Re-mortgage of a Residential Property

Our fees cover all of the work required to complete the transfer of equity of the property.

We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction.  

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them. 

Conveyancer’s fees and disbursements:

Value of property                           Legal fees:

Any value                          £550 +VAT / £660 inc VAT at 20%        

Electronic money transfer fee £30 +VAT / £36 inc VAT at 20%

Below, we detail what services are covered in our standard fee. 

The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries.  

If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity. 

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 require 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 complications arise

3.  All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

4.  No indemnity polices are required. Additional disbursements may apply if indemnity polices are required.

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.

You will be provided with a full list of disbursements in our formal quotation.  If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount. 

Land Registry registration fee on a scale dependent on price as per link

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees

Charges in undertaking AML checks via Thirdfort - £15.00 inc. VAT at 20%.

Land Registry search                          £7.00

Bankruptcy search                              £6.00 per name

Office Copies                                      £15.80

No searches indemnity insurance

(if your lender accepts this)                 £20-£30

Local Search (if your lender does

Not accept indemnity insurance)         £80.00

Stages of the process

The precise stages involved in the transfer of a residential property vary according to the circumstances. However, they typically include:

• Take your instructions and give you initial advice

• Obtain Office Copies

• Obtain and report on the mortgage offer

• Obtain your signature to the mortgage

• Carry out search/indemnity insurance

• Check whether you have made alterations, erections or installations at the property and obtain appropriate paperwork

• Obtain redemption figure from your existing lender

• Agree completion date

• Complete re-mortgage

• Deal with application for registration at Land Registry

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. 

Other Factors and Exclusions

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided. 

We do not undertake mortgage or tax advice. We would recommend you seek advice from an independent mortgage broker or financial adviser and would be happy to recommend a local provider. 

We do not carry out valuations on your home, this will be conducted by your new lender. 

Additional work that is not anticipated may include, but are not limited to, dealing with entries on the Land Registry title such as adding or removing a restriction, dealing with registered notices, redeeming more than one legal charge, drafting statutory declarations etc. 

Other Factors to consider which may affect your legal fees: -   

• Multiple owners.  

• Shared ownership scheme. 

• Mortgaging where there is a help to buy scheme, and whether it is an equity loan or ISA. 

• Mortgaging property under right to buy. 

For Leasehold properties you should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information. 

How long will my remortgage take?

The average mortgage or re-mortgage process will take around 4-8 weeks.

It can be quicker or slower, depending on a number of factors and we will notify you if we believe your transaction may take longer than average or if something occurs in your case to extend the transaction time we will inform you. Matters that can typically delay a transaction include delays in searches, issues with a mortgage offer or issues raised in a survey. 

Who will deal with my matter? 

The members of our conveyancing department and links to their profiles can be found below. Pippa Weld-Blundell is the Supervisor for the conveyancing department.