Re-mortgage of a freehold residential property

 

Our fees cover all of the work required to complete there-mortgage of your home, including dealing with registration at the Land Registry*

Conveyancer’s fees and disbursements

Legal fee £350  – £600 plus VAT *
Postage Telephone and Fax Admin Fee £20 plus VAT
AML ID Check £10 plus VAT (per person)
Electronic money transfer fee £30 plus VAT
Search Indemnity Insurance arrangement fee £35 plus VAT
Search Indemnity Insurance Premium £17 – £50
Office Copy Documents £6 per title plus £3 per additional document
Land Registry Priority Search £3
Bankruptcy Search £2 per name
HM Land Registry fee £20 – £250
VAT payable £89 – £139
Estimated Total £582 – £1,145

*Up to a property value of £700,000. If your property is valued over this please contact us.

What are disbursements?

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

How long will my re-mortgage take?

This will depend on a number of factors, however the average process takes between 6-8 weeks.

What services does the fee include?

  • Taking your instructions
  • Verifying your identity
  • Giving you initial advice
  • Obtaining Title documentation
  • Giving you advice on all documents and information received
  • Going through conditions of mortgage offer with you
  • Sending Mortgage Deed to you for signature
  • Agreeing completion date
  • Obtaining a redemption statement from your existing  lender
  • Ordering release of Mortgage Funds from your new lender
  • Carrying out pre-completion searches
  • Completing re-mortgage including discharge of existing mortgage
  •  Dealing with registration formalities at the land registry

 

Re-mortgage of a leasehold residential property

In the event that the property you are  re-mortgaging is leasehold the above costs and disbursements still apply, however an additional legal fee of £100 plus VAT will be charged increasing the estimated total by £120.

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease.

Anticipated additional disbursements on the re-mortgage of a leasehold property

  •  Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease or in the management company information. Often the fee is between £100 and £200. 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.

The precise stages involved in the  re-mortgage of a residential leasehold property vary according to the circumstances, but generally, in addition to the above Stages of the process we will review the Lease  on behalf of the Lender, and serve notice of Charge following completion.

 

* Our fee assumes that:

  1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
  2. the transaction is concluded in a timely manner and no unforeseen complication arise
  3. no additional indemnity policies are required (in addition to the Search Indemnity Insurance reffered to above. Additional disbursements may apply if indemnity policies are required.
  4. the property is registered at the land registry
  5. the property is not a shared ownership
  6. There is only one mortgage/charge secured against the property and this is been discharged completion
  7. You do not have an Equity Mortgage on the Property.
  8.  There are no unusually onerous mortgage conditions
  9.  There are no persons over the age of 17 that will be living in the property and who are not party to the mortgage
  10.  The Property is not  occupied by a Tenant