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If you wish to change Mortgage Lender on your home or simply secure a mortgage against a property that is presently mortgage-free, contact our Residential Team.
A remortgage takes place when you decide to take out a new mortgage on a property you already own. There are a number of reasons why you may consider a remortgage;
You may look to remortgage once your current fixed rate mortgage deal comes to an end. It is advisable to research the current rates and mortgages available to you well in advance of your fixed rate ending. This will allow you time to find the right mortgage deal for you.
You may also wish to reconsider remortgaging if, in today’s ever changing financial climate, you want to look to reorganise your finances. You may be looking at the consolidation of debts or to reduce your monthly financial outgoings. This may be particularly relevant if you have had a change in personal circumstances, such as a change in employment.
You may also consider a remortgage if you are looking to carry out home improvements to your property. Improvements may increase the value of your home and may therefore, prove to be an investment for you, for the future. However, we recommend that you obtain an expert surveyors advice before making any decision. We may also be able to advise you on your new mortgage lender’s requirements for the issuing their consent to any alterations at the property. We may also be able to advise you on any planning permission or building regulation approvals you are likely to require.
You may simply be looking to release some equity from your property if, its value has risen since your purchase or last remortgage. You should however, be aware that an increase in borrowing may affect your monthly outgoings and the amount of interest you might pay over the term of the mortgage.
Once you have found a new mortgage deal that you wish to proceed with, we have an experienced residential property team that would be happy to assist you with your remortgage.
In order to process your remortgage we will request details from you of your current mortgage lender. We will then request your title deeds and a redemption statement from them. The redemption statement issued will confirm the sum due to pay off your current mortgage. We will check this for you for any additional administration fees or early redemption charges. We will also report to you with a copy of the redemption statement for your information.
We will carry out any searches that your new mortgage lender may require. In some remortgage cases your new lender will require us to carry out, at least, an up to date local search. We will submit the request for any searches required by your lender promptly. Some lenders will accept what is known as ‘search indemnity insurance’. This insurance is obtained instead of requesting searches and can often be a quicker and less expensive way to proceed. We will check your new lenders requirements and advise you accordingly on how to proceed. We will also check the registered tile and plan to your property.
We will consider and report to you upon the terms of your new mortgage offer and we will advise you of any conditions your new lender may have. Once we have reported to you we will then arrange for you to sign the new mortgage Deed.
Prior to completion of your remortgage, we will provide you with a completion statement showing the financial details of the transaction. Once you are happy to complete, we will repay your previous mortgage lender from the remortgage funds. To conclude matters we will then apply to HM Land Registry to remove the old mortgage from your title and to register you new mortgage.
Remortgaging a Leasehold property is a little more complicated. However our team is specialised in this area and we would be happy to assist you. If your property is Leasehold, in addition to the process detailed above, we will also be required to check the terms and length of your Lease. We will also be required to check with the Freeholder (or their Managing Agent) that all ground rent and service charge is paid up to date. We will also need to receive from the Freeholder a copy of the up to date building insurance for the property. We will make any further necessary enquiries of the Freeholder before completion of your remortgage.
Once you have completed your remortgage, under the terms of the Lease, it is likely that we will be required to provide Notice to the Freeholder (or their Managing Agents) of your new mortgage lender. This is standard practice and there may be a small additional administration charge payable to the Freeholder in this regard. We will of course advise you of the cost involved once this is confirmed by the Freeholder.
If you would like further advice in connection with the remortgage of your property or would like to talk to us about the costs involved in an remortgage transaction, please do not hesitate to contact one of our office in Chichester, Fareham or Havant. Our friendly and expert team would be happy to help.