Our fees cover all of the work required to complete the re-mortgage of your property, including considering all title documents, requesting searches (if necessary), raising enquiries with you, dealing with your mortgage lender, dealing with the transfer of monies, registration at the Land Registry of the mortgage and notifying any leaseholder or management agents as applicable.
The prices below do not include VAT unless otherwise stated and do not include disbursements.
|Purchase price||Legal Costs (excl VAT)||VAT at 20%||Total|
|Less than £75,000||£470.00||£94.00||£564.00|
|£75,000 – £110,000||£500.00||£100.00||£600.00|
|£110,000 – £150,000||£525.00||£105.00||£630.00|
|£150,000 – £220,000||£550.00||£110.00||£660.00|
|£220,000 – £350,000||£615.00||£123.00||£738.00|
|£350,000 – £500,000||£675.00||£135.00||£810.00|
|From £500,000 upwards||From £725.00 plus VAT|
In the event that the property to be re-mortgaged is leasehold, an additional fee of 200.00 plus VAT will apply.
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.
|Disbursement (excl VAT)||VAT at 20%||Total|
|Land Registry Fees (additional fees are payable if other documents are required).||£6.00||£0.00||£6.00|
|Land Registry Search fee||£3.00||£0.00||£3.00|
|Bankruptcy/Official Search fee (Per person)||£2.00||£0.00||£2.00|
|Cost of each electronic bank transfer||£35.00||£7.00||£42.00|
|Search Pack (if necessary)||Price dependant on the Local Authority in which property is situated.||Usual cost is in the region £250 and includes official local authority, official Water & Drainage & Enviro-Mining Searches.|
|Land Registry Registration Fees||The fee payable is determined on the price of the property and the type of application.||In order to accurately assess this please click on the link below to confirm the fee payable. http://landregistry.data.gov.uk/fees-calculator.html|
Additional Disbursements payable with Leasehold properties
These vary from property to property and can on occasion be significantly more than the ranges below. We can give you an accurate figure once we have sight of your specific documents.You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm that ground rent and the anticipated service charge as soon as we receive this information.
|Notice of transfer fee (Price set out in lease)||Often the fee is between £50.00 – £150.00.|
|Notice of Charge fee (if the property is to be mortgaged)||* If the property is to be mortgaged|
|Deed of Covenant fee||* This fee is provided by the management company for the property and can be difficult to estimate.|
|Certificate of Compliance fee||* To be confirmed upon receipt of the lease.|
How long will my re-mortgage take?
How long it will take from your mortgage offer being accepted until it is complete will depend on a number of factors. The average process takes between 6 – 8 weeks.
It can be quicker or slower, depending on whether we are required to undertake searches and if there are issues that need to be referred to your lender.
Stages of the process
The precise stages involved in the re mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stage:
- Take your instructions and give you initial advice;
- Obtain title documentation and consider the same;
- Carry out searches (if necessary);
- Consider landlord and management pack responses (if applicable);
- Give you advice on all documents and information received;
- Go through conditions of mortgage offer with you;
- Arrange for execution of the mortgage deed;
- Agree completion date (date from which the mortgage will become effective);
- Arrange for all monies needed to be received from lender and discharge earlier mortgage (if applicable);
- Serve notices on landlord (if applicable);
- Deal with application for registration at the Land Registry.
Please note we are unable to provide you with any tax advice. Whilst we have tried to put together reliable estimates as detailed above, there are many factors that can increase the estimates provided. We aim to inform you as soon as possible with full details of any changes in fees. We have attached a list of potential additional costs for your reference. Click herefor further details.
Our fee assumes that:
- The title is a registered title;
- All documentation requested has been provided to us;
- 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;
- The transaction is concluded in a timely manner and no unforeseen complication arises;
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation;
- No indemnity policies are required. Additional disbursements will apply if indemnity policies are required.