Re-mortgaging is often changing mortgage lenders to release some of the equity in your home, or consolidate your debts, but without moving home. There are other reasons why you may be seeking to re-mortgage; perhaps the value of your property has increased, your current deal is about to end or you are looking for better interest rates.
When re-mortgaging, you may stay on the same mortgage rate but move to a different product, or you may move to a better rate. We can advise you on the procedures and on any early redemption penalties on leaving your current scheme, taking your personal situation into account throughout, leaving you with the right decision for you.
We are on most mortgage panels and act for a variety of different lenders, so we are well placed to discuss all of the options available to you.
Our conveyancing Solicitors that handle your remortgage know how important speed is when it comes to securing your new finance. If you are remortgaging your property, you will need a property lawyer to represent your interests as well as those of the lender.
The first and most important thing to consider is whether your conveyancing solicitor is on your chosen lender’s mortgage panel. If they are not, the lender would need to appoint a second, separate solicitor. This will slow the process down and incur additional fees for you as the homeowner.
Instruct Adkirk Law to handle your remortgage and you will have complete confidence that your solicitor can act for your lender and there will be no such delays.
Our fees quoted based on the information disclosed to us cover all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales. The quote will also include any other third party disbursements likely to be incurred on your transactions such as search costs. The quote is itemised so you know what is included.
You can calculate the amount of stamp duty or Land transaction tax you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales https://gov.wales/land-transaction-tax-calculator before obtaining a free conveyancing quote.
You can obtain a quick self-service quote online via our website calculator by using https://www.adkirklaw.co.uk/conveyancing-calculator/. The quote will also calculate land registration and land tax.
Or alternatively you can speak with a friendly member of our experienced team to discuss your circumstances by calling 0330 111 9728
How long it will take from your mortgage application being accepted until you can complete will depend on several factors. The average process takes between 4-7 weeks depending on any complexity should your transaction also include any transfer of equity or additional charges.
The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include: