Remortgage Pricing

Conveyancing: Remortgage of a freehold residential property

Our fees cover all of the work required to complete the remortgage of your freehold property, including dealing with registration at the Land Registry.

Our fees for a typical house remortgage range from around £495 for a simple remortgage to around £2,000 for a high-value remortgage of a substantial historic building on unregistered land. These figures may, however, vary in cases with special complications. That is why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your purchase.

We will always advise you immediately about any complication, and discuss the potential impact on the price before any additional charges are incurred.

 Here is an example of a costs estimate for our conveyancing fees and disbursements for a freehold remortgage (registered whole title) borrowing £100,000 for an individual borrower:

Legal fee £495.00
VAT@20% £99.00
No-search indemnity policy (this is instead of applying for searches if your lender agrees) (approximately) £10.00
HM Land Registry fee £20.00
HM Land Registry search fee £3.00
Land Charges search fee £2.00
Costs in connection with electronic money transfer fee (to redeem existing mortgage) £40.00
VAT@20% £8.00
TOTAL £1,252.00

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

How long will my re-mortgage take?

The timing of each transaction will vary.  The remortgage of a registered freehold property will on average complete within 2 to 4 weeks from receipt of the mortgage offer. Whether or not this is achievable will depend on a number of factors, some of which will be outside of our control, such as receipt of searches, mortgage offer, etc. It will become clear as the matter proceeds whether this timescale will be achievable, and a flexible approach by all is important.

 

Stages of the process

The precise stages involved in the remortgage of a residential property vary according to the circumstances, however, some of the key stages are:

  • taking your instructions and giving you initial advice
  • obtaining your replies to standard questions about the property
  • receiving and advising on the mortgage offer (Mortgage Report)
  • carrying out searches (if required by your lender) or obtaining no-search indemnity insurance
  • checking for and dealing with any mortgage conditions
  • obtaining a redemption statement for your existing mortgage
  • obtaining further documentation, if required e.g. planning, title
  • arranging for you to sign the Mortgage Deed
  • completing the remortgage
  • dealing with the application for registration at Land Registry

Our fee assumes that:

  • 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
  • the transaction is concluded in a timely manner and no unforeseen complications arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Below is a list of the types of things for which we charge more:

  • leasehold properties
  • new builds
  • first registration of title
  • multiple owners
  • shared ownership scheme
  • using a help to buy scheme, and whether it is an equity loan or ISA
  • property has been repossessed
  • listed building
  • communal areas involving a management company/service charge/restriction
  • solar panels
  • purchase of part only
  • mortgage disclosures
  • indemnity insurance

NB: This list is not intended to be exhaustive.

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