Remortgaging a Property
We are a panel member of all major banks and building societies and financial institutions and can act for you and your Mortgage Lender, avoiding the necessity of a separate Solicitor having to be instructed to act for your Lender. We also deal with the transfers of equity in properties and Equity Release schemes.
Below is an estimate for dealing with a re-mortgage of a property. Our fees are normally calculated based on the hourly rate of the Solicitor acting. Our Solicitors hourly rates reflect their experience and vary between £190 and £265 per hour plus VAT. On average, a remortgage can take between 2 to 4 hours of work.
Based on an hourly rate of £190, we estimate that a remortgage transaction would cost between £380 plus VAT £76 – total £456 and £760 plus VAT £152 – total £912.
The fees quoted above do not include disbursements (costs payable to a third party on your behalf). These will be charged to you based on the cost they are charged to us and include:
Electronic ID Checks – currently £9.35 inclusive of VAT
Land Registry Registration fees- this is dependant on the value of the property
Copies of up to date Title Documents from the Land Registry – currently £6 per title document
Searches on the property/land and surrounding area such as Local Authority, Drainage and Water, Coal Authority and Envirosearches – approx. £350 – varies according to the Local Authority
Bankruptcy searches – £2 per person
Fee for same day electronic transfer of funds – £35 plus VAT £7 – total £42
Payment of Management Company Administration and Notice fees and Deed of Covenants (if purchasing a leasehold property or a property where common parts/roads are maintained by a Management Company) – these can differ and we will let you know of these costs as soon as we are made aware of them
Indemnity Insurance policy premium (this may be needed if there is an issue with the property such as a defective title or there is a lack of planning permission/building regulations for an extension to a property) – we will obtain an individual quote and advise you accordingly
Lender Panel Administration fee (dependant on Lender as to whether applicable) – currently £35 plus VAT £7 – total £42
Electronic File Storage fee – currently £10 plus VAT £2 – total £12
Payment of Management Company Administration and Notice fees and Deed of Covenants (if purchasing a leasehold property or a property where common parts/roads are maintained by a Management Company) – these can differ and we will let you know of these costs as soon as we are made aware of them
THE RE-MORTGAGING PROCESS
STAGE 1
Reviewing the Mortgage
When it comes to mortgages your solicitor is required to review the mortgage offer as well as the other property documents such as the deeds to the property. We will check over your mortgage offer and make sure all the conditions are met. We may have to carry out searches on the property at this point to satisfy your mortgage lender and generally carry out due diligence similar to that if you were purchasing the property.
STAGE 2
Arranging Completion
Once your lender and you are content with the mortgage offer and that conditions are being met, you will need to sign the Mortgage Deed. In a remortgage situation, we will then obtain an up-to-date settlement figure for your existing mortgage and we set a date to complete the transaction.
STAGE 3
Completion
On the day the funds are transferred to us from your new lender, we will repay any existing mortgages and will account to you for any money left over. Finally, we will then register your new mortgage at the Land Registry and deal with the removal of any mortgages that have been repaid.
