Residential Conveyancing Fee Structure For Re-Mortgaging A Property
Our fees cover all of the work required to complete a re-mortgage of your home, including redeeming your existing mortgage and registering your new mortgage.
How long will my re-mortgage take?
How long it will take from you obtaining a new mortgage offer until the re-mortgage completes will depend on a number of factors. The average process takes between 4 – 6 weeks.
It can be quicker or slower, depending on how quickly we obtain copies of your new mortgage offer and redemption figures for your existing mortgage and whether or not there are any title issues.
What is the process?
The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we have listed the key stages. We do the following:
- take your instructions and give you initial advice
- send out our client care pack to you with initial forms for you to complete and return
- obtain title information documents from the Land Registry
- order Searches if this is required by your new lender
- review and report to you the conditions of your new mortgage
- obtain a redemption figure from your current lender
- send paperwork out to you for signature
- agree a completion date
- prepare an invoice and completion statement
- arrange for all monies needed to be received from the lender and you
- discharge the old mortgage
- deal with registration of the new mortgage
Estimated Costs
We have prepared a table (see below) of the estimated costs of a re-mortgage of both leasehold and freehold properties.
Our estimated fees assume 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
- there is only one mortgage to redeem
- 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
Where VAT is said to be applicable it will be applied at the rate in force from time to time – currently 20%
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursement on your behalf to ensure a smoother process. The disbursements quoted are on the basis that only one will be required. If more than one document needs to be obtained from the Land Registry these will incur additional costs.
Anticipated Disbursements
- Notice of Charge fee (if the property is mortgaged) – this is charged by the landlord and/or management company under the terms of a lease. Often the fee is between £100.00-£250.00 plus VAT
- Certificate of Compliance fee – to be confirmed upon receipt of the lease and can range between £100.00-£250.00 plus VAT
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.
Additional disbursements will apply if indemnity insurance policies are required. A quote will be obtained once we identify the risk that needs to be indemnified.
Re-mortgage value | £0 – £500,000.00 |
Fees | £795.00 |
VAT | £159.00 |
Mortgage Redemption (if req) inc VAT | £36.00 |
OCE per title | £3.00 |
Search insurance (approx. including admin fee of £40.00 plus VAT) | £180.00 |
Bankruptcy Search (per person) | £2.00 |
Land Registry Search | £3.00 |
Land Registry Fee (registered titles) | £45.00 maximum fee |
ID search (per person) | £5.40 |
Biometric Check (per person) | £9.00 |
Total | £1237.40 |
Re-mortgage value | £500,001.00- £1,000,000.00 |
Fees | £1050.00 |
VAT | £210.00 |
OCE per title | £3.00 |
Search insurance (approx. including admin fee of £40.00 plus VAT) | £250.00 |
Bankruptcy Search (per person) | £2.00 |
Land Registry Search | £3.00 |
Land Registry Fee (registered titles) | £65.00 |
ID search (per person) | £5.40 |
Biometric Check (per person) | £9.00 |
Total | £1,813.40 |
Re-mortgage Value | £1,000,001.00 and over TBC with fee earner |
Fees | £1,250.00 |
VAT | £250.00 |
TT inc VAT | £36.00 |
OCE per title | £3.00 |
Search insurance (approx. including admin fee of £40.00 plus VAT) | £240.00 |
Bankruptcy Search (per Person) | £2.00 |
Land Registry Search | £3.00 |
Land Registry Fee (registered titles) | £140.00 |
ID search (per person) | £5.40 |
Biometric Check (per person) | £9.00 |
Total | £1,938.40 |
If there is a transfer of ownership involved along with the re-mortgage add an additional £200.00 + VAT.
NB. if the property is a flat then we may have to get consent from the Management to the transfer so they are likely to charge an additional fee; at present we would not be in a position to advise of this fee until we have seen your property documentation and corresponded with the management company.
If the transaction involves a company there is an additional charge for the company search of £45.00 plus, £15.00 Companies House registration fee and an extra £250.00 plus VAT per director for advice on the mortgage.