potentially making the process smoother and less stressful.
Read more: Guide to remortgaging
Your decision about whether or not to use a solicitor often depends on your specific circumstances.
While reducing costs is tempting, the risks of proceeding without proper legal help usually outweigh any savings. Unless you’re completing a straightforward product transfer with your current lender, professional legal support typically proves worthwhile.
Looking for guidance on your remortgage?
Contact Drake Mortgages. We’ll explain your options and help find the right solution.