Remortgage legal work: information to gather

A remortgage can be delayed by title or lease issues even when the new interest rate has been agreed. The legal work needs to align redemption of the old borrowing with the new lender's security requirements. ^[1]

Identify the property and borrowing changes

Provide the existing mortgage account, new offer, owners' details and any intended change of ownership. Explain additional secured borrowing, restrictions, lease variations or alterations since the purchase. For a flat, supply the lease and current management contact.

Check offer expiry and any early repayment charge with the lender or adviser. A preferred completion date should be assessed against the legal work still outstanding.

Confirm the completion figures

Review the redemption amount, fees and net funds required or released. If balances change daily, ensure the statement used matches the proposed completion date. Independently verify payment instructions through a known contact before transferring money.

Ground rent clauses may affect lender acceptability. A simultaneous transfer of equity adds ownership and tax questions to the refinancing. After completion, retain the statement and confirmation that the relevant mortgage registration steps have been handled.

Confirm the transaction your lender is arranging Establish whether you are switching lender, changing a product with the same lender or arranging additional borrowing. MoneyHelper distinguishes a remortgage with a different lender from a product transfer and explains that associated costs need to be considered. [1] Ask which legal services are included in the offer and which issues would require additional work. A package advertised as including legal fees may have a defined scope, so explain ownership changes or unusual title matters before assuming every related task is covered by that package.

Give the conveyancer the final mortgage offer when available and identify any conditions you have been asked to satisfy. Keep an earlier illustration or decision in principle separate so nobody relies on superseded figures. Explain the purpose of any additional funds and whether another transaction depends on their release. If you are using the money for a transfer of equity, building project or repayment of other secured debt, the completion arrangements may need to account for that purpose rather than simply remit an assumed surplus to you. ## Revisit changes made since the original purchase Prepare a record of alterations, extensions, lease variations and changes in occupation since you bought the property. Supply the relevant approvals and documents where available. The new lender's legal assessment concerns the property as it stands now, not only the file created at the earlier purchase. If you acquired additional land, changed access arrangements or entered an agreement with a neighbour, disclose that too. A small physical change can raise a title question that would be difficult to identify from the original mortgage account alone.

For a leasehold home, provide the current lease documents and management details, including any completed change to ground rent or term. Tell the conveyancer about unresolved charges, missing consents or correspondence concerning the building that may be relevant to the lender. Do not assume a matter is immaterial because the current lender has never asked about it. The point is to let the professional handling the new security assess the issue against the actual instructions, rather than discover it only when the intended completion date is close. ## Build the completion calculation from current figures Identify every borrowing or charge that must be addressed and obtain the appropriate redemption information through the conveyancer. A balance shown on a monthly statement may differ from the amount needed to redeem on a particular date because of interest or charges. Ask how early repayment charges and account closure costs affect the proposed timing. MoneyHelper highlights the need to include exit and new-deal costs when comparing options. ^[1] Keep that financial comparison connected with the legal timetable instead of selecting a date solely from an advertised interest rate.

Read the completion statement as a movement of funds. Start with the new advance, identify deductions and compare the result with the amount required from you or expected to be released. Check how fees added to the loan differ from fees deducted at completion. If the available surplus is smaller than expected, ask for the difference to be explained before committing it elsewhere. An estimate based on an earlier redemption date or an unconfirmed mortgage amount should not be treated as money already available to spend. ## Manage timing and evidence of the completed switch Ask how much notice the new lender requires for funds and which unresolved legal conditions could prevent the requested date. If the existing deal is ending, discuss the practical effect of a short delay with the mortgage adviser rather than assume the conveyancer can complete before every requirement is satisfied. Tell the advisers about offer expiry or a changed personal circumstance promptly. A schedule based on complete information gives them a better opportunity to coordinate than a last-minute request unsupported by the necessary documents.

After completion, retain the statement and confirmation of the steps taken to redeem the old borrowing and register the new security. Check subsequent lender correspondence against the completed arrangement and query unexpected payments or balances through established contacts. Do not cancel payment instructions solely because you expect completion to occur; ask the lender or adviser how the transition should be handled. If a registration matter remains outstanding, keep the conveyancer's explanation and follow-up contact so the file can be brought to a clear conclusion once that work is finished.