Do I Need a Solicitor to Remortgage?

If you’re looking to remortgage your home, you might be thinking back to when you first obtained a mortgage and wondering if you need a solicitor again.

The good news is that you don’t always need a solicitor for a remortgage.

If you’re staying with the same lender and you’re simply selecting a new remortgage deal, then you won’t need a solicitor (as this is known as a product transfer). 

You also won’t need a solicitor if you need to borrow extra money from the same lender. 


When Do You Need a Solicitor to Remortgage?

You will need a solicitor to remortgage if, for instance: 

  • You need to remove someone’s name from the remortgage
  • You need to add someone’s name to the remortgage
  • You choose to remortgage with a new lender
  • You need to use the money from a remortgage to purchase a new property

John Charcol Legal can help you find a conveyancer to help with the remortgage process.



How Long Do Solicitors Take to Remortgage?

Your solicitor will take between 4 - 8 weeks to complete your remortgage if there are no complications along the way.

Do I Need a Valuation for My Remortgage?

Yes, you do need a valuation with a remortgage, but it differs slightly depending on whether you stay with your current lender or switch to a new remortgage provider. Read our comprehensive Guide to Valuations for more details.

If you stay with the same lender, they may use an AVM (Automated Valuation Model) to determine the value of your house, which can be quite quick. This model requires a good amount of recent sales data for houses in your area, which will determine whether it’s used or not. 

If you change to a new lender, they might use an AVM or a qualified valuer to assess the market value of your house. As with "free legals", you may be able to obtain a "free valuation" with some new remortgage products, but it’s important to check. 

Checking the fees, cost of borrowing and any other incentives like cashback is essential to properly compare different remortgage deals. 

The reason you need a valuation for your remortgage is because the company lending you the money needs to understand the risk (amount you want to borrow) in comparison to the value of the house. As you would expect, low risk would involve borrowing a small amount against a house worth 4 times that amount. High risk would be the opposite: borrowing a large amount against a house that’s not worth much more than the mortgage. 

Your level of risk determines whether you can apply for certain remortgage products. You can see this by looking for minimum LTV (loan to value).

Here’s an example: 

  • House value: £200,000
  • Amount to borrow: £150,000
  • LTV: 75%

Do I Need a Deposit for My Remortgage?

You need equity to obtain a remortgage as opposed to a deposit, which you would have need you took out your first mortgage. 

Unlike a cash deposit (money in your bank), equity refers to the amount of your property that you own (without debt) as part of the total value of your house. 

As mentioned, this is related to how much you’d like to borrow in comparison to the value of your property (LTV). 

You do have the option, however, to pay off some of your mortgage when remortgaging. If you’ve managed to save a little, it’s worth discussing this with a remortgage adviser. 

Paying off some of your mortgage can help you pay less interest (cost of borrowing) over time and may even allow you to pay off your mortgage a little earlier.


Do I Need a Survey for My Remortgage?

You may need a survey as part of any new agreement for a remortgage, but it’s less likely if you stay with the same lender. There are many types of survey, each with a different level of detail. 

The company lending you the money will assess the age and type of house, and this will determine the type of survey required (along with the construction material). A remortgage lender will consider certain construction types as riskier than others when it comes to lending you money.

Do I Need a Mortgage Adviser for my Remortgage?

It’s strongly advised that you talk to an adviser about any new financial agreements concerning your property. 

Any decision that concerns money needs careful consideration and you’ll need to understand all the facts and what options you have.

If we take some of the above examples, a remortgage broker will understand: 

  • Your finances and current circumstances
  • Whether you need a solicitor or valuation, and which products offer "free legals and valuations"
  • What equity you have and be able to calculate your LTV to see your options
  • What the total cost of borrowing will be and whether a remortgage product is actually the best deal for you

To get in touch with one of our expert advisers, call us today on 0330 433 2927 or enquire online.

Home Insurance

Do you want new home insurance to go with that new mortgage? Our in-house team can arrange bespoke buildings and contents insurance to suit your new requirements, for free.

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Protection 

With John Charcol, you’ll have the option of speaking to your very own expert protection adviser who’ll learn about your situation and find the right cover for your needs.

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JC Legal

We can find you a solicitor to manage the conveyancing part of the process with JC Legal. We choose from an exclusive panel of carefully selected solicitors and conveyancers, saving you time and ensuring you receive excellent service.

Learn More

Equity Release

It’s easy to overlook your property as part of your finances, but your home is probably the biggest asset you have. Release money from your home with John Charcol's partnership with Key Retirement. Find out more and start the process today.

Learn More

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    We worked with Shak Bhairon as our mortgage broker during the almost 12 months it took to complete our sale, and we couldn’t have asked for anyone better. As first-time buyers, we ended up facing an unexpectedly stressful and complicated sale with endless delays, but Shak was our constant source of guidance, reassurance, and determination. She kept us informed at every stage, worked tirelessly behind the scenes to keep things moving with solicitors and lenders, while also continually securing the best possible mortgage rates throughout the process. Her professionalism was matched by her kindness, patience, and unwavering positivity, which honestly kept our spirits up during what was sometimes an incredibly overwhelming and emotional process. Shak was a trusted advisorand we're so grateful for her hard work, expertise, and the personal touch she brought to our home-buying journey: we couldn’t recommend her highly enough.

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    The support from Holly Grant was superb in helping us achieve our Life Insurance goals - not rushed and great attention to detail - Holly took great care to find the right solution for us. We are very grateful for her help and support. I would highly recommend Holly to anyone. I also thank Darren Small for the intro after all of his superb help initially with out mortgage - great firm!

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    Shaahid Quinn and Zerena Taylor were both extremely helpful, giving me excellent advice and managing the process with great professionalism. I would highly recommend.

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    My mortgage application was not a straightforward one, my age and the fact that all my earnings were from overseas were the main contributing factors. However with the help of Shak I was able to get over the line and am now in my new home ! I cant recommend the services of John Charcol and Shak highly enough. Safe hands !

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    We have been so pleased and grateful for the service we have received from John Charcol in respect to our Life Insurance and Home Insurance. Holly Grant and Zerena Taylor have shown us extreme patience during our house-buying process when we lost one purchase after the other---. Whenever we think of any of these services, we immediately think to contact John Charcol because of their fantastic customer service and their professional recommendations of products. Well done, everyone!

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    We have just completed a remortgage with David Pudney at John Charcol who is always efficient and reliable. He has a very professional attitude towards his clients. Thoroughly recommend him to friends and family and have been using John Charcol, for some years, very happily.

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There are many valid reasons to remortgage. If you’re considering remortgaging your home but need help finding the right option for you, contact John Charcol. Our team of experienced mortgage advisers can recommend a range of remortgage options to suit you. Request a call back or call us on 0330 433 2927 to get in touch.