Our residential property and conveyancing solicitors explain the process of remortgaging your property.
- What is a remortgage?
- Why do you need to instruct a solicitor?
- Why use Tees Law?
- Is Stamp Duty Land Tax payable when I remortgage?
- Can I remortgage even if I have a second mortgage on my property?
- What happens upon completion?
- How do I receive any surplus funds on completion?
A remortgage is when you change mortgage lender by paying off one mortgage lender with the proceeds from a new mortgage, normally secured against the same property. They are often arranged to take advantage of mortgage terms more suitable to your current needs.
Lenders need to instruct solicitors in order to ensure that their mortgage conditions are satisfied and that the security provided by your home is suitable for the new mortgage. Solicitors will also need to attend to the redemption of the existing mortgage and registration of the new mortgage at the Land Registry.
We have a specialist team of experienced property lawyers who are members of the Law Society's Conveyancing quality scheme. We will ensure that your remortgage is processed as quickly as possible so that you can start to enjoy the benefits of your new mortgage.
No. Stamp Duty Land Tax is not payable unless there is a need to transfer the legal title of your home as part of the remortgage transaction.
If the second mortgage is not repaid at the same time as the first mortgage, the second mortgage lender will normally need to agree to the new mortgage and the mortgage lenders will then need to agree whose mortgage has priority.
On the day of completion, we will receive the mortgage advance from your new lender. We will then pay off your existing mortgage and forward to you any surplus funds due to you.
We will send any surplus funds due to you on completion by direct bank transfer or cheque, whichever you prefer.
Chat to the Author, Eleanor Burroughs
Partner, Saffron Walden officeMeet Eleanor
Mr. and Mrs. P
Thank you to you and your team for assisting us with both our purchase and sale. You and your team have been the most professional and efficient team we have ever come across and given that we both deal with conveyancers on a regular basis it is a real testimony to you.
Eleanor - many thanks to you and Luck Luck and the team at Tees, for sorting out the sale of Mum’s house. Difficult time for my brother and myself and you have made that so much easier by handling things in a professional and proficient manner.
Eleanor acted for me on the purchase of a property. With the added complication of a pre emption agreement. She was quick. Friendly and very professional. Could not recommend more highly.