Remortgage conveyancing: The process, costs and how long it takes

Remortgaging is an unusual property transaction. Nothing is packed, no keys change hands and, when it is all over, the house looks exactly as it did before.

Behind the scenes, however, one lender may have been removed from the property title and replaced by another, a substantial loan repaid and a new mortgage registered against your home.

What I find slightly odd about remortgaging is how little visible evidence there is that anything has happened. You may sign a mortgage deed, answer several questions and then receive a brief message confirming completion. The important work has taken place between your conveyancer, the lenders, the banks and HM Land Registry.

Quick answer: Remortgage conveyancing is the legal work required when an existing mortgage is replaced, usually by a mortgage from a different lender. A solicitor or licensed conveyancer checks the property title and the new lender’s requirements, obtains a redemption figure for the old mortgage, completes the new mortgage, repays the former lender and registers the new legal charge at HM Land Registry.

A straightforward switch to another product with the same lender usually does not require conveyancing because the existing registered mortgage remains in place. Legal work may still be needed if the ownership changes, another secured loan is involved or the lender requires a new mortgage deed.

Jurisdiction: This guide covers residential property in England and Wales. Scotland and Northern Ireland have different land registration and conveyancing systems.

Contents

• What is remortgage conveyancing?
• Do you need a solicitor to remortgage?
• Is a product transfer the same as a remortgage?
• Why is legal work needed when you already own the property?
• What should you check before starting?
• What is the remortgage conveyancing process?
• Are property searches required for a remortgage?
• What happens on remortgage completion day?
• What happens after completion?
• How long does remortgage conveyancing take?
• How much does remortgage conveyancing cost?
• What does free remortgage conveyancing include?
• What can delay a remortgage?
• How does leasehold remortgage conveyancing differ?
• Can ownership be changed at the same time?
• What if there is a second charge or equity loan?
• What if the property is not registered?
• Is property tax payable when remortgaging?
• Frequently asked questions

What is remortgage conveyancing?

Remortgage conveyancing is the legal process involved in replacing or changing a mortgage secured against a property.

Most commonly, a homeowner obtains a new loan from a different bank or building society. The new lender’s money is used to repay the existing mortgage, the old lender’s charge is removed from the property title and the new lender’s charge is registered in its place.

The homeowner may be switching to obtain a different interest rate, changing the mortgage term, borrowing additional money or consolidating existing borrowing.

The financial decision to remortgage and the legal work required to implement it are separate. A mortgage adviser or lender deals with matters such as affordability, interest rates, loan-to-value requirements and product suitability. The conveyancer deals with the property title, mortgage documents, redemption of the old loan and registration of the new security.

MoneyHelper provides impartial guidance on the financial costs and considerations involved in remortgaging.

Do you need a solicitor to remortgage?

You will normally need a solicitor or licensed conveyancer if you are changing to a different mortgage lender.

The new lender needs someone to confirm that the property provides acceptable legal security for its loan. The conveyancer must also ensure that the old lender is repaid and that the new lender obtains the intended priority over the property.

Most residential remortgages involve one conveyancer acting for both the homeowner and the new lender. This is possible where:

• the conveyancer is approved to act on the lender’s panel;
• the lender permits joint representation; and
• no conflict of interest prevents the conveyancer from acting for both parties.

The lender’s instructions are commonly governed by the UK Finance Mortgage Lenders’ Handbook together with that lender’s individual requirements. The handbook contains detailed instructions for conveyancers acting on residential mortgage transactions. See the UK Finance Mortgage Lenders’ Handbook.

What if your conveyancer is not on the lender’s panel?

The lender may appoint another firm to act solely for it. Your own conveyancer and the lender’s firm must then communicate and exchange information before the mortgage can complete.

Separate representation may increase the time and cost. It is therefore sensible to check panel membership before instructing a conveyancer or paying money on account.

Do not assume that a firm which acted when you bought the property will automatically be approved by your new lender. Lender panels and individual membership can change.

Is a product transfer the same as a remortgage?

The terms are often used interchangeably in everyday conversation, but the legal processes are different.

Product transfer with the existing lender

A product transfer means moving to a different mortgage deal with the same lender while the existing loan and registered legal charge generally remain in place.

For example, a borrower may move from the lender’s standard variable rate to a new fixed-rate product without changing the property ownership or borrowing more.

Because the existing registered charge continues, a straightforward product transfer normally does not require a conveyancer. The lender usually handles the change administratively.

