When homeowners start thinking about making a change, perhaps they want more space, a better location, or simply a better deal on their mortgage, they often face a crucial decision: should they remortgage their existing property, or sell up and move to a new one?

Both options can have major financial and lifestyle implications, but one of the most common questions people ask is: Which is quicker?

In most cases, remortgaging is significantly faster and simpler than buying and selling a property. However, there are important factors to consider, including how organised your finances are, the state of the housing market, and the support you get from professionals such as remortgage solicitors in Hadleigh.

What Is Remortgaging?

Remortgaging simply means switching from your current mortgage to a new one, either with your existing lender or a different provider. People choose to remortgage for various reasons, such as securing a better interest rate, releasing equity from their property, or adjusting their mortgage terms to suit changing circumstances.

Unlike buying and selling a home, you’re not changing ownership of the property. This means fewer parties are involved, fewer documents are needed, and the overall process tends to move much faster.

How Long Does Remortgaging Take?

On average, remortgaging can take anywhere from four to eight weeks, depending on the complexity of your situation.

The process typically involves:

1. Finding a new mortgage deal – This can take a few days to a couple of weeks, depending on how quickly you can gather financial information and compare options.
2. Submitting your application – Your new lender will review your details, assess affordability, and carry out a valuation of your property.
3. Legal work – Although less involved than a sale or purchase, your solicitor will still need to handle title checks, redeem your old mortgage, and register the new one with the Land Registry.

Working with experienced remortgage solicitors in Hadleigh can make a significant difference here. Local experts are familiar with regional property nuances, efficient with documentation, and can help ensure that your remortgage completes smoothly and on time.

How Long Does Buying and Selling a Home Take?

By contrast, buying and selling a property is a far more complex and time-consuming process.

You’ll need to find a buyer for your current home, search for a new property, agree on offers, arrange mortgages, and coordinate multiple conveyancers, estate agents, and lenders.

The average timeline for selling and buying a home in the UK is around 12 to 20 weeks, and it can easily stretch beyond that if complications arise, such as chain delays, surveys revealing issues, or mortgage offer expirations.

In essence, you’re doubling the workload: managing both a sale and a purchase, each with its own legal and financial obligations.

Why Remortgaging Is Often the Faster Option

There are several reasons why remortgaging tends to be quicker than moving house:

• Fewer people involved: There’s no buyer or seller to negotiate with, reducing potential delays.
• Simpler legal process: Since ownership isn’t changing, the conveyancing work is limited and more straightforward.
• No property chain: Chains are one of the biggest causes of delays in home sales. With remortgaging, this issue is eliminated entirely.
• Faster valuations: Lenders often use desktop or automated valuations, saving time compared to full property surveys.

Essentially, remortgaging keeps things simple; you’re improving your financial position without the logistical headache of relocating.

When Moving Might Still Make Sense

Of course, there are situations where buying and selling is the right choice. If you need more space, want to relocate, or are downsizing, a new home may be the only viable solution.

However, even in these cases, you can still use a remortgage strategically, for instance, to fund home improvements that add value or create extra living space. Many homeowners choose to extend or renovate instead of moving, as it’s often faster and more cost-effective.

The Role of Remortgage Solicitors in Hadleigh

While remortgaging is typically straightforward, having the right solicitor on your side ensures it stays that way. Remortgage solicitors in Hadleigh will:

• Handle all the necessary legal checks and paperwork.
• Liaise with your lender to redeem your old mortgage and register the new one.
• Identify and resolve any issues with the property title or deeds.
• Keep you updated throughout, helping you complete your remortgage as quickly as possible.

Choosing a local solicitor also means you benefit from personal service and regional expertise, something that can make the difference between a smooth, stress-free remortgage and one bogged down by delays.