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Re-mortgaging a Property
Re-mortgaging a Property
Home improvement, increased property value, more flexible terms – there are numerous reasons why you may want to remortgage your property. Vanstone Law can assist you with expert legal advice for all questions and tasks around remortgaging a property.
Residential Conveyancing
Re-mortgaging a Property
There are a number of reasons why re-mortgages take place.
Many people do so to release monies from the property or to consolidate their debts. Other people re-mortgage to obtain a better rate or product or to transfer on to a similar product once their existing deal has run its course
Remortgaging explained
Remortgaging is the process of taking out a new mortgage on a property you own. There are many reasons to consider doing it, including:
- Better interest rate to make your mortgage cheaper so you can save money.
- Mortgage rate is coming to an end.
- Value of your property has risen, which could put you into a lower loan-to-value category and mean you’re eligible for lower rates.
- Option to overpay on your mortgage – helping you to clear your mortgage debt more quickly, e.g. after inheriting money.
- More flexible terms, such as the option to take a payment holiday.
- Fixed rate deal that’ll give you added peace of mind over the next few years.
- Ability to borrow more money against your property – for example, to make home improvements or to clear other debts.
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Contact Vanstone law using the contact form or via the following details and we’ll be in touch to let you know how we can help:
What is the process of remortgaging?
We advise you to take the following steps:
To get the best deal, start looking at your options around 14 weeks before you want to remortgage your property.
- Work with a conveyancing specialist to simplify your process.
- Find a new mortgage deal: Carefully factor in any fees you might be charged by your current and your new lender such as early repayment charges which can be very expensive.
- Contact a remortgage solicitor to help you with the following steps:
- Request the title information for your property.
- Request a redemption statement for your existing mortgage.
- Scrutinise the formal remortgage offer from the new lender.
- Set a completion date for the remortgage.
- Register your new mortgage with the land registry.
How can we help?
We are able to assist you and guide you through the above legal steps. We are happy to provide informal and additional guidance throughout the process.
We are experts when it comes to leasehold property, which are even more complicated. We will:
- Check that the length of the lease complies with the requirements of your new mortgage lender,
- Ask your managing agent or landlord to confirm that all service charges and ground rents are up to date and to provide a copy of the building insurance.
Costs of remortgaging a property
At Vanstone Law, we want to avoid hidden fees and unexpected costs. That’s why we will provide you with a fixed quote before starting our services. That way, you know exactly what you’ll be paying and what services you’ll receive. Our fees only change if your instructions do.
Besides the legal fees, you will have to pay the land registry fee and, if applicable a search fee, if searches are required by your new lender.
GET IN TOUCH
Contact Vanstone law using the contact form or via the following details and we’ll be in touch to let you know how we can help:
“Really good customer service. Responded quickly to minimise delays throughout the conveyancing process. I thought you were very efficient and handled all matters to a very high standard. Would gladly recommend you!”
Chaudhary
“The service is good. Mazhar did an amazing job with my case. He would contact me if I have missed anything to sign and would ensure that he would take the time to explain everything to me, providing the best service. I received a good settlement and the service was really good.”
W.Habib
“Vanstone Solicitors were very thorough and efficient with my work. They dealt with my Immigration matter and quickly sorted all aspects of my application. They got me the results I wanted. I will defiantly use them again for other matters. ”
M.Azad
“I have used Vanstone Law twice in the past few years and am incredibly impressed not only by their professionalism and efficiency but the speed of their responses to any queries, which is something that is so important when dealing with any legal matter. Highly recommended!”
D.B
“Really good customer service. Responded quickly to minimise delays throughout the conveyancing process. I thought you were very efficient and handled all matters to a very high standard. Would gladly recommend you!”
Chaudhary
“The service is good. Mazhar did an amazing job with my case. He would contact me if I have missed anything to sign and would ensure that he would take the time to explain everything to me, providing the best service. I received a good settlement and the service was really good.”
W.Habib
“Vanstone Solicitors were very thorough and efficient with my work. They dealt with my Immigration matter and quickly sorted all aspects of my application. They got me the results I wanted. I will defiantly use them again for other matters. ”
M.Azad
“I have used Vanstone Law twice in the past few years and am incredibly impressed not only by their professionalism and efficiency but the speed of their responses to any queries, which is something that is so important when dealing with any legal matter. Highly recommended!”
D.B
Advice from our legal experts
Vanstone Solicitor’s specialists team has the experience and the expertise you need.
Call us now on or email us on and we will be in touch.
*A free consultation is only redeemable once, and is limited to 20 minutes.
Advice from our legal experts
Vanstone Solicitor’s specialists team has the experience and the expertise you need.
Call us now on or email us on and we will be in touch.
*A free consultation is only redeemable once, and is limited to 20 minutes.