#MAKETHEDIFFERENCE

"Law Guide - Remortgage Property”

Understanding The Remortgage Process

The facts about remortgaging can be confusing. So lets clarify the Scots law position.

1.The overwhelming information produced by banks, online and by lenders is based on English Law. The law of property in Scotland and England is wholly different.

2. Fees Free remortgaging can work for a select few types of property but they can become problematic if the title is not registered or it is a complicated or amalgamated title.:

3. Lenders try to import the English system of ‘Porting Mortgages’ in Scotland the process is different and involves discharging the old and registering the new loan, its not the same. This is more common when transferring titles.

THE GOOD NEWS

1. As property experts we can keep the costs down. There inevitably are long ways and faster more cost effective ways to do the same thing. The benefit of using an omnilaw property expert firm is that we #understand the best way to speed up the transaction and save you money.

2. We don’t just rubber stamp the minimum that is required but undertake a full property MOT. Ensuring that your asset protected and covered is part of the service.

3. A survey is required to provide value and comment on the structure. Yet surveys for a remortgage can range from a base post code valuation to a full blown stage survey and mortgage report.