Legal work may nevertheless be required if the transaction also involves:

• adding or removing an owner or borrower;
• a new mortgage deed or materially different security;
• repayment or postponement of another secured loan;
• a restriction or title issue requiring legal documents; or
• another change for which the lender requires conveyancing.

Further advance from the existing lender

A further advance is additional borrowing from the same lender.

Many modern mortgage charges are drafted to secure further advances, so the lender may be able to lend more without registering a replacement charge. However, additional legal work may be required where there is another charge on the title, the ownership is changing or the lender needs a priority agreement.

A further advance should therefore not automatically be treated as either a simple product transfer or a full remortgage. The lender will confirm what documentation is required.

Remortgage to a different lender

A conventional remortgage involves repaying one lender and granting security to another. That normally requires conveyancing because the registered charges must change.

Why is legal work needed when you already own the property?

It is reasonable to wonder why the title must be investigated again when you have lived in the property for years and have made every mortgage payment.

The new lender did not carry out the original conveyancing and cannot simply assume that the property remains suitable security.

Since the purchase, there may have been:

• a transfer of ownership;
• a new restriction or legal charge;
• an extension, solar-panel lease or other arrangement affecting the property;
• a change to a lease;
• an estate-management restriction;
• a dispute affecting access or boundaries; or
• an error in the registered title.

The new lender also has its own lending policy. A title accepted by one lender several years ago may not satisfy another lender’s current requirements.

The conveyancer therefore checks both the title and the lender’s instructions. My guide to what a conveyancing solicitor does explains the wider role of a conveyancer in protecting the lender and property owner.

What should you check before starting?

The legal process should not be considered in isolation from the mortgage deal itself.

Check the existing mortgage terms

Ask the current lender whether an early repayment charge, mortgage-exit fee or other charge will apply.

An apparently attractive interest rate can be outweighed by the cost of leaving the existing deal too soon. MoneyHelper recommends considering early repayment charges, new-product fees, legal expenses and administration costs when comparing mortgages.

Choose the intended completion date carefully

A remortgage is often timed to complete immediately after an existing fixed or discounted period ends.

Completing one day too early can sometimes trigger an early repayment charge. Completing too late may leave the borrower paying the old lender’s standard variable rate for a period.

The conveyancer should be told the date on which the existing deal ends and whether the new mortgage offer contains any deadline.

Check that the new borrowing is sufficient

The new mortgage must cover the amount required to repay the old loan together with any secured borrowing that must be discharged.

If it does not, the borrower must provide the shortfall in cleared funds before completion. A conveyancer cannot complete on the assumption that the borrower will pay the difference afterwards.

Consider whether you expect to move soon

A new mortgage may include early repayment charges extending for several years. Although a mortgage may be described as portable, moving it to another property is normally subject to a new application and the lender’s approval at that time.

This is a financial rather than conveyancing decision, but it is best considered before the legal work is completed.

What is the remortgage conveyancing process?

The precise process depends on the lender, property and transaction. A straightforward registered freehold remortgage may require relatively little correspondence. A leasehold property with a transfer of equity, second charge and title restriction will be considerably more involved.

1. Instructing the conveyancer

The borrower instructs a solicitor or licensed conveyancer who is able to act for the new lender.

Some lenders appoint a panel firm as part of a fee-assisted remortgage package. In other cases, the borrower chooses and pays their own conveyancer.

The conveyancer will normally request:

• proof of identity and address;
• details of the current and proposed lenders;
• the mortgage account number;
• information about the property and its occupation;
• details of any other secured loans;
• a copy of the new mortgage offer when available; and
• information about any changes made to the property.

2. Identity and anti-money laundering checks

The conveyancer verifies the identity of the borrowers and registered owners.

They may also need evidence explaining any money the borrower is contributing. This is especially important where the new mortgage does not fully cover the redemption figure or somebody else is providing funds.

If additional borrowing is being released, the conveyancer will confirm where the surplus is to be paid. Fraudsters frequently target property transactions, so changes to bank details should always be independently verified.

3. Obtaining and checking the title

For registered property, the conveyancer obtains official copies of the title register, title plan and relevant filed documents.

They check matters including:

• the identity of the registered owner;
• whether the property is freehold or leasehold;
• the existing mortgage and other charges;
• restrictions affecting registration;
• rights of way and other rights benefiting the property;
• restrictive covenants and other burdens; and
• any lease, transfer or deed referred to in the register.

The conveyancer must ensure that the legal title corresponds with the property described in the mortgage offer.

