Freehold Remortgage – Our Fees

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

Conveyancer’s fees and disbursements

The fees we charge and the other fees and charges you will pay are listed below:
• Legal fees
• Land Registry official Copy Fees (if registered)
• Land Charges Search Fees K15 (if unregistered)
• Electronic money transfer fee
• Search fees
• HM Land Registry fees
• VAT payable
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. See the tables below for the fees and disbursements.

How long will my remortgage take?

How long it will take from you obtaining a mortgage offer in writing until you receive the mortgage advance will depend on a number of factors. The average process takes between 3-10 weeks.
It can be quicker or slower, depending on the mortgage company’s requirements and to some extent the property. For example, if the mortgage company insists on the usual searches, it could take 8 weeks. If those searches reveal an issue which needs to resolved then it may take 2-3 months and additional charges would apply.

Stages of the process

The precise stages involved in the remortgage of a residential property vary according to the circumstances. They include:
• Take your instructions and give you initial advice
• Contact your mortgage lender if needed
• Carry out searches
• Prepare mortgage documents
• Go through conditions of mortgage offer with you
• Obtain further planning documentation if required
• Give you advice on all documents and information received
• Send mortgage to you for signature
• Agree completion date
• Arrange for all monies needed to be received from lender, needed to be sent to your lender and you
• Complete remortgage
• Deal with repayment of any Mortgage
• Deal with application for registration at Land Registry

Our Fees

Our minimum fees are £550 plus VAT but the fee does to some extent depend upon the value and type of the property remortgaging. If your transaction is more complex than a simple remortgage then there will be additional fees payable because of the additional amount of work.
Some factors which may typically increase the cost of the service are:
o if legal title is defective or part of the property is unregistered
o if you discover building regulations or planning permission has not been obtained
o if crucial documents you have previously requested from the client have not been provided
To give you some idea of the potential additional fees we have a minimum charge list for different scenarios which we will provide you with at the start of the transaction.

Together with our fees you are required to pay disbursements, the cost of those disbursements is provided below:

Anticipated Disbursements*

• Official Copies of the Registered title (if registered) and any documents referred to therein at the cost of around £6-£20.
• Copies of any planning and building regulation documents from the local authority which you do not have, at the cost of around £10-£45.
*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.
Land Charges Search K16 (if unregistered)

These are searches we undertake on your behalf to prove the legal title. The cost of the searches depends upon the number of names we need to search. The cost of a search for each name is £2.00.

Search fees

These differ according to which searches you want and which local authority the property is in. The standard searches are Local Search, Water and Drainage Search, Environmental Search and Chancel Search/Insurance).
The average cost is around: £250.00 (inc. VAT)
Some lenders do accept indemnity insurance rather than a local search. The cost of that depends upon the provider and the value of the property. Such insurance ranges from around £100 upwards. We will advise you once the mortgage offer is received of your options.

Electronic money transfer fee

The bank fee for sending money on the day of completion to you and/or the mortgage lender and for any other large same day transaction is £35.00 plus VAT.

Land Registry Searches

These are searches we undertake on your behalf to check the legal title. The searches we generally undertake are:

Official Search of Whole/Part – OS1/2 £3.00
K15 searches for unregistered titles (fee per name in the title) £2.00
K16 Bankruptcy Search (fee per name) £2.00

HM Land Registry fee

The land registry registration fee depends upon a number of variables, such as whether the property is registered or unregistered, whether the application can be made online or in the post. Each of those variables however is governed by the price paid or the value of the property. The land registry fees guide is available by using Land Registry registration fees.

Example

A remortgage of a registered freehold property with a mortgage advance of £100,000.00, without any additional fees or additional disbursements is as follows:

Our Professional Fees

£550.00

VAT on Our Fees

£110.00

Office Copies

£6.00

Title Search Fee

£3.00

Bankruptcy Search

£2.00

Telegraphic Transfer Fee

£35.00

VAT on the Above

£7.00

Land Registry Fee

£40.00

Total

£753.00