Remortgaging the same property is simpler than when you’re buying or selling a property, because the delays associated with buying and selling don’t exist.
According to Money.co.uk, the remortgaging process typically takes between 4 and 8 weeks. Knowing what to expect and being prepared can help shorten the process by at least a week.
ID information and source of funds
Have your ID information and proof of source of funds ready before you start looking for conveyancing quotes. You’ll need a photo ID such as a passport and proof of residence, such as a utility bill for each person named on the mortgage deeds.
Solicitors are required by law to check the source of funds you’re using to pay down part of your existing mortgage. For example, if it was from a property sale, they’ll need to see a copy of the completion statement and your bank statement, to prove it came from the solicitor that dealt with the sale. Cash is not accepted, as it is more difficult to trace its source.
With your ID and source of funds documents collected, you’re ready to check for conveyancing quotes. Online quotes from sites such as https://www.samconveyancing.co.uk/conveyancing-quote are a good starting point.
Land Registry title deeds and mortgage offer
Your solicitor will examine the deeds, which they will obtain from HM Land Registry. They’ll check for restrictions, such as other involved parties, leasehold details and charges. Your chosen mortgage lender sends their mortgage offer to your solicitor, subject to certain criteria. For example, Barclays will lend only if there’s at least 25 years of lease left after the end of the mortgage term.
Lenders criteria include searches. Usually, you’ll only need a local search, but the solicitor must also perform OS1 priority searches to prevent more charges being attached and also a bankruptcy check. Once your solicitor has satisfied the lender’s criteria on the property and the legal owners, a date for completion can be agreed. The solicitor sends a ‘certificate of title’ to the lender, and asks the lender to send the remortgage amount.
Prior to completion, you’ll receive notice of the outstanding balance of the remortgage or how much money you’ll receive, plus details of all the other solicitor’s fees. The solicitor registers the new mortgage at HM Land Registry.