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Remortgages

Whilst many Lenders offer “free legal cost”, there may be no such thing as a “free lunch” and other Lenders require new borrowers to arrange their own solicitor, especially if there is any change to the names on the deeds/mortgage at the same. Our local knowledge of the varying requirements helps us to cut though any procedural confusion and complete the process as quickly as possible to enable clients to talk advantage of cheaper mortgage deals.

Hal Emmett Solicitors

Remortgages Lingo

Below are useful keywords and terminology associated with Remortgages.

  • Remortgage

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    This term is used to describe the process whereby an existing owner/borrower switches from one Lender to another with the details of the ownership of the property remaining the same and only the Mortgage Lender and possibly the amount of loan outstanding changing.
  • Transfer of Equity

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    This phrase is used to describe the process whereby an existing owner who owns property subject to a mortgage transfers the ownership, subject to the existing mortgage. For example, if a single person owns a property subject to an existing mortgage and then marries and wishes to transfer the property into the joint names of both spouses, the single owner applies with the spouse to the Lender for permission to deal with the Transfer. Sometimes, a Transfer of Equity is combined with remortgage arrangements so that, at the same time the property is changed from one name to two names, the Mortgage Lender also changes.
  • Search Indemnity Insurance

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    It is common for the fresh Mortgage Lender to dispense with the need for fresh preliminary searches such as the Local and Drainage Searches which would normally be made at the time of a purchase. Instead, the Lender will normally accept indemnity insurance which can be provided at a modest cost, well below the cost of the full searches, thus keeping the overall costs of the remortgage transaction as low as possible.