Do you need money to improve your home or develop a new or existing property?
You have two main options to fund your renovation or development.
- Property development finance
- Re-mortgaging your property
The funding option you choose will partly depend on how much money you need and the scale of your project. Small projects like extensions and renovations can usually be covered by a remortgage or loan secured on your property. For new builds and extensive developments, development finance may be the best option.
Borrow up to £2.5 million with development finance
If you need funds to buy land or property for development, you can apply for a specialist loan from a private lender. You have a few options including commercial mortgages, short term bridging loans and medium term development finance. Click here to apply for property loans of up £2.5 m.
Remortgaging: where do you start?
- First of all, you need to apply for remortgaging and for that you need to know all the schemes and funds available. You can go online to get multiple remortgaging quotes just by giving some of your property details. It will help you know exactly how much amount you will be paying for your remortgaging. Then, by hearing the different schemes, you can choose the one which is the best. Use our budget planner.
- Then, you need to request the title deed of your property from your existing lender, and you also need to calculate the exact amount which is left outstanding on your mortgage. This is important to establish your redemption statement.
- Once you know the valuation completely, and your new lender agrees with you to pay your mortgage, he will send you a formal offer letter by noting down all the mortgage details in it. It will include all the special instructions which is important to carry out in order to complete the whole transaction.
- Now, it is important you make a legal search to note down each and every minute detail.
- Then, you need to make the mortgage deed. All the details that you and your lender decide will be there in the deed.
- After this you will be agreeing to the completion date. This is the day when your new mortgage money will come to you, using which your old mortgage amount will be paid off.
- The final part of the process is to register the land and get a new land registry certificate. This certificate will show that the new lender from now can have the legal charges of the property and it also confirms that the old lenders have no right upon the property anymore. The original copy of this certificate is sent directly to your new lender.
So, by reading this you can surely understand that all these legal procedures are not your cup of tea and you need someone expert to hold your hands and move ahead. Therefore, you need to go for hiring remortgage conveyancer, who can help you do with all the legal proceedings and take care of everything on your behalf.
Well, if you are confused about where to get such useful solicitors, then go online to compare conveyancing fees to catch up the best deals available in the market and make sure you secure your financial abilities in a better way. First time buyers click here.