Re-mortgage of a residential property
Our fees cover all of the work required to complete the re-mortgage of your property, including dealing with repayment of any existing mortgage and registration of your new mortgage at the Land Registry.
To talk through your exact requirements and to receive a full itemised quote please call our quotes team on 01246 560 560 or send us an enquiry.
1. Our Legal Fee
Our fixed fee for re-mortgaging a property is £495 + VAT (£594)
The fixed fee includes all of the normal legal work involved in a standard conveyancing transaction, such as:
- Checking the title
- Bankruptcy Searches
- Land Registry Searches
- Dealing with any lenders
- Repaying any mortgage
- One electronic bank transfer. All of our legal fees include a single electronic bank transfer which is sufficient for most standard purchases and sales, if additional transfers are require (where monies are to be divided between multiple parties for example) we make a charge of £30 + VAT (£36) to cover each additional transfer.
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.
Mortgage lenders may require us to carry out searches which are appropriate to the particular property, taking into account its locality and other features. The first thing we do is an initial check to see what searches are recommended for the property you are re-mortgaging. The search software identifies potential issues within that postcode that may require further investigation and assigns a package of searches which range between £225-£325. No VAT is payable on searches.
Please note that, whilst these packages will be sufficient for the majority of properties, additional searches may be required depending upon the nature of the property and the area in which you are buying.
Alternatively, the mortgage lender may require us to take out an Insurance Indemnity Policy in lieu of a set of Searches at a cost of £30.54.
Land Registry Registration Fee
A fee is also payable which is based on the value of the property. You can calculate your land registry fee here using scale 2 fees (middle column): https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees
If you are re-mortgaging a leasehold property there are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply. We will update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
- Notice of Charge fee (if the property is to be mortgaged) - This fee is set out in the lease. Often the fee is between £50-£150
- Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50- £150.
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.
Indemnity Policy Premium
You may require an insurance indemnity to cover a risk that has been identified with the property. There will be a premium payable. These premiums vary according to the type of risk being insured. We will advise you separately of the cost.
3. Our Supplemental Legal Fees
The range of legal fees in section 1 is based on a standard freehold property transaction and in some instances there will be a supplemental fee to carry out additional works. These may include one or more of the following:
Leasehold House £50 + VAT (£60.00)
If the property you are re-mortgaging is leasehold, we make a charge to cover the additional communications between the landlord or their agent and to deal with any requirements of the lease.
Leasehold Apartment/Flat £200 + VAT (£240.00)
If you are re-mortgaging a leasehold apartment/flat as part of a housing complex, we make a charge to cover the additional communications between the landlord or their agent and any requirements of the lease.
Unregistered Title £50 + VAT (£60.00)
All properties now have to be registered with the Government Land Registry in England and Wales when there is a transaction involving the title like a mortgage. If the property you are buying has not yet been registered, and ownership must be proved by Title Deeds we make a charge to cover the additional work involved.
Shared Ownership £500 + VAT (£600.00)
If the property you are re-mortgaging is held under a Shared Ownership Scheme, we make a charge to cover the additional communications between the Housing Association and their solicitor.
Help to Buy Scheme £200 +VAT (£240.00)
Where there is an existing or proposed loan under the Government Help to Buy Scheme we make an additional charge to deal with the Help to Buy agency.
Help to Buy ISA £50 + VAT (£60.00)
Where there is an existing or proposed Help to Buy ISA we make an additional charge to deal with the Help to Buy agency.
Declaration of Trust £150 +VAT (£180.00)
Where you require a bespoke arrangement to deal with and protect your share in a property we make an additional charge to prepare, complete and register the documentation. You should note there may be an additional Land Registry registration fee (see section 2).
Insurance Indemnity Policy £25 + VAT (£30.00)
If a policy is required we make a charge for obtaining and advising on the policy in addition to the disbursement cost of the premium (see section 2).
4. Example of a Typical Freehold Re-mortgage at £170,000
Our legal fee £495 + VAT = £594
Land registry fee = £30
Searches = £225
Total cost = £849
5. Referral fees
In some instances referral fees may be paid to third parties, such as estate agents, for the introduction of your business. These range from £50-£150. This is not an additional cost to yourself and will not affect the price quoted to you.
Our standard legal fees 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 complication arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
7. How long will my re-mortgage take?
The average process takes between 6-8 weeks. It can be quicker or slower, depending on the correspondence from your mortgage lender and the land registry.
8. Our Teams
Our conveyancers work in teams of 2 or 3 to ensure that there will always be someone available to deal with your matter. The teams are led by experienced conveyancers to help ensure that no stone is left unturned when it comes to the property you are buying.
Richard Joy, Director heads up the team in Chesterfield.
Mark Bilton, Executive Director heads up the team in Mansfield.
Kate Skelton, Director heads up the team in Sheffield.
All of the other team members have a detailed profile which can be found here https://www.bannerjones.co.uk/team-members