How Long Does a Remortgage Take?

A typical remortgage with a solicitor takes around six to ten weeks from the day you apply to the day your new mortgage completes. A simple remortgage can be quicker, and one with complications, such as a leasehold property or a change in who owns the home, can take a little longer.

If you are simply moving to a new deal with your existing lender (often called a product transfer), you may not need a solicitor at all, and the switch can be much faster. The timescales in this guide are for switching to a new lender, or borrowing more, where legal work is needed.

We help homeowners in Scunthorpe, Goole and across North Lincolnshire and the East Riding, and clients right across England and Wales, to remortgage smoothly. You can read more about our service on our remortgage solicitors page.

Every remortgage is different, but most follow the same pattern:

• Weeks 1 to 2: application and valuation. You apply to your new lender, usually through a mortgage broker. The lender arranges a valuation of your home.
• Weeks 2 to 4: mortgage offer. Once the lender is happy, it issues a mortgage offer and sends instructions to your solicitor.
• Weeks 3 to 6: legal work. We check your title at HM Land Registry, obtain a redemption statement from your current lender, carry out any searches the lender requires, and review the offer conditions.
• Weeks 5 to 8: signing and completion. You sign the mortgage deed, we request the funds, pay off your old mortgage and complete on the agreed date.
• After completion: we register the new mortgage at HM Land Registry.

The legal stages can often run alongside the lender’s checks, which is why instructing your solicitor early saves time. Once the mortgage offer has been issued and the legal checks are complete, we agree a completion date with you. Many people choose the day after their current deal ends, so they move straight onto the new rate without paying an early repayment charge.

On completion day, the new lender sends the money to us, we repay your old lender, and any extra money you have borrowed is sent to you after deducting the agreed costs. There is no moving out and no chain, so a remortgage is usually far more predictable than buying or selling a home.

A few simple steps make a real difference to how quickly a remortgage completes:

• have photo ID and proof of address ready for your solicitor and your broker;
• return the forms and signed mortgage deed as soon as you receive them;
• tell us straight away if anything changes, such as your job, your income or who lives at the property;
• let us know about any adult who lives with you, as many lenders ask them to sign a form confirming the lender’s mortgage takes priority over any rights they may have;
• if your home is leasehold, tell us the name of your landlord or managing agent at the start.

We will tell you clearly what we need from you and when, so nothing is left waiting on the file.

Your solicitor acts for you and, usually, for your new lender too. Our work includes:

• checking your identity and the title to your property;
• obtaining the redemption statement, which confirms exactly how much is needed to pay off your existing mortgage, including any early repayment charges;
• carrying out searches, or arranging search insurance where the lender allows it;
• checking the terms and conditions of your new mortgage offer and explaining them to you;
• preparing a completion statement so you can see where every pound is going;
• receiving the new loan, repaying the old one and registering the change at HM Land Registry.

For a leasehold property we also check the lease and deal with any notices or consents the lease requires. If you let the property, we check that the new mortgage is a buy-to-let mortgage that allows letting, and if you are adding or removing someone from the title at the same time, we deal with the transfer and make sure everyone understands what they are signing. Throughout, you have a named contact who can answer your questions.

Most delays are avoidable with a little planning. The common ones are:

• Valuation issues: your new lender will usually value your home, sometimes by a desktop check and sometimes by a visit. If the valuation comes in lower than expected, you may need to change the amount you borrow or the deal you choose.
• Missing documents: lenders may ask for extra evidence of income or identity.
• Leasehold properties: getting information from a landlord or managing agent can take time.
• Changing who owns the home: adding or removing someone at the same time as the remortgage involves a transfer of equity, which adds extra steps.
• Title problems: such as old restrictions or charges on the register that need to be dealt with.
• Slow replies: from you, the lender or the broker. Responding quickly to questions is the single best way to keep things moving.

Many homeowners are coming to the end of fixed rate deals and want to avoid moving onto their lender’s standard variable rate, which is often more expensive. Many lenders allow you to secure a new deal several months before your current one ends, and mortgage offers usually remain valid for some months.

As a practical guide, it is sensible to speak to your mortgage adviser around three to six months before your fixed rate ends, and to instruct a solicitor as soon as you have chosen a new lender. That gives time for the legal work and lets you plan completion for the day after your current deal ends, so you avoid early repayment charges.

Your mortgage adviser can tell you the exact rules for your lender. We do not give mortgage advice, but we work alongside brokers every day and will keep them updated. Starting early also gives breathing space if the lender asks for more information or the valuation raises a question, so you are not racing against the end of your current deal.

Our remortgage fee is a fixed £600 plus VAT (£720 in total). Third-party costs, such as the search pack (£182, where the lender needs searches) and HM Land Registry fees, are listed separately, and there are small supplements for some situations, such as leasehold properties. Many lenders offer free legal work as part of a remortgage deal, so it is worth checking with your broker whether that applies.

You can see the full breakdown on our remortgage pricing page, and the general steps of a property transaction in the conveyancing process explained.

Occasionally, if the lender is quick, the title is straightforward and no searches are needed. In most cases, however, the lender’s valuation and offer alone take longer than that. If you have a deadline, for example because your current deal ends soon, tell us when you instruct us and we will do everything we can to meet it.

If you are staying with your current lender on a product transfer, usually not. If you are switching to a new lender, borrowing more on a new mortgage, or changing who owns the property, a solicitor or licensed conveyancer is needed to deal with the legal side. Some lenders appoint their own panel firm for free legal work, while others let you choose your own solicitor.

Our conveyancing team, headed by Partner Jenny Musgrave, handles remortgages for homeowners and landlords on a fixed fee. We keep you and your broker updated at every stage, in plain English, and aim to complete on the date that suits you. If you are based locally, you are welcome to call our Scunthorpe or Goole conveyancing teams. Call us for a free, no obligation chat about your remortgage.