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.
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 person’s 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.
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 someone’s name. This may apply if you wish to transfer the property into your children’s name or if you wish to add or remove a name to the deeds.