Re-Mortgage Fixed Price Guide

Description	Value/Amount of Property (£)	Freehold Property Fixed Price Legal Fees	Leasehold Property Fixed Price Legal Fees
Re-Mortgage	Set Fee Regardless of Property Price	£845.00 + VAT	£965.00 + VAT

 

VAT charged at 20%

Our Legal fees cover all of the work required to complete the re-mortgage of your property. Additional fees and disbursements maybe incurred depending on your property type and the requirements of the mortgage lender. These can include:

 

Fees

Leasehold Flat/Apartment £200.00 + vat (£240.00 inclusive of vat)
Onboarding/ID Check - £25.00 + vat (£30.00 inclusive of vat) per purchaser
Electronic Money Transfer Fee - £30.00 + vat (£36.00 inclusive of vat)
Case Management Fee £30.00 + vat (£36.00 inclusive of vat))

 

Disbursements

Land Registry Searches per search (estimated) - £7.00 + vat (£8.40 inclusive of vat)
Bankruptcy Searches (per person) - £6.00 + vat (£7.20 inclusive of vat)
Local Searches (including Drainage, Water & Environmental Searches) - £131.00 inclusive of vat*
Coal Mining Search - £39.00 inclusive of vat*

*When re-mortgaging, we may be required by your lender to apply for a Local Drainage and Water search and a coal Mining search (depending on the location of the property). Alternatively, a no search indemnity insurance, if acceptable to your lender, can be purchased in place of Local and Coal Mining searches. The costs of any indemnity insurance will be confirmed and agreed with you before purchasing.

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Estimated Total (Single Person Freehold Re-Mortgage) £1301.60
(Excluding HMLR Registration Fee – see below)

Estimated Total (Single Person Leasehold Re-Mortgage) £1445.60
(Excluding HMLR Registration Fee – see below)

 

Other Charges

HM Land Registry charge a Land Registry Fee to register the property on completion of your re-mortgage and their charge is dependent on the re-mortgage value purchase price of the property and the nature of the application and charges range from £20.00 to £140.00.

If the re-mortgage of the property which is leasehold, there maybe are certain disbursements depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

How long it will take from your offer of mortgage being generated to the matter completing will depend on a number of factors and the average process takes between 3 - 6 weeks. It can be quicker or slower, depending on the requirements of the mortgage lender.

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, here are some key stages in the process:

• Take your instructions and give you initial advice
• Check finances are in place and contact lender's solicitors if needed
• Carry out searches or obtain quotation for no search indemnity insurance
• Give you advice on all documents and information received
• Go through the offer of mortgage offer with you
• Send mortgage deed
• Obtain a redemption figure if you are changing lender
• Obtain pre-completion searches
• Agree completion date
• Arrange for all monies needed to be received from lender and you
• Complete the re-mortgage
• Repay existing mortgage of the lenders charge
• Deal with application for registration at Land Registry

Our fixed price legal 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. the transaction is concluded in a timely manner and no unforeseen complication arise
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

If you would like a personal quote, please click on the “Get a Quote” link and we will contact you to obtain further details of your specific re-mortgage transaction to provide a detailed individual quote.