If you are considering changing your mortgage lender or taking out a new mortgage, one of our experienced conveyancing team can provide a fast and personal service with the minimum amount of fuss, all at a competitive price.
Building societies and other lenders will need a solicitor to act on their behalf to protect their legal position. We will act on behalf of your lender as well as you, we are able to help by providing the necessary services and professional expertise to ensure that the process completes as quickly and painlessly as possible.
Our specialist property lawyers can deal with your mortgage lender on your behalf throughout the process, consider your mortgage offer and help you to understand the terms and conditions.
If you are considering re-mortgaging contact us today for a free no obligation quotation.
|Value of property up to £125,000.00||£325.00 + VAT|
|Re-mortgage and transfer of equity||£375.00 + VAT|
|Land Registry fee||Check gov.uk scales – scale 2|
|Value of property £125,000.00 – £250,000.00||£375.00 + VAT|
|Re-mortgage and transfer of equity||£425.00 + VAT|
|Land Registry fee||Check gov.uk scales – scale 2|
Please note our fees may vary if you have a complicated matter or extra work than normal is involved or a higher value is involved than above mentioned.
It may be necessary to agree an hourly rate with you, if it is not possible to give you an accurate estimate of the likely costs involved with your purchase.
Hourly rates are based on the qualification and experience of your legal representative. These rates are currently:
Partner – £230 per hour plus VAT
Paralegal – £150 per hour plus VAT
All professional costs, whether fixed fee or hourly rate, are subject to the addition of VAT.
In some case full Searches may be required by your lender. It may not be acceptable to you and your lender to implement an Indemnity Insurance Policy as opposed to carrying out the standard Conveyancing Searches. If this (search insurance) is acceptable, we can put in place an indemnity policy instead of searches at a reduced cost. The cost of the Policy is based on the market value of the Property. We will provide details when appropriate.
In what circumstances may the costs change?
We want to ensure you only pay for the service you receive, so, as an example, a straightforward transaction involving a freehold property and a standard mortgage will cost less than a complex leasehold property being mortgaged to a lender who requires us to undertake much more detailed reporting on their behalf.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective;
- if the title is unregistered;
- if there is a management company that we need to engage with to ensure compliance with any regulations which may apply;
- if we need to obtain a certificate of compliance for a restriction on the title;
- if the property is subject to a rent or estate charge;
- if we discover that the correct consents have not been obtained for alteration works;
- if you are redeeming a help to buy loan;
- if your mortgage lender asks us to comply with additional requirements other than submitting a standard certificate of title on completion;
- if documents or information are requested from you or any other party, which requires our work to be duplicated;
- if you are mortgaging only part of your property.
What are expenses?
Expenses are costs related to your matter that are payable to third parties, such as search fees, and which you will pay through us. We handle the payment of the expenses on your behalf to ensure a smoother process. These expenses are fixed by the third-party suppliers and we cannot influence them.
Expenses which may apply to your transaction
We can give you an accurate figure once we have sight of your specific documents. These charges may or may not be subject to VAT.
Your lender may require a full set of searches to be undertaken. These costs are not fixed. Each search provider will charge a fee for their service and each local authority, water authority (etc.) will have their own fee scale.
Any variation is accounted for on your completion statement during the course of the transaction.
Some searches are subject to VAT.
Electronic Money Transfer fee
The charge levied by the practice to transfer the purchase monies and is subject to VAT.
It will be required when we are redeeming your existing mortgage or returning any net proceeds to you on completion.
What we will do for you
We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:
- acting on behalf of you and your lender;
- reviewing the legal title to the property;
- undertaking searches and raising enquiries of the managing agent and/or freeholder if the property is leasehold, or freehold but served by a management company;
- reviewing your mortgage offer and reporting to you on any special conditions;
- attending on you to sign the legal charge (mortgage deed) and ensuring that you are comfortable with the nature and effect of entering into the mortgage;
- reporting to your lender on their standard form of certificate of title;
- undertaking pre-completion searches at HM Land Registry;
- accounting to you with a completion statement;
- redeeming your existing mortgage;
- registering the new mortgage with HM Land Registry.
Assumptions made in coming to the example fees
- 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 complication arise.
- all parties to the transaction are co-operative and there is no unreasonable delay.
- no indemnity policies are required. Additional expenses may apply if indemnity policies are required.
- Is subject to our terms of business and formal letter of retainer.
- We already have a relationship with any lender proposed.
- The proposed lender does not use an independent lawyer to secure their charge.
How long will it take?
Generally speaking our work should take up to four weeks to complete but this depends on many factors, including the speed of your searches, mortgage offer and the co-operation of all parties.
In what circumstances will the above matters not apply to me?
It is important to note that the information above relates to residential conveyancing for individuals who are mortgaging their own property. If any of the circumstances below apply, it is likely to involve additional work, or you may require advice from another department within the practice:
- if you require a transfer of equity as part of the transaction;
- if the property is a buy-to-let;
- if you own the property in a limited company or a partnership;
- for Help to Buy loans.
Overview of the conveyancing process
If you are at the end of your fixed rate with your current lender and wish to switch to a more favourable rate with a different lender, or decide to extract some equity from your property, you may decide to remortgage.
You should take advice from a suitably qualified advisor before proceeding to ensure the product you choose meets your individual needs.
Once we have received your new mortgage offer, we will investigate title to your property to ensure that it complies with your new lender’s requirements. We may need to carry out searches and investigations and if you already have a mortgage secured against your property, we will make contact with the current lender to obtain a redemption figure.
On the day of completion, we will obtain the advance from your new lender, pay off your existing lender and deal with registration formalities at HM Land Registry to secure the new charge against your property.