If the owner’s name has changed, supporting evidence may be required. A more substantial discrepancy may need to be corrected before the lender will release its money. My guide explains how Land Registry errors can be corrected.

4. Investigating title problems

A remortgage sometimes uncovers an issue that was overlooked when the property was bought or arose afterwards.

Examples include:

• an extension built without the consent required by a covenant;
• a restriction requiring a management-company certificate;
• a missing right of way;
• a mortgage that should previously have been discharged;
• a rentcharge or estate charge affecting the title;
• a defective lease provision; or
• part of the property not being included in the registered title.

The solution might involve obtaining consent, correcting the register, arranging indemnity insurance, entering a deed of variation or reporting the issue to the lender for a decision.

The conveyancer cannot conceal a material title problem from the lender merely because the borrower has lived with it without difficulty. When acting for both parties, the conveyancer owes duties to each of them.

My guide to rentcharges affecting residential property explains why some title charges and enforcement rights concern mortgage lenders.

5. Checking the new mortgage offer

The conveyancer receives the formal mortgage offer and the lender’s legal instructions.

They confirm that:

• the property and borrowers are correctly identified;
• the loan is sufficient for the proposed transaction;
• any special legal conditions can be satisfied;
• the conveyancer is authorised to request the mortgage funds; and
• the proposed completion date falls within the offer period.

The conveyancer may report to the borrower on the legal effect of the mortgage deed and important conditions affecting the property.

They are not ordinarily responsible for advising whether the mortgage interest rate, repayment method or product represents a good financial choice. Those questions should be addressed with the lender or a suitably authorised mortgage adviser.

6. Signing the mortgage deed

The borrower signs the new lender’s mortgage deed in accordance with the lender’s and HM Land Registry’s requirements.

By signing, the owner grants the lender a legal charge over the property. The charge gives the lender security for the mortgage debt and, ultimately, enforcement rights if the loan is not repaid.

The deed should be signed and returned in good time. A missing signature, unsuitable witness or incomplete execution can prevent the mortgage from completing.

HM Land Registry provides technical guidance on the registration of legal charges.

7. Obtaining a mortgage redemption statement

The current lender supplies a redemption statement showing the amount required to repay the mortgage on a specified date.

The figure may include:

• the outstanding capital balance;
• interest calculated to the intended completion date;
• an early repayment charge;
• a mortgage account or discharge fee; and
• other sums due under the mortgage.

Interest normally continues to accrue daily. A figure calculated for Monday may therefore be insufficient if completion is postponed until Friday.

The conveyancer may obtain an initial statement during the transaction and a final figure shortly before completion.

8. Dealing with other secured loans

The title may contain another mortgage, equity loan, charging order or secured debt.

The new lender will normally require first priority. The other charge may therefore need to be:

• repaid and removed;
• left in place with the new lender’s consent; or
• postponed through a deed of priority or postponement.

This can be one of the most significant causes of delay. The second lender may require its own valuation, consent process, legal review and administration fee.

9. Satisfying restrictions and third-party requirements

A restriction in the title may prevent registration of the new mortgage unless a certificate, consent or other document is provided.

This is common in leasehold, shared-ownership and estate-managed properties. The landlord, management company, housing association or rentcharge owner may charge a fee for supplying the necessary certificate.

The fee is not set by HM Land Registry and may not be included within an advertised fixed conveyancing price.

10. Reporting and arranging completion

Once the title, mortgage offer and lender’s requirements are satisfactory, the conveyancer sends the borrower a completion statement.

This shows the money expected from the new lender, the amount required to repay the existing mortgage, legal costs and any balance payable by or to the borrower.

If the borrower must provide a shortfall, it needs to reach the conveyancer as cleared funds before completion.

Are property searches required for a remortgage?

There is no single answer applying to every lender.

The lender’s instructions determine whether local authority, drainage and water, environmental or other searches must be obtained.

Some lenders require a conventional search package. Others may accept a search-validation or search-indemnity policy, particularly where the borrower already owns and occupies the property.

What is search indemnity insurance?

A search-indemnity policy generally protects the lender against specified financial loss arising from matters that a search might have revealed.

It does not carry out the investigation and tell the homeowner what is affecting the property. It also may not provide the borrower with the same protection as the lender.

For example, a policy does not provide a copy of the planning history or confirm whether the road is publicly maintained. It insures against defined consequences rather than supplying information.

The conveyancer must follow the new lender’s particular requirements rather than assume that insurance will always be acceptable.

