When it comes to remortgaging your property, a legal professional is needed to handle the legal aspects.
Our Remortgage Conveyancing Service is available on selected products, so you don’t have to worry about the legal side of things. And we’ll cover the standard remortgage costs we’ve agreed with our recommended conveyancers.
Remortgage Conveyancing Service
If you're moving your mortgage to us but not moving home or changing the owners of the property, you won't usually have to pay anything for the standard legal costs if your chosen product includes this option. We instruct the conveyancer to act on our behalf and it's free to you. There may be some additional costs you need to pay if the loan is over £500,000.
The instructed conveyancer acts on the Society’s behalf for the standard legal work, although you will be contacted by our conveyancers during the remortgage process, by post, phone or email. We have a well-established relationship with our recommended conveyancers, which helps make the process as easy as possible for you. The legal professionals we use are regulated by either the Law Society or the Council for Licensed Conveyancers.
As a lender, we need to ask our conveyancers to assess the legal title to the property and have the necessary legal documents prepared. The remortgage work is undertaken by our conveyancers on a ‘reduced title check' basis, which we consider sufficient to assess its security.
In some circumstances, our conveyancer may need to carry out work to make sure our interests are protected that’s not covered by the standard remortgage fees we have agreed with them. These costs will not be included in what we pay for, for example, a deed of postponement, and our conveyancer will ask you for these fees prior to completion of the remortgage.
There may also be some circumstances where you need additional legal services, for example, Transfer of Equity or redemption of a Help to Buy equity loan. If you have not chosen to instruct your own conveyancer, you can instruct our conveyancer to act for you in these matters, as long as you pay their costs, which they will ask you for prior to completion. If you instruct the conveyancer we use, they will act for you as an independent professional and you will receive impartial and confidential advice.
The conveyancer will offer fixed prices for some of these ‘elevated services’. Please see our 'Elevated Service Fees' leaflets below for further information.
If you’re unsure as to whether additional costs may be involved in your mortgage, please speak to your mortgage adviser in the first instance, or the conveyancer can confirm these for you as the remortgage progresses.
If at any time your remortgage falls through, you won't have to pay any standard legal fees, but disbursements
(payments to third parties) relating to your case and fees which relate to elevated services may still have to be paid.
You should be aware that deeds production fees, early repayment charges or other administration fees requested by your existing lender(s) are not legal fees and must be paid by you if applicable, before or upon completion.
Please note we sometimes have mortgage products which include cashback following completion, but do not offer free legal fees. You should always consider if one of these products might be more appropriate for you, so you can arrange your own conveyancer to act for both you and Skipton throughout the remortgage if they are on our conveyancing panel.