Re-mortgaging is extremely common once you are on the property ladder be it personally or through a business premises. Mortgage lenders offer a continual stream of new incentives to entice clients and it is wise to keep an overview on interest rates to secure the best deals possible. It may be that you are choosing to re-mortgage due to a lifestyle change; it could be that you need to release some equity to provide some disposable income, or perhaps you wish to change your property usage and the current terms from your lender do not support or allow this.
Whatever the reason may be, you will require the assistance of a conveyancing solicitor to make the transition from one lender to another as time and cost effective as possible. Using a professional will also ensure that you fully understand any terms and conditions, possible penalties you may incur or benefits that will be due to you.
At Morlings our conveyancing team are experts in navigating your journey successfully through the process and will make sure you are kept up to date every step of the way.
- explain the terms of your new mortgage so you understand what you are signing up to and any additional liability you will have;
- carry out legal checks against your property to satisfy the new lender that everything is in order;
- ask your existing mortgage provider to confirm the amount needed to settle the debt owed to them, including any early repayment charges you will have to pay;
- obtain consent to the re-mortgage from anyone with a debt secured against your property which will not be paid off when the re-mortgage funds are released;
- advise on any steps you need to take alongside the re-mortgage, such as speaking to a financial advisor to arrange a repayment plan for interest-only mortgages, getting ownership of the property transferred into your sole name where you alone will be responsible for mortgage payments, and paying stamp duty land tax where applicable;
- complete the re-mortgage paperwork;
- receive the re-mortgage funds and use them to pay off your existing mortgage and any other debts, costs or expenses you authorise;
- ensure details of your existing mortgage are removed from the property register held by the Land Registry and that details of your new mortgage are noted instead; and
- forward you the balance of the re-mortgage monies on completion.
Advising individuals throughout Maidstone, Kent and beyond
We have offices in Maidstone, Gravesend, Tonbridge, Chatham and Tenterden where we can meet you to discuss your requirements.
We can also offer meetings at your home if necessary, and in exceptional circumstances a telephone appointment can be arranged via skype.
The cost of dealing with a remortgage will depend on the circumstances and whether there are other related matters you would like us to attend to. We are happy to provide a quotation after discussing your requirements.