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 do not include a Transfer of Equity and any costs associated with that.
A remortgage of a freehold property at a price of £275,000.00:
- Legal fee £550.00 (plus VAT)
- Search fees £400.00 (this depends on the Local Authority where the Property is located) or search indemnity insurance at around £50.00 if your mortgage company does not require searches (this will depend on the value of the Property)
- HM Land Registry fee £40.00 approximately (this will depend on the value of the loan)
- HM Land Registry official copy fees £15.00 approximately
- Electronic money transfer fee £45.00 per transfer (plus VAT)
- Anti Money Laundering Search fee £15.00 per person (plus VAT)
- VAT payable £125.00 approximately
- For Leasehold Properties there may additionally be charges from the Landlord to provide necessary information in relation to insurance, ground rent and service charge as well as notifying them of the new lender following completion. We cannot estimate this cost as it varies too greatly
Estimated total with searches: £1,205.00
Estimated total with search indemnity insurance: £855.00
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 £100.00 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:
- Take your instructions and give you initial advice
- Check finances are in place to fund remortgage and contact lender’s solicitors if needed
- Receive and advise on Property Information documents supplied by you
- Obtain title documents and review these and advise you if we have any concerns
- Carry out searches or obtain draft indemnity insurance
- Obtain further planning documentation if required
- Make any necessary enquiries of you on the paperwork supplied
- Go through conditions of mortgage offer with you
- Send mortgage deed to you for signature
- Agree completion date (date from which you own the property)
- Arrange for all monies needed to be received from lender and you
- Complete remortgage
- Deal with payment of SDLT/LLT (if relevant)
- Deal with application for registration at Land Registry
Our fee assumes that:
- 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
- this is the assignment of an existing lease and is not the grant of a new lease
- the transaction is concluded in a timely manner and no unforeseen complication arise
- 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 may apply if indemnity policies are required.
Get a quote
For a personalised, no obligation quote please contact us on 01323 727321 or complete the contact form below.
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.
Please note the above is for information purposes only and is intended to be a short summary. It should not be treated as a comprehensive guide and should not be acted on without qualified legal advice.