Mortgage or Re-Mortgage of Freehold or Leasehold Property
Our Fees
Our fees cover all of the work required to complete the mortgage or re-mortgage of either freehold or leasehold property where the mortgage is not completed at the same time as a purchase.
No two property transactions are the same and each client will have specific requirements as will most lenders. We therefore provide each client with an individual estimate giving full details of our fees and the other costs involved in a transaction. If there are any unforeseen difficulties we will let you know right away and explain any impact this may have on costs before incurring additional expense
Our fees are based on the amount of the loan, nature of the property and the work likely to be involved and will be subject to Value Added Tax at the current rate. Our normal fee for a straightforward mortgage or re-mortgage of either freehold or leasehold property with no unforeseen problems will range between £650.00 plus VAT for a simple transaction to £1,500 plus VAT for a more complicated transaction. The actual charge will depend on will depend on the property and specific circumstances of the transaction and factors which are likely to increase the costs involved will include:-
- If the title to the property is unusual or complex – generally the costs of dealing with a leasehold property will be greater than dealing with a freehold property of a similar value.
- If the title is presently registered or unregistered.
- Whether the lender has appointed its own legal advisor’s and, if so, the nature and extent of their requirements.
- The loan being for a large amount.
- Unusual or complicated requirements by the lender.
- Farm, agricultural or industrial property.
- Other non residential property.
- Where the mortgage is linked to a guarantee or similar arrangement.
Additional work may sometimes be charged by agreement with the client at an hourly rate and the fees chargeable by each of the residential conveyancing team can be seen here.
Payments to Others
There will usually be payments to others (sometimes called “disbursements”) such as search fees, fees payable to HM Land Registry and Value Added Tax. In the case of leasehold property there may be a fee, often in the region of £100.00 to £250.00) payable in respect of a Notice of Mortgage or Certificate of Compliance as well as a fee for obtaining management information (this varies but is usually between £100.00 and £300.00)
We deal with payment of the disbursements on your behalf to ensure a smoother process.
We do not make payments to others in respect of referral fees.
Example Estimate
Based on the re-mortgage of a property with registered title value of £300,000 and a mortgage loan of £100,000 from a mainstream lender our charges and disbursements would be:-
| Our charges | £650.00 |
| Search fees (can vary depending on the property) | £300.00 |
| HM Land Registry fees/Copy Register Entries – allow | £50.00 |
| Electronic money transfer fee | £35.00 |
| ID verification check | £10.00 |
| VAT payable | £139.00 |
| TOTAL | £1,184.00 |
Frequently Asked Questions
How long will my transaction take?
We completely understand that you would like some idea of how long the matter will take to deal with and we will do whatever we can to complete the matter in accordance with your preferred timescale. However it is sometimes the case that matters arise which delay a transaction. We will do whatever we can to identify any such matters as early as possible in order that you may plan accordingly.
In our experience, most stand alone mortgages or re-mortgage transactions complete between 6 and 8 weeks from the date that we receive a valid mortgage offer.
What are the stages of the process mortgaging or re-mortgaging?
The precise stages involved in the transaction will vary according to the circumstances. However, our service to you will normally include the following:-
- Take your instructions and give you initial advice
- Obtain details of amount required to repay any existing mortgages
- Check finances are in place to and contact lender if needed
- Receive mortgage offer which usually includes instructions to act for the lender as well as the client borrower
- Carry out necessary searches
- Obtain further planning documentation if required
- Go through conditions of mortgage offer with you
- Send mortgage documents to you for signature
- Agree completion date
- Arrange for all monies needed to be received from lender
- Complete mortgage, repay any existing mortgages, and account to you
- Deal with application for registration at Land Registry
- Deal with any necessary Notice of Mortgage or Certificate of Compliance (leasehold properties)
Who will deal with my transaction?
Our conveyancing team is made up of Solicitors, Chartered Legal Executives and Legal Assistants who are experienced in dealing with property transactions and well qualified to help guide you guide you through what can be a very stressful process and provide you with the support you need from start to finish.
They can help you with a wide range of matters, including:-
- Residential property sales and purchases
- Re-mortgages
- Shared & joint ownership
- Matrimonial transfers
- Probate sales
- Residential property investments and lettings
- New homes
- Help to Buy
What if something goes wrong?
If there is a problem you should contact the person who is dealing with your matter as soon as possible with details of your concern. If it is not possible to resolve the matter quickly and informally we have a complaints handling procedure which you can read here.
