What Your Solicitor Does on a Remortgage
Remortgage vs. Product Transfer
A product transfer (switching to a new deal with your existing lender) requires no solicitor — it is an internal transaction and no new charge is registered. A remortgage (moving to a new lender) always requires a solicitor because a new charge must be registered at HM Land Registry. Most lenders:
- Appoint a solicitor from their own panel and contribute to (or cover entirely) the legal fees
- Require the solicitor to also act for you as borrower (dual representation), which is standard on residential remortgages
- Give the solicitor a set number of weeks to complete the remortgage from the date of the mortgage offer
If you prefer to use your own solicitor (rather than the lender's panel firm), the lender may require you to pay additional fees or may not permit it. A solicitor advises on the cost and timing position at the outset.
Title Issues That Affect a Remortgage
Frequently Asked Questions
How long does a remortgage take?
A standard residential remortgage takes 4–8 weeks from instruction to completion. This assumes no title problems and a clean bankruptcy search. If there are title issues (such as a restriction that needs to be removed or an unregistered property), the timeline is longer. The single biggest delay on a remortgage is receiving the DS1 (discharge form) from the old lender after redemption — this is usually received within 2–4 weeks of redemption.
Do I need to instruct my own solicitor on a remortgage?
Most lenders appoint a solicitor from their panel and pay all or part of the legal fees. The panel solicitor acts for both the lender and you. You do not usually need to instruct your own separate solicitor for a standard residential remortgage. However, if the lender does not offer free legal work, or if you have a complex title situation, instructing your own specialist solicitor may be advisable. A solicitor advises on the best approach for your situation.
Can I remortgage if my property is leasehold?
Yes — but the lease must be long enough for the lender's requirements. Most residential lenders require the lease to have at least 70–85 years remaining at the end of the mortgage term. If the lease is too short, the lender may refuse to lend unless a lease extension is underway. Your solicitor identifies the lease length issue and advises on the timing of a lease extension alongside the remortgage.
Is there Stamp Duty Land Tax on a remortgage?
No. SDLT is not payable on a remortgage — it is only payable on the purchase of a property (or the transfer of a property for consideration). The remortgage involves no change in beneficial ownership, only the substitution of one lender for another, so no SDLT return is needed.
What is an early repayment charge (ERC)?
An early repayment charge is a fee charged by your existing lender if you repay your mortgage before the end of a fixed-rate or discount period. ERCs are typically 1–5% of the outstanding mortgage balance. Your solicitor obtains the redemption figure (including any ERC) from your existing lender before completion so you know the exact cost of switching. You should also take financial advice on whether the saving on the new rate outweighs the ERC.