‘Do I need a solicitor to remortgage?’ is a question anyone looking to get a better mortgage deal for the first time has asked themselves. And you would be forgiven for that — the remortgaging process can be complicated.
But before you get pressured into getting a conveyancing solicitor for the sake of it or instant peace of mind, you need to understand exactly when you do — and don’t — need one.
With that in mind, here are three things you need to know about conveyance solicitors to understand whether you actually need one for your situation.
1. You don’t need a solicitor if you’re remortgaging with the same lender
To decide whether you need to use a solicitor, we should start with what a solicitor actually does.
To boil it down to the basics, a conveyancer solicitor handles all the legal aspects of transferring a property from a seller to a buyer.
So, if you’re remortgaging with your current lender by simply moving to a new rate or deal (which is considered a ‘product transfer’), no extra legal work is required as it’s already been completed. As such, you don’t need a solicitor in this scenario.
However, if you’re switching lenders, you’ll need to work with a solicitor to ensure the legal side of the transfer is in order. They will:
- request the title deeds and mortgage redemption statement from your current lender
- receive the funds from your new lender of the day of completion and ensure your current mortgage is paid off in time
- amend and register your title deeds with the Land Registry to reflect the change of lender.
Solicitors can also do a few other things, such as checking the terms of the new offer to highlight anything of importance to you and carrying out checks and searches. However, a mortgage broker can be more useful in this instance, as they tend to be more focused on getting the best mortgage deal for you.
2. You don’t need to employ a solicitor, even if you do need one
The second thing you need to know about remortgaging and solicitors is that you don’t need to seek out and employ a solicitor, even if you change lender.
Instead, if you go through a mortgage broker, they will arrange the deal for you, and the lender’s own solicitors will get in touch with you to clear up the legal aspects of things (see why brokers tend to be more interested in getting you a good deal?).
Therefore, most remortgage customers do not pay for legal work as, more often than not, will provide free legal advice. If not, they will usually give you cash back that you can use towards your own solicitors.
If that happens and you do have to use cash back to pay the legal fees of your own solicitors, a mortgage broker will generally be more than happy to help you find one.
3. The question should be: ‘do I need a mortgage broker to remortgage?’
So, you know when you need a solicitor and how you can get one. But if you were staying with the same lender and wanted to go it alone, you could, right? Technically yes, but we highly recommend you do seek advice from someone if you’re remortgaging: a mortgage broker.
Our job as mortgage brokers is to find the best possible remortgage solution that solves your needs, whether that’s releasing equity, paying off or consolidating debt, buying another property or something else entirely.
We do that by using our attention to detail and a wealth of knowledge about the market to sift through unsuitable products and present a curated list of options for you. We’ll be there from start to finish, advising you every step of the way so your remortgage process is smooth and successful.
We also have great relationships with lenders, many of whom don’t advertise special deals to the general public; others outright refuse to explore options with a mortgage broker.
Therefore, with us by your side, you can gain access to a market of products that you might not have even realised existed. And somewhere in that market will be a product right for you — and we’ll do our best to find it for you.
So, while solicitors and the legal side of the remortgaging process are important if you’re changing lenders, mortgage brokers are essential if you want to get a great mortgage deal.
Looking for help with your remortgaging? Don’t hesitate to get in touch and find out what we can do for you.