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Remortgaging your property can free up equity and/or grant you the capability to get a better rate of interest. Our team of friendly solicitors at Deo Volente likes to simplify the process.

We ensure all of the legal aspects of your remortgage are taken care of so you won’t be left with any dreadful experience.

Remortgage a property

A remortgage is taking out a new mortgage on a property you already owned. It is usually done to replace your existing mortgage or to borrow money against your property. Almost a third of all the home loans acquired in the UK are remortgages and DV solicitors helped many of our clients to get their remortgage with ease.

What to consider before you remortgage?

There are certain factors that need to be taken into consideration when remortgaging such as:


  • Knowing your current mortgage
  • Knowing what you can acquire with a new mortgage
  • Knowing your credit score
  • Knowing how much you can borrow
  • Knowing the available mortgage deals


remortgage (1)

What is the process of remortgaging?

The lender will contact you

An initial deal such as a two- or five-year fixed rate, you will be contacted by your lender ahead of time before the expiry date. You will be informed when you are due to regress to the Standard Variable Rate(SVR). The SVR is the lenders’ normal interest rate without any discounts or deals. Supposedly the SVR is higher than your deal rate of interest, this is the time to investigate whether you can save money by remortgaging.

You need to enquire about a closing balance from your lender

It would be best if you could acquire a redemption statement from your lender ahead of time. The redemption statement is essentially a legal document that lays out the exact amount that you need to pay the bank, in order for you to fully repay your home loan.

Finding a mortgage broker

An independent mortgage adviser or broker usually has connections to exclusive deals that were not available on the open market and can easily find the best deal for your situation.

Which type of mortgage fits you

You could choose between a repayment or an interest-only mortgage. A repayment mortgage is paying back both the interest and some of the loan on your mortgage monthly while the interest-only mortgage is paying the interest on your loan. Although monthly payments for an interest-only mortgage is much lower, you will have to pay off the loan at the end of the mortgage term.

If you decide to change to a new lender, contact a solicitor

When moving to a new lender, you will need to appoint a solicitor or conveyancer. We at DV Solicitors will help you sort out any paperwork needed in the process like; drawing up and signing the mortgage deed.

Mortgage in Principle will be issued by your lender

The mortgage provider will give you a mortgage in principle (MIP). MIP is a written indication of how much the lender would be able to loan you. It must not be confused as a mortgage offer and it is not legally binding.


The lender would conduct a valuation that confirms if the house is worth the sum you are asking to borrow. It is sometimes done online and it does not replace a survey to check the condition of the property.

Application for a mortgage

You’ve done part of the legwork if you have a Mortgage in Principle and are applying for your mortgage with the same lender. The mortgage broker or lender will enquire about your job and the industry you work in, your income, spending, credit history, deposit size, and any other financial commitments if you haven’t done any of the legwork.The more evidence you have of being a reliable repayer of credit, the more chances you are to have your application approved.

Receiving a mortgage offer

Once the lender approves your mortgage application, a mortgage offer letter will be sent to you and your conveyance solicitor. The offer usually lasts six months and tells the amount you can borrow based on the credit checks, income verification, and property valuation together with any conditions. Check the offer thoroughly to ensure details are correct. Let the lender know if anything is wrong or if your circumstances have changed in the meantime.

Let us handle the rest

Your solicitor will request the money from the new lender and use it to pay off the old mortgage. Your solicitor would then register the mortgage holder’s details with the Land Registry. If applicable, the title deeds are transferred to the new lender.

What is the process?

As your solicitor, we need to check on the length of the remaining lease and make a number of enquiries about your lease to the landlord, such as:

  • Obtain an official copy of the property title, which will be used to check if there are mortgages on the property or any other restrictions that might be involved.
  • DV solicitors will review the title deeds or property deeds, check the parties’ identity, and prepare the transfer deed for you.


Note: If there are no mortgages on the property, the existing and new owners of the property sign the transfer deed in the presence of a witness and the conveyancer registers the transfer deed at the Land Registry.A stamp duty certificate is needed if the value of the transaction is above £40,000.

If there is a mortgage on the property, the consent of the mortgage lender is needed before proceeding with the transfer because if you are including someone to the title, they will become equally liable for the mortgage. It goes the same way If you are excluding someone from the title, the liability will be passed on to the remaining owners of the property. The remaining owners will be checked by the mortgage lender if they are able to maintain mortgage payments before agreeing to the transfer.

As your conveyancer, we will get in touch with the mortgage lender and request written consent to the transfer. The mortgage lender may want to make amendments to the terms of the mortgage before agreeing. The process can continue once the written consent is received. However, if the mortgage lender did not give their consent for the transfer, you have to repay the mortgage before continuing with the transfer either with a cash payment or acquiring a mortgage with a different lender who approves the transfer.

How much will it cost me?

Our Conveyance Solicitors offer will provide you with a free initial consultation. Leave everything to us as we handle everything hassle-free for you.Our fees cover all of the work* required to complete the remortgage of your home.Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a remortgage transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price, and what work we are required to do.
Legal Fee: £350 – £700

Our specialist team of solicitors and licensed remortgage conveyancers provide a professional service with a down to earth approach, locking away all legal jargon and keeping you stress-free throughout the process.


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