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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Your transfer of equity can only proceed without a remortgage if your current lender is willing to provide you with a letter of consent. If they are not willing to provide you with a letter of consent then you will have to remortgage, either with them or with a different lender.
A new valuation of the property by a surveyor would have to be carried out in the event of a remortgage.
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I have answered your original question. If you have specific concerns about your lender then you must contact a solicitor directly in person, who will deal with the transfer of equity and any re-mortgage appropriately.
It may be that your lender offered residential mortgages when you originally took your mortgage, but does now not do so. If this is the case then you would have to re-mortgage with another lender.
If they no longer offer residential mortgages and are not willing to provide a simple consent to let then you would have to re-mortgage with a different high street lender and a mortgage broker would be able to source a normal high street mortgage for you.
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