Client: Homeowner in St Saviour
Property Value: £1.2 million
Transaction Type: Refinance with a new lender
Background
Our client wanted to refinance their existing mortgage to take advantage of a more competitive interest rate and release equity for home improvements. Refinancing in Jersey involves similar due diligence to a purchase, as the new lender requires security over the property and compliance with local regulations.
Our Role
Parslows LLP provided legal support throughout the refinance process:
- Title Review & Due Diligence
Verified the property title in the Public Registry, checked for any charges, restrictions, or covenants, and ensured the property was free from defects that could affect the lender’s security. - Lender Liaison
Worked closely with the new lender lawyer to satisfy legal requirements. - Discharge of Existing Mortgage
Coordinated with the outgoing lender to arrange for the discharge of the existing charge and ensure a smooth transition. - Stamp Duty Compliance
Calculated Stamp Duty, ensuring compliance with Jersey law.
Challenges
Tight Deadlines: The client wanted to complete before their current fixed rate expired to avoid penalty charges.
Complex Security Requirements: The new lender required additional documentation and undertakings to satisfy internal compliance.
Outcome
The refinance was completed ahead of schedule, avoiding early repayment penalties and securing a lower interest rate for the client. Our proactive approach and clear communication ensured a stress-free experience.
“Parslows handled everything efficiently and kept us informed at every stage. We couldn’t have asked for a smoother process.” – Refinance client
Why it matters
Refinancing can be as complex as a purchase. Our expertise ensures that title checks, lender requirements, and regulatory obligations are handled seamlessly, giving clients peace of mind and financial flexibility.