Remortgages, TITLE DEEDS UK & Transfer of Equity
We have experience in dealing with all types of remortgages, transfer of equity and title deeds UK.
Quite often these concepts are misunderstood, which is why we are here to help guide you on title deeds UK, mortgages and transfers of equity. One helpful point to remember is that under English Law, whoever is named on the mortgage, must be named on the title deeds UK. 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.
Remortgages And Title Deeds UK
What Are Title Deeds?
Essentially, title deeds UK show the ownership of a property or plot of land, so you can trace back who owned it previous to you and all the way back to the original owner. There are some cases when the paper documents either can’t be found, or previous owners have never recorded their ownership. Should you require further information on your title deeds UK, don’t hesitate to get in touch with our helpful solicitors who will advise you accordingly.
Do I Need A Solicitor To Remortgage?
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 straightforward 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, 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.
What Is A Transfer 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 the process is known as transfer of equity of a property. To confuse matters, often a transfer of equity is tied into a remortgage; this would only 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.
The equity is the value of your property, not including the mortgage that is yet to be paid off. In order to successfully complete a transfer of equity, you will need a conveyancing solicitor who will be able to talk you through the paperwork and advise you on any areas that you need additional help with.
For more information regarding remortgages, transfers of equity or title deeds UK, please call our specialist property law solicitors, Kelly Cirillo on 020 8646 4885 or email them at email@example.com.