My detailed guide explains what conveyancing searches reveal and the limits of search indemnity insurance.

Are final Land Registry searches still needed?

Yes. The conveyancer normally carries out an official search with priority shortly before completion.

This checks whether the register has changed since the title was investigated and gives the new mortgage priority for a limited period while the registration application is prepared and submitted.

A bankruptcy search is also normally made against an individual borrower’s name for the lender’s protection.

HM Land Registry explains the purpose of an official search with priority.

What happens on remortgage completion day?

Unlike completion of a house purchase, nobody needs to collect keys or move out. The important event is the movement of money.

The usual sequence is:

1. The new lender sends the mortgage advance to the conveyancer.
2. The conveyancer checks that all money required for completion is available.
3. The existing lender is paid the amount shown in the final redemption statement.
4. Other secured loans being discharged are repaid.
5. Legal fees, registration fees and agreed costs are deducted.
6. Any remaining money is transferred to the borrower.

The conveyancer must not release additional borrowing until the conditions of the new lender’s offer have been satisfied.

Does the old mortgage disappear immediately?

Not necessarily from the visible Land Registry record.

The old lender may provide an electronic discharge after receiving its money. The conveyancer then applies to register the new mortgage and remove the old charge.

The new lender does not normally wait for the register to be updated before releasing its advance. It relies on the conveyancer’s professional undertaking to repay the existing lender and complete the registration correctly.

When does the borrower receive additional money?

Where the new mortgage releases equity, the net surplus is normally sent after the old mortgage and relevant costs have been accounted for.

The conveyancer may require the payment to be made to an account in the borrower’s own name. A last-minute request to redirect a large sum to somebody else is likely to prompt additional checks.

What happens after completion?

The conveyancer deals with the Land Registry application after the financial completion has taken place.

The application normally asks HM Land Registry to:

• remove the former lender’s charge;
• register the new lender’s charge;
• register any associated restriction; and
• record any simultaneous change of ownership.

The old lender may discharge its mortgage electronically. In other cases, additional evidence or a formal discharge document may be needed. HM Land Registry’s guidance on discharging registered charges explains the registration process.

Once registration is completed, the conveyancer checks the updated register and reports to the borrower and lender.

What if Land Registry registration takes months?

The remortgage itself can still have completed even though the register has not yet been updated.

HM Land Registry processes some straightforward automated applications quickly, while applications requiring manual examination can take longer. The priority search and pending application protect the new lender’s position while registration is being processed.

HM Land Registry publishes current information about Land Registry processing times.

A delay becomes more urgent if the owner intends to sell, transfer or remortgage the property again before the application is completed. An expedite request may then be possible where the evidence shows that another transaction is at risk.

How long does remortgage conveyancing take?

A straightforward remortgage often takes several weeks. Four to eight weeks is commonly quoted, but it is not a guaranteed or legally prescribed period.

The timescale is normally measured from the point at which the conveyancer has the instructions, title information and mortgage offer needed to progress the matter—not merely from the day the borrower first compares interest rates.

A simple registered freehold remortgage may complete sooner where:

• the title is uncomplicated;
• the mortgage offer is issued promptly;
• the existing lender supplies the redemption statement quickly;
• no full searches are required;
• all documents are signed correctly; and
• the borrower responds promptly.

A leasehold remortgage, transfer of equity or transaction involving another secured lender may take considerably longer.

How much does remortgage conveyancing cost?

There is no standard legal fee applying to every remortgage.

The cost depends on factors including:

• whether the property is freehold or leasehold;
• the lender and its particular requirements;
• whether searches or search insurance are needed;
• the number of existing charges;
• whether ownership is changing;
• the existence of title restrictions;
• whether the property is registered; and
• how much additional legal work becomes necessary.

Legal fees

The conveyancer may charge a fixed fee for a standard remortgage. Check whether VAT and ordinary lender work are included.

Additional fees may apply for:

• leasehold work;
• a transfer of equity;
• redeeming a second mortgage;
• acting for a Help to Buy or other equity lender;
• preparing a declaration of trust;
• dealing with unregistered land;
• correcting a title problem; or
• separate representation for the lender.

Third-party costs

Typical third-party expenses may include:

• official copies of the register and filed documents;
• Land Registry priority and bankruptcy searches;
• the fee for registering the new mortgage;
• property searches or search-indemnity insurance;
• bank-transfer charges;
• identity-verification costs; and
• landlord, management-company or housing-association fees.

