Residential Property Remortgage
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:
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.
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.
Certificate of Compliance – fee to be confirmed upon receipt of the Landlord’s managing agent’s information, as can range between £60 and £180.
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:
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:
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.