Over one million UK homeowners are due to remortgage their homes in 2023

As we move further into 2023 many UK homeowners are coming to the end of their fixed mortgage contracts. Meaning many of them will likely need to remortgage their homes this year.

Many homeowners are now concerned, leaving them unsure about the legal process behind remortgaging their homes. This concern has led to a rise in Google searches on conveyancing solicitors (26,400), remortgaging process length (22,920) and remortgaging requirements (18,725) in the yearly UK Google searches.

Given that the top searched topic is conveyancing solicitors, it would seem UK homeowners are looking for expert solicitors to hire to handle all legal aspects surrounding the buying and selling of their properties.

But are conveyancing solicitors a requirement for homeowners looking to remortgage their homes? Kellie Steed, a remortgage adviser at Uswitch, argues that these solicitors are not always a necessity. She said, "If you're moving onto a new deal or rate with your current lender, this is just considered a 'product transfer', and will not require any legal help."

This is something for people living in the UK to bear in mind, especially considering that the price of solicitors has increased by 8 per cent in the last year. In addition to the increase in the cost of living crisis in all areas of life, it is likely that now more than ever before that homeowners will be looking to cut costs wherever possible when looking to remortgage their homes.

While it is not necessary for UK homeowners to hire solicitors when changing deals with their current lenders, if they are looking to change lenders, solicitors are a requirement.

"This is also the case if you are bringing a new person onto your current mortgage plan, or removing someone," Steed added, "as this will change the legal ownership of the deal."

However, if you're looking to change lenders for a better deal in the current market, don't let the requirement of a conveyancing solicitor put you off from changing lenders because often lenders will provide you with a solicitor themselves at no extra cost.

It is also possible, yet unlikely, that your new lender will not provide you with a solicitor at all. In which case Steed advised, "If your lender does not supply one, you can research solicitors yourself to find the most cost-effective deal that's right for you."

The second most researched topic in relation to remortgaging is the process length. With many UK homeowners' current deals set to expire this year, time is an important factor when looking to remortgage their homes.

The typical length of the remortgaging process is around six weeks. If you are changing lenders the process length will be the same as your initial deal, which is again around the length of six weeks.

However "If your broker, bank, and solicitor are all aware of - and agree on - a more pressing completion date, there is a chance to make the process last as little as a week."

If a week is still too much time to wait, homeowners will also have the opportunity to apply for a product transfer with their current lender, this can be done in 24 hours and will also prevent homeowners from needing to go through any legal processes. However, this option is only viable with your current lender, meaning homeowners will likely not get the strongest deal using this method.

The third most searched topic is remortgage requirements. Some UK homeowners are unsure if there is a criterion they must meet in order to be viable for a new remortgage deal with a different lender. They need not worry because it isn't likely that another deposit will be required from them.

This is because lenders use the equity build-up in homeowners' houses, in place of a deposit. Nonetheless, if you have not built up enough equity in your home, while it is not a requirement it might be worth considering an additional cash deposit, as it could help in securing a better deal.

With over one million UK households set to remortgage their households this year, it is understandable that people are concerned about the process behind remortgaging their house. Although, with all the tools and advisers available to them at little or no cost, UK homeowners should not stress too much, but should prepare themselves with the right knowledge to go through the remortgaging process this year.