Re-mortgaging is becoming more and more common in today’s property market as companies are tirelessly striving to provide you with competitive rates and repayment plans. Whilst not an overly complicated procedure, professional legal support will ensure you are made fully aware of all terms, conditions and clauses that may be applicable to you, and help you to progress through to finality in a time and cost efficient manner.
As re-mortgaging uses the same property instead of a new one, there are no rules to state that you necessarily have to look to a different lender – it may be that your current provider has new options available that you wish to take advantage of and there is no reason why you would be unable to do that.
Within Stephens & Son we are fortunate to have several re-mortgaging specialists ensconced in our conveyancing team, all of whom can guide you through the process and ensure all necessary requirements are complied with.
- 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 remortgage from anyone with a debt secured against your property which will not be paid off when the remortgage funds are released;
- advise on any steps you need to take alongside the remortgage, 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 remortgage paperwork;
- receive the remortgage 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 remortgage monies on completion.
Advising individuals throughout Kent and beyond
We have offices in Chatham, Maidstone, Gravesend 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.
Get in touch
Call us on 01634 811444 if you need our help. Alternatively complete our Contact Us form and we will be in touch as soon as possible.