26 Feb, 2020/ by Homeward Legal /Remortgage
We've put together this guide to help give you an understanding of the fees associated with remortgaging a property and more specifically the cost of conveyancing for this.
WHY IS CONVEYANCING REQUIRED FOR A REMORTGAGE?
You may think that as conveyancing refers to the transfer of legal title of property from one person to another, it needn't be a consideration for a remortgaging transaction. However, as the lender's interest or indeed the lender themselves are changing, it is necessary for a solicitor to check the property's title and legal status to ensure sufficient security for the lender, just like with a typical property purchase.
WHAT AM I PAYING FOR?
Remortgage conveyancing fees cover the cost of a solicitor acting on your behalf to formally register the new interest, in this case, either switching mortgage provider, moving onto a new deal or borrowing additional funds.
WHAT ABOUT ADDITIONAL COSTS OR DISBURSEMENTS?
Typical extras associated with a remortgage transaction include the creation of new land registry documents, re-registration of title, online ID verification and search indemnity insurance. The quotes we found were not inclusive of these so-called disbursements, so we have broken down the costs of these below.
WHAT QUOTES DID WE FIND?
So, let's get to the important stuff, the remortgage conveyancing fees.
Using the Homeward Legal conveyancing quote tool, the remortgage solicitor fee we were quoted on a £239,000 property came to £372, with disbursements totaling £86.33 on top of that. On a property valued at £600,000 the remortgage fee goes up to £450, plus disbursements at £136.74
Whilst being slightly more expensive than the very cheapest quotes found, do be aware that some other firms do hide additional costs to increase the attractiveness of their customer-facing quote. The prices you see quoted with Homeward Legal are the final, fixed prices you'll pay for your remortgage conveyancing fees.