At Bailey & Cogger, we are seeing re-mortgaging becoming ever more popular, and our Conveyancing teams are experts should this be something you wish to look into. Re-mortgaging can be done for many reasons, most common of which are to release equity for investment elsewhere, better rates becoming available with alternative lenders, and the change in usage of a property not being supported by the terms and conditions of the mortgage currently held.
Conveyancing professional can explain the process to you clearly and concisely and will be able to guide you towards achieving the best and most cost efficient solution according to your circumstances, based not only on the here and now but potential activity in the future should that be something planned by yourselves.
Bailey & Cogger Conveyancing team uphold that they will:
- explain the terms of your new mortgage so you understand what you are signing up to and any additional liability you will have;
- carry out legal checks against your property to satisfy the new lender that everything is in order;
- ask your existing mortgage provider to confirm the amount needed to settle the debt owed to them, including any early repayment charges you will have to pay;
- obtain consent to the re-mortgage from anyone with a debt secured against your property which will not be paid off when the re-mortgage funds are released;
- advise on any steps you need to take alongside the re-mortgage, such as speaking to a financial advisor to arrange a repayment plan for interest-only mortgages, getting ownership of the property transferred into your sole name where you alone will be responsible for mortgage payments, and paying stamp duty land tax where applicable;
- complete the re-mortgage paperwork;
- receive the re-mortgage funds and use them to pay off your existing mortgage and any other debts, costs or expenses you authorise;
- ensure details of your existing mortgage are removed from the property register held by the Land Registry and that details of your new mortgage are noted instead; and
- forward you the balance of the re-mortgage monies on completion.
Advising individuals throughout Kent and beyond
We have offices in Tonbridge, Maidstone, Gravesend, Chatham and Tenterden where we can meet you to discuss your requirements.
We can also offer meetings at your home if necessary, and in exceptional circumstances a telephone appointment can be arranged via skype.
The cost of dealing with a remortgage will depend on the circumstances and whether there are other related matters you would like us to attend to. We are happy to provide a quotation after discussing your requirements.
Get in touch
Call us on 01732 353303 if you need our help. Alternatively please complete our Contact Us form and we will be in touch as soon as possible.