Thanks for your question. I will try to help.
Your current lender has a first legal charge which prevents transfers of equity (ie. changes in the ownership of the property) without their consent.
Therefore, the transfer of equity cannot be registered unless your lender agrees to it.
The lender may decide to provide your conveyancer with a Consent To Transfer document which allows the transfer of equity to occur but with your current mortgage staying the same in all other respect. This is slightly different and easier than a remortgage, but is less common.
More often the lender will require a remortgage to occur at the same time whereby a mortgage offer is issued to the transferees (ie. the person or persons who will own the property after the transfer of equity), this is generally what happens and is a remortgage.
So, a remortgage is the most common thing and it is compulsory where your current lender is not willing to proceed with a simple Consent to Transfer (which is entirely at their discretion)
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