As your property is mortgage-free, a true ‘remortgage’ is not actually possible. That said, the processes are the same for unencumbered properties. This is why some lenders will still classify it as a remortgage, while others will call it a new purchase.

What does it mean if a property is unencumbered?

Unencumbered property is when you own a property outright with no mortgage or loans secured against it.

How long do I have to own a property before I can remortgage?

Most lenders will only let you remortgage 6 months after your name is registered on the title deeds. But there are some options if you need to remortgage before then. As a whole of market mortgage broker, we have access to a range of lenders that’ll consider a remortgage within 6 months of purchase.

Is your property unencumbered?

Put simply, unencumbered is a word that is used for a property that is mortgage-free. Any outstanding loans and charges have been cleared on the property. If you have paid off your mortgage or if you paid cash for your home, then your property is now unencumbered.

Do having a mortgage mean you own the house?

When you purchase a home via a mortgage loan, as a borrower you are, in fact, a homeowner free to make decisions pertinent to the property (decor, renovations, construction, etc.) Simply put, yes, you do own your home but your mortgage lender does have interest in the property based on documents signed at closing.

Can I claim benefits if I own a house outright?

Can you claim benefits if you own your house outright? If you own your house outright you may still be able to get other benefits but not housing benefit. If you own your house outright you are also able to claim a benefit known as the support for mortgage interest to help you cover the cost of your mortgage interest.

What does it mean to have an unencumbered home?

Unencumbered means a property being mortgage-free, with no loans, charges or restrictions registered against it. Whether you’ve recently found yourself with a paid-off mortgage or you own your property outright from a cash purchase, at some point you may wish to remortgage for moving to a more expensive home…

What kind of property is eligible for like kind exchange?

Generally, rental homes, condo buildings, and apartments are all like-kind, so are eligible for 1031 like-kind exchanges. Such property types are like-kind for two reasons. First, they generate income through lease and rental agreements.

What happens in a house and property exchange contract?

Liability if the property contains construction defects, aesthetics, etc. A very usual case in the house exchange is the following: The owner of a building urban land gives it to a developer, so he can build in it, in exchange of houses from the future promotion. The idea behind this contract is the same as the house exchange.

What kind of property qualifies for 1031 exchange?

Now, only businesses, real investment property, and certain real estate fractional ownership structures qualify as like-kind. Personal property such as a primary residence, second home, or vacation home has never been eligible for a 1031 exchange.