Remortgages

We are able to assist home owners in connection with the legal work required on the remortgage of a Property.

We are on the majority of lender’s panels and so we can act for both you and the lender making the process easier and more efficient.

What we do for you on a Remortgage

We aim to guide you through the conveyancing process to ensure that the transaction is handled thoroughly and as quickly and efficiently as the circumstances allow.

The following matters will usually be dealt with in relation to your remortgage.

Initial Enquiries

Taking Instructions from you, reviewing the title to your property, submitting searches, reporting to you on the mortgage and arrange for you to sign the mortgage deed. We are also usually required to ensure that the lender’s requirements are met and this includes making sure that the property has buildings insurance in accordance with the lender’s requirements, carrying out pre completion checks, submitting pre completion searches and providing you with a statement of account so that you can arrange to let us have the balance of the funds required in readiness for completion (if any).

Completion

Complete the remortgage and registration of the purchase (and mortgage) at the Land Registry.

How long will my remortgage take?

How long it will take from your offer being accepted will depend on a number of factors. The average process takes between 2-6 weeks.

It can be quicker or slower, depending on a number of factors.

Our fees in dealing with your Remortgage

Our fees cover all of the work required to complete the remortgage of your property including the legal work to redeem one existing mortgage and dealing with registration at the Land Registry.

Conveyancer’s fees and disbursements

  • Legal fee [1]                                          £500 plus VAT
  • Search Indemnity insurance[2]       £28
  • HM Land Registry fee                        £135
  • Official Search and Bankrupty         £5 plus VAT
  • Electronic money transfer fee          £35 plus VAT
  • VAT payable                                         £108

Estimated total:                                     £811

Discounted Legal Fees[3]

We are pleased to be able to offer the following discount off our quoted legal fees:-

  • Existing client

If you have previously instructed our firm then we will provide you with a discount off our legal fees of £100 plus VAT

Price Match on Quotations[4]

We are willing to consider matching another conveyancing quotation that you may have received from another firm provided that they are within 15 miles of our firm and subject to you supplying us with a copy of their quotation.

Additional Legal Fees[5]

The following additional fees may be payable in addition to the above.

  • If the remortgage property price exceeds £400,000 then an additional £95 plus VAT will be payable for each £100,000 or part £100,000 that the purchase price exceeds £400,000.
  • In dealing with the redemption of more than one existing legal charge or mortgage from a high street lender then an additional fee of £250 plus VAT per legal charge or mortgage.
  • In dealing with a title which is not registered at the Land Registry (known as an unregistered title) then an additional £350 plus VAT.
  • If the Property is part of a shared ownership scheme then we charge an additional £250 plus VAT

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees and Searches. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Additional costs if the Property is leasehold

If the property that you are remortgaging is leasehold then we charge an additional £150 plus VAT when acting for you in connection with the remortgage of a leasehold property.

Leasehold Disbursements[6]

There are certain disbursements which will be set out in the individual lease relating to the Property. 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 term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

  • Notice of Charge fee (if the property is to be mortgaged) – This fee if chargeable is set out in the lease and is usually payable to the freeholder, management company or managing agents. Often the fee is between £25 and £150.
  • Deed of Covenant fee – This fee is provided by the freeholder, management company or managing agent for the property and can be difficult to estimate. Often it is between £50 and £150.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £50 – £150.

Assumptions

Our fees quoted above for a remortgage assume that:

  1. it 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; and
  2. if it is a leasehold matter that it involves the assignment of an existing lease and is not the grant of a new lease; and
  3. the transaction is concluded in a timely manner and no unforeseen complication arises; and
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation; and
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
 

[1] Our basic legal fee is for a freehold property with a property value of up to and including £400,000

[2] Estimated amount – the exact amount will be confirmed on instruction

[3] Our discounts must be confirmed with our firm and their applicability will depend on your specific requirements

[4] Our price match offer must be confirmed with our firm and is subject to withdrawal at any time

[5] Our additional legal fees are chargeable in addition to our standard legal fee.

[6] These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.