Remortgaging: what your solicitor actually does

Remortgaging is the cheapest, fastest form of conveyancing. Most remortgages complete in 3 to 6 weeks and cost under £500 in legal fees. But the solicitor's role is still legally important. Here's what they actually do.

1. Check your identity and source of funds. Same as any conveyancing. Usually digital (Credas etc). Takes 10 minutes.

2. Check the title. Confirm you own the property, that the title isn't subject to any restrictions that affect the remortgage, and that your existing lender's charge is registered correctly.

3. Request a redemption statement. From your current lender, stating the exact amount to repay to close the old mortgage.

4. Act for the new lender. Your solicitor is also the new lender's solicitor. They check that the property meets the lender's requirements, the title is clean, and the funds are being used as intended.

5. Complete. On completion day, the new lender sends funds. Your solicitor pays off the old mortgage and registers the new charge with HM Land Registry.

6. Register with HMLR. Post-completion, your solicitor submits the transfer to Land Registry. This can take 6 to 12 weeks to process but doesn't affect your use of the property.

What remortgages don't need. No searches (usually, some lenders require them), no SDLT (remortgages aren't taxable events unless the ownership is changing too). That's why they're cheap.