Residential Conveyancing

REMORTGAGE

Our fees

We would estimate our fee to be 0.1% of the value of the loan amount subject to a minimum fee of £750 plus VAT at current rates plus disbursements.

We also charge for remitting funds by telegraphic transfer at £50 plus VAT for each transfer.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees land registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

  • Conveyancing Searches – Our normal package of conveyancing searches costs £234.00 inc VAT depending on where the property is located and any additional searches carried out and your lender’s requirements. Alternatively your lender may accept Search Indemnity Insurance which will cost less and we will advise you of the costs of a suitable policy if applicable.

  • Office copy entries and title documents from the Land Registry from £3.90 inc VAT per document.

  • Bankruptcy search fee £2.90 inc VAT per name.

  • Land Registry Search £3.90 inc VAT per title.

  • Land registration fees – these are dependent on the value of the re-mortgage. Please go to the following link for Land Registry’s current fees:

    https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

  • Electronic Filing Fee - £3.60 inc VAT

Leasehold Properties

The above fees and disbursements are based on a standard freehold mortgage. If you are re-mortgaging a leasehold property we will charge an additional fee of between £150 - £250 plus VAT in respect of the additional work involved.

In addition to the additional fees for acting on a leasehold mortgage there would be further anticipated disbursements* in respect of leasehold property:

  • There will be fees payable to your managing agent/landlord for providing replies to basic management enquiries. We will advise you of these as soon as we have this information but they are usually in the region of £100 - £200 plus VAT*

  • Notice of Charge fee* usually between £50 and £100 plus VAT.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that your ground rent and service charge will need to be paid up to date before completion of the re-mortgage.

How long will my re-mortgage take?

How long it will take from your mortgage offer being issued until the re-mortgage has completed will depend on a number of factors. The average process takes between 1 and 2 months to complete but if the property is leasehold it will take longer.

Stages of the process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we mention below some key stages which are usually required on a normal re-mortgage:

  • Take your instructions and give you initial advice

  • Go through conditions of mortgage offer with you

  • Check the title to the property to make sure it meets with your lender’s requirements

  • Carry out searches

  • Obtain further planning documentation if required

  • Send mortgage deed to you for signature

  • Agree completion date with you

  • Obtain redemption figure from existing lender (if any)

  • Arrange for all monies needed to be received from lender and you

  • Complete re-mortgage

  • Redeem existing mortgage (if any)

  • Deal with application for registration at Land Registry

  • Provide you and your lender with a copy of the completed registration

Whilst every effort has been made to ensure the above fees are accurate we reserve the right to raise further charges if the complexity or amount of work involved exceeds levels anticipated at the outset. Please note that the cost of disbursements are subject to any increases (which are out of our control) which may be imposed by third party suppliers, or if some of the information on which our quotation is based proves later to be incorrect. Our fees are applicable only to property situated in England and Wales.