Residential Property Remortgage

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Note: In our below figures  “VAT” refers to Value Added Tax, a government tax which we are required to charge on our fees, currently at the rate of 20%

Please contact one of our conveyancing solicitors, whose details appear in the Our People section of our website - Shani Swift, Ian Hilton-Tapp, Colin Gooch and Sarah Pears.

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Mortgage or Remortgage of a Residential Property:

 

Our fees cover all of the work required to complete the mortgage or re-mortgage of your existing home, including dealing with the repayment of your old mortgage (if applicable) and dealing with registration of your new mortgage at the Land Registry.

Our fees and certain disbursements vary depending on the value of the property being purchased - the following figures provide guide prices at the stated property price points. In some cases we may identify circumstances which involve additional costs and we will discuss this with you.

 

Examples of Conveyancer's fees and disbursements:

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For transactions at a higher value than the examples shown above, our Legal fee and Transfer fee will typically be calculated on an increasing scale following the above examples. This means that on a mortgage of a property valued at £1 million our fees would be £2,000 and £30 + VAT of £406 and our fees for a mortgage of a property of a value higher than £1 million would be calculated as 0.2% of the buying price of the property (plus VAT charged at 20% on that fee, plus the Transfer fee of £36 including VAT). Note that the Land Registry disbursement increases to £140 for purchases over £1 million.

 

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

 

If your property is leasehold there will be certain additional disbursements which will be set out in the lease or will be notified by or on behalf of the Landlord. 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 terms of the lease.

 

Anticipated Disbursement:

 

Notice of Charge fee (if the property is to be mortgaged) – This fee, if chargeable, is referred to in the lease. Often the fee is between £60 and £180 (including VAT).

Certificate of Compliance – fee to be confirmed upon receipt of the Landlord’s managing agent’s information, as can range between £60 and £180 (including VAT).

 

Additional fees:

 

In addition to our fees and disbursements as indicated above, additional fees may be payable in some cases. Some examples where this may be necessary:

(i) if you have got a government pay off there will be an additional fee due to the amount of additional paperwork that this involves.

(ii) if you have got more than one mortgage to pay off there will be an additional fee and additional electronic transfer fee for each additional mortgage.

(iii) if your property is leasehold and notices have to be served on your landlord.

 

How long will my mortgage take?

 

How long it will take to complete your mortgage will depend on a number of factors. The average process takes between 4 to 8 weeks. It can depend for example on how long the searches take or the timescale applicable to any transaction that may be linked (such as the purchase of another property for which your mortgage is raising funds).

 

Stages of the process:

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The precise stages involved in the mortgage of an existing residential property vary according to the circumstances. However, below we have set out some key stages that will usually be relevant:

 

• Take your instructions and give you initial advice

• Check your financial arrangements to fund purchase

• Receive your mortgage offer and go though it with you

• Obtain Land Registry title details

• Carry out searches

• Obtain further documentation if required

• Meet you or send mortgage papers to you for signature

• Obtain pre-completion searches

• Report to your lender and arrange for mortgage funds to be received

• Complete your mortgage

• Deal with repayment of you old mortgage (if any)

• Deal with application for registration at Land Registry

• Report to you and your lender

 

Please note that the examples of our fees assume that:

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a. 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

b. the transaction is concluded in a timely manner and no unforeseen complications arise

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

e. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.