Our residential property and conveyancing solicitors explain the process of remortgaging your property.
1. What is a remortgage?
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.
2. Why do you need to instruct a solicitor?
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.
3. Why use Tees Law?
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.
4. Is Stamp Duty Land Tax payable when I remortgage?
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.
5. Can I remortgage even if I have a second mortgage on my property?
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.
6. What happens upon completion?
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.
7. How do I receive any surplus funds on completion?
We will send any surplus funds due to you on completion by direct bank transfer or cheque, whichever you prefer.