Our fees will cover the standard work involved in completing a re-mortgage but additional charges may apply in the following circumstances:
- Multiple lenders
- Non-standard lender
- Separate legal representation for the lender
- Perfecting defective title
- Transfers of equity
- Dealing with lease extensions of deeds of variation to leases (if leasehold)
We strongly advise that you contact us for a bespoke estimate tailored to your exact matter.
Our fees do not include disbursements, which are costs related to your matter that are payable to third parties. We will handle these payments on your behalf to ensure a smooth process. There will be some disbursement that we can calculate at the beginning of the transaction but some may arise later or may not be able to be confirmed until the process is underway. Below is a list of common disbursements. There may be additional disbursements depending on the exact circumstances for instance whether the sale involves a flat or house etc.
Land Registry fees – this depends on the value of the property and whether is it currently registered with the Land Registry or whether your transaction will be a first registration.
Search fees – These vary depending on geographical area and other factors but are normally in the region of £350. Some lender will not require searches but may accept search insurance. We can advise on this matter once the new mortgage offer is received.
Electronic Transfer fee – £35 plus VAT – We will have to make this charge for each time we are required to transfer money electronically.
VAT – Where fees attract VAT, we will automatically pay this.
Leasehold fees – If you are re-mortgaging a leasehold property there will be additional fees to pay to the landlord. We will not know these until we receive information from you and the Landlord/managing agent.
Indemnity policies – these can be required by a lender to protect against certain issues or defects and the cost will depend upon the issue or defects concerned and the value of the property.
Although this process does not involve moving house, there are still a number of tasks, checks and searches to carry out before the matter can complete. The average process will take around 6 – 8 weeks depending on the nature of the property and mortgage lenders involved.
Stages of the Process
These are some of the stages that can be involved in a re-mortgage transaction, although we stress that each matter will be unique:
- Taking your instructions and giving initial advice
- Checking financial arrangements such as early redemption penalties
- Checking the new mortgage offer and advising on the same.
- Carry out searches and obtaining information depending on the requirements of the lender.
- Organising funds on completion, including paying off the existing mortgage (if there is one)
- Deal with registration formalities at the Land Registry.
- If leasehold, serving the correct notices on the landlord.
Our people carrying out conveyancing are listed below. Please visit their individual profiles on the website for further details:
- Catharine Morrison – Solicitor – Qualified 2003 – £210 per hour plus vat
- Marie Giles – Solicitor – Qualified 2001 – £210 per hour plus vat
- Claire Coffin – Solicitor – Qualified 2008 – £210 per hour plus vat