Straightforward Remortgages and Transfers of Equity in Blackpool and the Fylde Coast

Joanne Strickland heads our conveyancing department and joined Cooper Nimmo in 2004. Joanne and the team handle remortgages and transfers of equity day in, day out across the Blackpool and Fylde Coast, on fixed fees with clear advice in plain English at every stage.

What is a remortgage?

A remortgage is where you replace your existing mortgage with a new one, either with your current lender or by moving to a new lender. People remortgage for a number of reasons, most commonly to secure a better interest rate, to release some of the equity built up in their home, or to change the terms of their borrowing. Whichever route you take, the legal work needs to be done correctly so that your new lender is properly registered against the property and your old mortgage is fully redeemed.

What is a transfer of equity?

A transfer of equity is the legal process of changing the people named as owners of a property, while one of the existing owners stays on the title. This is most commonly needed when a couple separates and one party is bought out, when a partner is added to a property after marriage or moving in, when a parent transfers a share of their property to a child, or when a joint owner has passed away. Transfers of equity often take place alongside a remortgage, and we will handle both pieces of legal work together where that is the case.

What we do for you

We open your file with the usual identity, address and source-of-funds checks and confirm the details of your property, your current lender and your new lender (or the change in ownership). Once your mortgage offer arrives, we review it carefully against your transaction and check any special conditions the lender requires. We will act for both you and your lender in most cases.

We then carry out the legal title work, reviewing ownership at the Land Registry, checking the existing mortgage, and identifying any restrictions or covenants that need attention. Depending on your lender’s requirements, we will either order the necessary searches or arrange search indemnity insurance as a quicker alternative. We obtain a redemption statement from your existing lender, prepare your mortgage deed and any transfer documents for signing, and put together a clear completion statement showing every figure involved, including any surplus due to you if you are releasing equity.

On the completion date, we receive funds from your new lender, redeem the existing mortgage, and send any remaining balance to you. After completion, we register the new lender’s charge (and any change of ownership) at the Land Registry, remove the old lender’s charge, and send you confirmation once everything is in place.

Our fees

We offer clear, fixed legal fees for both remortgages and transfers of equity:

• Our fee: £595 + VAT (per transaction)
• Leasehold supplement: £100 + VAT (where the property is leasehold)

VAT is charged at the prevailing rate (currently 20%). Disbursements payable to third parties (such as Land Registry fees, electronic transfer fees, AML identity checks and routine searches) are typically modest and charged in addition. The full breakdown sits on our Conveyancing Pricing page, and we will confirm your individual quote, including all disbursements, before we begin.

How long does it take?

Most remortgages and transfers of equity complete within four to eight weeks of instruction, although the exact timescale depends on your lender’s processing times, whether searches are required, and the complexity of the title. Mortgage offers carry an expiry date, so we will keep the matter moving and aim to complete in good time before the offer runs out.

Things to be aware of

Before remortgaging, it is worth checking whether your current mortgage carries any early repayment charges or exit fees, as these can affect whether remortgaging is financially worthwhile. If your property is leasehold, we may need to notify the landlord or managing agent and there may be additional documentation and fees to factor in. And if your circumstances change at any point, for example if your financial situation shifts, you change lender or product, or you decide to add or remove someone from the title, please tell us straight away so we can make sure the matter stays on track.

Speak to our conveyancing team

• Get a clear, fixed-fee quote before you commit
• Have your title work and lender requirements properly handled
• Move things forward without fuss, whatever the reason