HM Land Registry fees can change and depend on the application. The current charges should be checked through the official Land Registry registration-fee guidance.

Mortgage costs are separate

The legal quotation may not include:

• the lender’s arrangement or product fee;
• a valuation fee;
• mortgage-broker fees;
• an early repayment charge;
• the old lender’s exit or account-closing fee; or
• interest charged by either lender.

These amounts should be considered when deciding whether the new mortgage is financially worthwhile.

What does free remortgage conveyancing include?

Some lenders offer free or fee-assisted legal work when a borrower remortgages to them.

The word “free” usually means that the lender pays a panel conveyancer for a defined standard transaction. It does not necessarily mean that every legal issue will be dealt with without charge.

What may be excluded?

Additional charges may arise for:

• leasehold or shared-ownership property;
• a transfer of equity;
• another legal charge or equity loan;
• title restrictions;
• unregistered land;
• missing planning or covenant consent;
• indemnity policies;
• expedited work; or
• sending additional borrowing to more than one account.

Read the lender’s offer and the panel firm’s terms before assuming that the transaction will cost nothing.

Who does the panel conveyancer represent?

The panel firm may act for both the borrower and lender, although the precise arrangement should be confirmed.

The firm must still carry out identity checks, investigate the title and report relevant problems. A lender-paid conveyancer is not permitted to overlook an issue simply because the borrower regards it as unimportant.

Can you choose your own conveyancer instead?

Usually, but the chosen firm must be acceptable to the lender.

The lender may withdraw the free-legal benefit or offer cashback instead. If the firm is not on the lender’s panel, separate representation may be required.

Price is not the only consideration. A free-legal scheme can be perfectly effective for a simple transaction, but a borrower with an unusual title or fixed deadline may prefer to choose a conveyancer who can discuss the matter directly and deal with additional work from the outset.

What can delay a remortgage?

Remortgages do not have property chains, but that does not make them immune from delay.

The mortgage offer has not been issued

A decision in principle is not the same as a formal mortgage offer.

The lender may still be considering affordability, valuation, identification or supporting documents. The conveyancer cannot complete until the formal offer and legal instructions have been received.

The existing lender is slow to supply a redemption figure

The conveyancer needs an accurate figure for the intended completion date. An outdated estimate is not sufficient to repay the loan safely.

The title contains another charge

A second lender may need to be repaid or enter a deed postponing its charge to the new mortgage.

Obtaining that lender’s consent can take longer than the main remortgage itself.

A restriction prevents registration

A management company, landlord or other person may need to provide a certificate or consent before the new mortgage can be registered.

Delays frequently arise because the relevant organisation has not been contacted early or its administration fee has not been paid.

The ownership and mortgage arrangements do not match

The mortgage offer may have been issued in names that do not reflect the registered ownership or the intended transfer.

This may require an amended offer and a simultaneous transfer of equity.

The lease does not satisfy the lender

The lender may object to the remaining lease length, ground-rent provisions, insurance arrangements, building-safety information or another lease term.

A deed of variation or further report may be required before the lender will proceed.

Building work lacks documents

An extension, loft conversion or structural alteration may require planning permission, building-regulation approval, landlord’s consent or consent under a restrictive covenant.

The fact that work has existed for years does not necessarily mean the lender will ignore missing documentation.

The mortgage deed is incorrectly signed

A simple execution error can stop completion. Sign the deed exactly as instructed and ensure that any witness is independent and physically present where required.

How does leasehold remortgage conveyancing differ?

A leasehold remortgage requires the conveyancer to examine both the registered title and the lease.

The new lender may have requirements concerning:

• the remaining lease term;
• ground rent and any review formula;
• service-charge and insurance arrangements;
• restrictions on assignment or mortgage;
• the landlord’s enforcement rights;
• building-safety issues affecting a flat; and
• the financial position or identity of the management company.

There is no universal rule that every mortgage lender accepts a lease with a particular number of years remaining. Each lender applies its own criteria, often considering both the unexpired term and how long will remain at the end of the mortgage.

After completion, the lease may require notice of the new mortgage to be served on the landlord or managing agent. A registration or notice fee may be payable.

A restriction may also require a certificate confirming compliance with the lease or management-company requirements before HM Land Registry can register the mortgage.

Problems in the lease may need to be addressed through a deed of variation before the new lender will accept the property.

Can ownership be changed at the same time?

Yes. A remortgage is often combined with a transfer of equity.

This may happen when:

• one owner is being removed following separation;
• a spouse or partner is being added;
• one joint owner is buying out another; or
• the ownership shares are being reorganised.

