Residential mortgage or remortgage - fees

What’s included:
Our fees* cover all of the work required to complete your property’s refinancing.

The specific stages involved in the acquisition of a home remortgage differ depending on the circumstances. Nonetheless, some critical stages are as follows:

• Accepting your directions and providing initial advice
• Receiving and advising on contract agreements
• Conducting searches
• Providing advice on all documents and information received
• Examine the terms of the mortgage offer
• Deliver final contract to you for signature
• Draft Transfer
• Get pre-completion searches
• Arrange for all necessary funds to be collected from lender and you
• Complete remortage
• Handle with Land Registry application

How long will it take to remortgage?
The length of time will be determined by a number of things. The average process takes approximately 4 weeks. Depending on the parties and lender involved, it can be faster or slower. If the home being remortgaged is leasehold, for example, the process may take longer.

Our Fees
Home conveyancing work, including remortgages, is typically done on a fixed fee basis. The following information is offered to help you understand how we determine our fees. Prices are offered as an indication of the anticipated cost of a transaction or case and should not be interpreted as an absolute quote. You must still contact us for a precise price that takes into consideration the specifics of your transaction or situation.

Fees

Legal fees: £000.00
VAT: £00.00
Electronic money transfer fee: £00.00**
VAT payable: £0.00
AML check admin fee: £00.00 (per person)***
VAT payable £0.00: (per person)

Sub-total: £000.00

Our fee assumes that:

1. 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
2. this is the assignment of an existing lease and is not the grant of a new lease
3. the transaction is concluded in a timely manner and no unforeseen complication arise
4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Disbursements
Disbursements are charges associated with your case that must be paid to third parties, such as search fees. To guarantee a simpler transaction, we manage the payment of disbursements on your behalf. Certain expenditures will be specified in the individual lease relating to the Property. The disbursements that we estimate to be made are listed individually below. This list is not exhaustive, and other expenditures may apply depending on the lease duration. We will keep you updated on the particular expenses after we receive and examine the lease from the seller’s solicitors.

Land Registry search fee: £0.00
Office Copies: £0.00
Bankruptcy Search: £0.00
Land Registry fee: £00.00
Subtotal: £00.00
–
Grand total £454.00

* These costs vary with every property and can often be much more than the amounts indicated above.  We can give you an exact figure after we see your specific documents.

** We charge £00.00 plus VAT for each telegraphic (electronic) transfer we do. On a purchase, one transfer will be made to pay the purchase payments to the seller’s solicitor.

*** This is the price of a normal search package, a required in all cases. There are further searches that you may choose to conduct, such as a flood risk search, for which there will be a fee. You have the option of receiving any payments owed to you through check or telegraphic transfer. Receiving revenues or other payments by cheque is free of charge. We will charge an extra cost of £30.00 plus VAT if you want to receive funds via telegraphic transfer.

**** We contract with a third-party business to carry out AML (anti-money laundering) checks on our behalf. We are required by law to do AML checks on each person involved in a transaction, and we will charge a fee for each check performed.

Possible Additional Disbursements in respect of Leasehold Properties

• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £100.00 and £200.00.
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100.00 and £200.00.
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100.00 and £200.00.
• Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100.00 and £200.00.

These costs can vary by property and can sometimes be much more than the ranges listed above. We can give you an exact figure after we see your relevant documents.