Mortgage/Remortgage of a freehold residential property
Our fees cover all of the work required to complete the mortgage or remortgage of your home, including dealing with registration at the Land Registry and dealing with any payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Our fees
- Legal fee
| Property Value / Mortgage Amount | Our Costs |
|---|---|
| £0.00 - £350,000 | £650.00 plus £130.00 VAT |
| £350,001 - £400,000 | £700.00 plus £140.00 VAT |
| £400,001 - £500,000 | £750.00 plus £150.00 VAT |
| £500,001+ | Please call to discuss |
- Stamp Duty Administration Completion Fee (inclusive of VAT) £60.00
- Electronic money transfer fee £35.00 + VAT
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. This list is not exhaustive and other disbursements may apply depending on the nature of the property, lender requirements and the transaction.
| Disbursement | Cost |
|---|---|
| Indemnity Search Insurance | £0 to £100,000 - £20.00 £100,000 to £200,000 - £25.00 £200,000 to £300,000 - £30.00 |
| Land Registry Fee: Property Price up to £100,000 £100,001 to £200,000 £200,001 to £500,000 £500,001 to £1,000,000 £1,000,001 and above |
(online fees) £20 £30 £45 £65 £140 |
| Land Registry Search | £3.00 |
| Bankruptcy Search | £2.00 (per person) |
| I.D. and Money Laundering Check | £N/A (per person) - as long as you are able to attend the office with your original ID. |
| Stamp Duty or Land Tax | This depends on the purchase price of your property. You can calculate the amount you will need to pay by using the tools on HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. |
Anticipated Disbursements
- Notice of Charge fee (if the property is Leasehold) – This fee is set out in the lease. Often the fee is between £50.00- £350.00.
*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
Stages of the process
The precise stages involved in the mortgage/ remortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages:
- Take your instructions and give you initial advice
- Obtain the Title Deeds and checking them thoroughly;
- Receive and advise on mortgage documents
- Carry out searches if applicable
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Agree completion date (date from which you wish to complete the mortgage/ remortgage)
- Obtain redemption figures and instructions on the discharge of a Mortgage affecting the property if applicable;
- Provide you with a completion statement;
- Ensure all monies due are received on the completion date;
- Complete remortgage / mortgage
- Attend to the discharge of your Mortgage (if any); and
- Communicate with you on the day of completion with regard to the release of funds to you if any.
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
How long will my remortgage take?
How long a mortgage or remortgage will take depends on the lender, the title, whether searches are required and whether any additional enquiries need to be resolved. The average process takes between 4-8 weeks.
It can be quicker or slower depending on lender requirements and whether another solicitor is involved. If the lender instructs its own solicitor or requires further checks, searches or additional information, this can add further time to the process.
* 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.
Disclaimer
There may be unforeseen variables that could increase the cost of a transaction. Such as (but not limited to), issues arising from the title (i.e. restriction or third-party right) that must be resolved prior to the completion of the mortgage. Furthermore, non-standard titles which require further investigation and resolution could incur further costs. It is our belief that you should always contact our office to obtain a specific quote for your transaction from an experienced member of our team.
Please be aware that depending on the circumstances and title of your property there could be additional disbursements, which we had not anticipated. In such circumstances, we will update you on any likely additional disbursements.
We reserve the right to increase our costs should the matter become more protracted or complicated than we initially anticipated. If we anticipate that our Costs will exceed the amount estimated at the outset, we will let you know before increasing the same.
You must be completely transparent with your position in relation to the Stamp Duty Land Tax payable on this matter, which shall be payable on completion.
Stamp Duty Land Tax is a personal tax and as such it is recommended that you satisfy yourself as to the amount of Stamp Duty payable by using the official online calculator or referring the websites provided in the quote.
We shall require necessary ID documentation and proof of funds, if applicable, in order to open a file and progress the matter.
