Remortgages & Transfers of Equity
We have experience in dealing with all types of Remortgages and Transfers of Equity.
Quite often these two concepts are misunderstood. One helpful point to remember is that under English Law, whoever is named on the mortgage, must be named on the Title Deeds. This means that you cannot have the name of a person on the mortgage who is not intended to be an owner of the property.
A remortgage may be as simple as changing your lender to take advantage of a better mortgage deal or where your fixed term period has expired. If you are not changing ownership or any other details and are simply changing the lender then this is called a straight forward re-mortgage. You must have a solicitor to act on your behalf as well as on behalf of your new lenders. We will approve your title and arrange to redeem your existing mortgage and to forward the balance to you. We will also arrange to register your new mortgage against your title at the Land Registry.
We operate a fixed fee remortgage service for properties situated throughout England and Wales and we can deal with residential or buy to let remortgages.
We charge £ 400 plus VAT plus disbursements to deal with this type of remortgage. This amount includes acting for your as well as for your lender.
Transfers of Equity
A Transfer of Equity applies when the ownership of the property is to change. For example, if you are removing a name from the title or if you are adding another personís name to the title then you are transferring the equity of a property. To confuse matters, often a transfer of equity is tied into a remortgage. This would apply if you are remortgaging to raise money to buy out a co-owner.
- 1 - Buying and Selling Property
- 2 - Shared Ownership Properties
- 3 - Commercial Property
- 4 - Buying at Auction
- 5 - Remortgages & Transfers of Equity
- 6 - Equity Release Matters
- 7 - Family & Matrimonial Matters
- 8 - Wills
- 9 - Probate
- 10 - Company Commercial
- 11 - Civil Litigation
- 12 - Compromise Agreements
- 13 - Employment
- 14 - Landlord and Tenant
- 15 - Powers of Attorney and Deeds
- 16 - Administration of Oaths
If you are doing a straightforward transfer of equity, where you are keeping the same mortgage but simply adding or removing a name then we will charge £ 400 plus VAT plus disbursements.
The final type of transfer of equity is when you have no mortgage on the property and you simply want to change the ownership, by adding or removing someoneís name. This may apply if you wish to transfer the property into your childrenís name or if you wish to add or remove a name to the deeds. Our fee is £250 plus VAT and disbursements and this will take approximately two weeks to deal with. We will also advise you about the tax implications of this type of transfer of equity.
For more information regarding Remortgages or Transfers of Equity, please call our Specialist property law solicitors, Satbir Sethi in our Mitcham office on 020 8646 4885 or email her at Satbir@p-llp.net.