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Residential Remortgage Fees

Property Conveyancing, photo of terraced houses

To give an indication of our typical fees we have provided the detailed examples below of the remortgage of a Property.  These costs would apply to both mortgaging and remortgaging and to freehold and leasehold Properties.

Remortgage of a residential property

Our fees cover all of the work* required to complete the mortgage or remortgage of your Property, including dealing with registration at the Land Registry.

Our conveyancing fees and disbursements are standard regardless of the value of the remortgage but do not include a Transfer of Equity and any costs associated with that:

Estimated total with searches:                                                £1,135.00

Estimated total with search indemnity insurance:      £845.00

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

SDLT (or LLT in Wales)(on Transfer of Equity)

Where there is a Transfer of Equity there will be additional costs.  Our standard additional cost for legal fees will be an additional £150.00 plus VAT.  In addition the HM Land Registry fee will in most cases be higher as the fee will be reflective of the consideration for the transfer not just on the value of the new mortgage.

In addition SDLT(or LLT in Wales) may be payable depending on the value of the consideration.  You can calculate the amount you will need to pay by using HMRC’s website, or if the property is located in Wales by using the Welsh Revenue Authority’s website here.

How long will my mortgage or remortgage take?

If we are instructed prior to your mortgage offer being supplied we should be able to prepare the necessary documentation in readiness so that once the offer is received we only need to arrange signature of the mortgage deed before being in a position to arrange a completion date. It should take two to three weeks to do this depending on how quickly you provide the information to us and whether this information is complete.

If you are remortgaging then we will need to ensure that the remortgage completes once the initial period of your current mortgage finishes in order that you do not incur any early redemption penalty.

Stages of the process

The precise stages involved in the purchase of a residential property vary according to the circumstances. However, some key stages are listed below, and include:

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. this is the assignment of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

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Our aim is always to provide information to you in a clear, transparent and easy to understand manner.  However, should you have any queries or would like to speak to someone in person, please contact us and we will be happy to help.

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