The new lender must approve the ownership and borrowing arrangements. A lender will not ordinarily release an outgoing owner from the mortgage merely because the owners have agreed between themselves that one person will make the future payments.

The conveyancer prepares the transfer deed, deals with any payment between the owners and registers both the new ownership and mortgage.

The owners may also need advice about whether to hold the property as joint tenants or tenants in common and whether a declaration of trust is appropriate.

This is more than an ordinary remortgage and will usually involve additional legal fees and tax consideration. My guide to the transfer of equity process explains these issues in detail.

What if there is a second charge or equity loan?

A new lender normally expects its mortgage to rank first in priority.

If another secured loan remains on the title, that lender may need to agree that its charge will rank behind the new mortgage. This is commonly documented by a deed of priority or postponement.

Alternatively, the second loan may be repaid from the new mortgage advance and discharged.

Help to Buy equity loans

Although the Help to Buy: Equity Loan scheme is closed to new applications in England, many existing homeowners still have an equity loan secured against their property.

Depending on whether the borrower is changing lender, borrowing more or repaying the equity loan, Homes England may require consent, a valuation, administration fees and a deed of postponement.

Repayment is based on the scheme’s percentage share and the property’s current market value, not simply the original cash advance.

Homes England provides separate guidance on remortgaging or repaying a Help to Buy equity loan.

Shared ownership

A shared-ownership lease may require the housing association’s consent to the new mortgage. The lender will also consider the lease, rent, service charges, staircasing provisions and mortgage-protection clause.

The housing association may impose its own notice, valuation and administration requirements.

What if the property is not registered?

Most residential property in England and Wales is registered, but some older titles remain unregistered.

Mortgaging an unregistered qualifying estate triggers compulsory first registration. The conveyancer must therefore investigate the historic title deeds and apply to register both the owner’s title and the new lender’s mortgage.

This is more involved than changing a charge on an existing registered title. The conveyancer must establish a satisfactory documentary chain of ownership and deal with Land Charges searches, plans and any gaps in the deeds.

Missing deeds can make the process substantially more complex and may result in HM Land Registry granting a class of title below absolute title.

Government guidance confirms that land or property must be registered for the first time when it is mortgaged. See HM Land Registry’s first-registration guidance.

Is property tax payable when remortgaging?

A straightforward remortgage with no transfer of ownership does not normally involve Stamp Duty Land Tax in England or Land Transaction Tax in Wales. The homeowner is borrowing against an interest they already own rather than acquiring a new interest in the property.

The position can change when the remortgage is combined with a transfer of equity.

Property in England

Stamp Duty Land Tax may apply where a person acquires a share in a property and provides chargeable consideration.

Chargeable consideration can include:

• cash paid to the outgoing owner; and
• mortgage debt taken over or from which the outgoing owner is released.

A transaction described informally as a gift can therefore have Stamp Duty Land Tax consequences where the recipient assumes responsibility for mortgage debt.

HM Revenue and Customs explains the treatment of mortgage debt in its guidance on Stamp Duty Land Tax when transferring property ownership.

Property in Wales

Land Transaction Tax applies instead of Stamp Duty Land Tax to Welsh property. A transfer of equity involving money or assumed mortgage liability can require an LTT return and may produce tax liability.

The Welsh Revenue Authority provides guidance on Land Transaction Tax.

Tax rates, thresholds and reliefs can change. The position should be checked using the rules in force on the effective date of the transfer.

Frequently asked questions

A smooth remortgage depends on the details

Remortgage conveyancing is usually simpler than buying a home. There is no seller, no exchange of contracts, no removal van and no chain of people waiting for money to move upwards.

That simplicity can be deceptive. The transaction still depends on the new lender receiving valid security, the old mortgage being repaid in full and the Land Registry application being completed correctly.

The smoothest remortgages tend to be the ones in which the conveyancer knows at the beginning about every owner, charge, lease, alteration and deadline. A second loan or management-company restriction disclosed on the first day can be planned for. The same issue discovered the afternoon before completion can stop the transaction.

For the homeowner, the practical result may eventually be no more dramatic than a different direct debit and some additional money appearing in the bank. Legally, however, one of the largest financial interests affecting the property has been replaced—and that is why the paperwork matters.

Last legally reviewed: 2 August 2026

This guide is based on general principles of English and Welsh law, is intended for informational purposes only, and does not constitute legal advice or establish a professional relationship.

About the author, Clare Lowes