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