There are many reasons why you might choose to move from one mortgage lender to another when you own your own home or buy-to-let property. It may be that you can secure a lower rate of interest which will reduce your outgoings or enable you to borrow more without increasing your monthly repayments. It may be that you need to transfer a joint mortgage into your sole name following divorce and your current provider will not allow this. It may even be that the terms of your existing mortgage are too restrictive and are preventing you from using your property as you wish.
Whatever your reasons, you will need the help of a conveyancer to ensure your remortgage proceeds smoothly and is timed to coincide with any other steps you may need to take to put your affairs in order.
At Hatten Wyatt Solicitors in Kent we are fortunate to have several remortgaging specialists within our conveyancing team who 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 Maidstone, Gravesend, 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.
Get in touch
If you need assistance with a remortgage, please get in touch to see how we can help. You can call us on 01474 351199 or use our contact form and we will call you.