Mortgage / Remortgage Fees
The below fees will not apply where we act in a purchase transaction part funded by a lender who is a member of the Council of Mortgage Lenders. The fees will include acting for the lender as well as you as borrower if the lender is willing to instruct us.
Lenders usually require us to do searches and enquiries similar to those with acting on a purchase as the lender wants to know that they will not encounter difficulties if they need to exercise their power of sale and our fees therefore reflect the extent of work required by the lender.
How much will it cost?
Our fees are calculated based upon the amount of the mortgage loan you are obtaining as shown below:-
|Property value||Our fees|
|Up to £250,000.00||£675.00 plus VAT (total: £810.00)|
|£250,001.00 - £500,000.00||£800.00 plus VAT (total: £960.00)|
|£500,001.00 - £999,999.99||£1,150.00 plus VAT (total: £1,380.00)|
|£1,000,000.00+||Please contact us for a quote.|
If your transaction is abortive we will charge the following fees:
|Stage of transaction||Fees charged|
|Receipt of the mortgage offer but no advice given concerning it.||£150.00 plus VAT and disbursements incurred.|
|Prior to completion of the transaction.||Dependent upon the level of work undertaken but not less than 50% of our fee but no more than 75% of our fee.|
In addition to the above there may be supplemental legal costs/fees levied by us. These include (but are not limited to):-
- First Registration of property with Land Registry from £500.00 plus VAT (total from: £600.00)
- Bank Transfer fees per transfer £35.00 plus VAT (total: £42.00)
We will also incur disbursements on your behalf. 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.
Disbursements may include:-
- Local Authority search*
- Drainage search*
- Environmental search*
- Land Registry searches (for example £3.00 per Office Copy Title or plan)
- Land Charges searches (bankruptcy searches £2.00 per person/name)
- Land Registry fee re registration**
* The cost of these searches vary and some incur VAT. We will provide you with an estimate of any search fees within our fee estimate or on enquiry. It may be if you are remortgaging that your lender will not require searches but instead an indemnity policy and, if so, we will advise you of the cost once we have received instructions from your lender.
** The Land Registry fee payable depends upon the value of the property you are mortgaging/remortgaging. Details of their fees can be viewed here.
Please note that VAT is payable on our fees and some disbursements.
To calculate the total costs associated with your mortgage/remortgage you will need to add our legal fees (plus the VAT) and any disbursements (plus any VAT on these items). Please contact us to obtain a fee estimate to give you an indication of the total costs you are likely to incur (excluding costs such as mortgage broker or surveyor’s fees).
Our above fees assume that:
- the property you are mortgaging/remortgaging is registered with the Land Registry with one title;
- the property is freehold;
- 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 or there are not any non-standard requirements from your lender that need to be satisfied/dealt with;
- you are obtaining only one mortgage and if you are redeeming an existing mortgage there is only one (and both lenders are a member of the Council of Mortgage Lenders);
- there are no other unusual problems or complications;
- no consent is required from a third party to the mortgage; and
- the transaction is concluded in a timely manner and no unforeseen complications arise.
If one or more of the above assumptions do not apply, please contact us to discuss potential effect on our work and fees.
What will we do for you?
- Take your instructions and give you initial advice
- Communicate with your lender (if you have a mortgage) to establish the amount required to redeem the mortgage upon completion
- Review your lender’s mortgage instructions/requirements and ensure compliance with the same
- Carry out searches (if required)
- Go through any special conditions of mortgage offer with you
- Report to your lender and request mortgage funds
- Obtain pre-completion searches
- Obtain your signature to the Mortgage Deed
- Arrange for all monies needed to be received from lender and you
- Complete the transaction
- Deal with application for registration at Land Registry
How long will the transaction take?
How long it will take from you initially instructing us and completion will depend on a number of factors. The average process takes between 6 – 8 weeks.
There are a variety of other factors outside of our control which can affect the length of the process (such as dealing with lender requirements) which means we cannot tell you exactly how long the process will take but we will keep you updated with progress at regular intervals.
Who will deal with your matter?
Our highly experienced team have over 100 years’ of collective experience in delivering high quality work in all matters relating to residential property. We aim to have just one person dealing with your matter (which we will notify you of at the outset – you can view our team here and Tony Osborn, Senior Partner, will have overall supervision.