Residential Remortgage

RESIDENTIAL CONVEYANCING FEE STRUCTURE FOR RE-MORTGAGING A PROPERTY

Our fees cover all of the work required to complete a re-mortgage of your home, including redeeming your existing mortgage and registering your new mortgage.

How long will my re-mortgage take?

How long it will take from you obtaining a new mortgage offer until the re-mortgage completes will depend on a number of factors. The average process takes between 4 – 6 weeks.

It can be quicker or slower, depending on how quickly we obtain copies of your new mortgage offer and redemption figures for your existing mortgage and whether or not there are any title issues.

What is the process?

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we have listed the key stages. We do the following:

  • take your instructions and give you initial advice
  • send out our client care pack to you with initial forms for you to complete and return
  • obtain title information documents from the Land Registry
  • order Searches if this is required by your new lender
  • review and report to you the conditions of your new mortgage
  • obtain a redemption figure from your current lender
  • send paperwork out to you for signature
  • agree a completion date
  • prepare an invoice and completion statement
  • arrange for all monies needed to be received from the lender and you
  • discharge the old mortgage
  • deal with registration of the new mortgage

Estimated Costs

We have prepared a table (see below) of the estimated costs of a re-mortgage of both leasehold and freehold properties.

Our estimated fees assume 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
  • there is only one mortgage to redeem
  • the transaction is concluded in a timely manner and no unforeseen complications arise
  • all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • no indemnity policies are required

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursement on your behalf to ensure a smoother process. The disbursements quoted are on the basis that only one will be required. If more than one document needs to be obtained from the Land Registry these will incur additional costs.

Anticipated Disbursements

  • Notice of Charge fee (if the property is mortgaged) – this is charged by the landlord and/or management company under the terms of a lease. Often the fee is between £100.00-£250.00 plus VAT
  • Certificate of Compliance fee – to be confirmed upon receipt of the lease and can range between £100.00-£250.00 plus VAT

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.

Additional disbursements will apply if indemnity insurance policies are required. A quote will be obtained once we identify the risk that needs to be indemnified.

 

Re-mortgage value

£0 - £350,000.00

Fees

£500.00

VAT

£100.00

Bank transfer by CHAPS

£36.00

Title register and plan (each set)

£6.00

Bankruptcy Search

£2.00 per person

ID search

£2.53 per person

Land Registry priority search

£3.00

Land Registry registration fee (depends on value)

£80.00 maximum fee

Total

£729.53

 

Re-mortgage value

£350,001.00 - £900,000.00

Fees

£800.00

VAT

£160.00

Bank transfer by CHAPS

£36.00

Title register and plan (each set)

£6.00

Bankruptcy search

£2.00 per person

ID search

£2.53 per person

Land Registry priority search

£3.00

Land Registry registration fee (depends on value)

£120.00 maximum fee

Total

£1,129.53

 

For a re-mortgage value of over £900,000.00 we charge at an hourly rate of £150.00-£180.00 (depending on the fee earner handling your case).

 

  • Head of Conveyancing
    Sue qualified in 1994 and has over 20 years experience in residential Conveyancing matters. Sue joined the firm in 2016 to Head our Residential Conveyancing Department and is based at our Altrincham office.
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  • Solicitor
    David qualified as a Solicitor in 1975 and has specialised in conveyancing and matrimonial matters.
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  • Solicitor
    Stephanie graduated from Northumbria University in 2012 with LLB and went on to study the LPC and LLM at the Collage of Law Manchester. She joined McHale & Co in May 2015 and currently deals with commercial and residential property transactions.
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  • Solicitor
    Phillippa graduated from De Montford University Leicester in 1990 before gaining an honours award at Christleton College of Law in Chester. Phillippa specialises in new build conveyancing and heads the Plot Team at our Altrincham office.
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  • Paralegal
    Mark joined the firm from Sedgwick Legal following a merger in October 2016 and is a Fee Earner in the Property Department dealing with residential conveyancing matters including buying and selling houses as well as re-mortgages and Transfers of Equity.
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  • Licensed Conveyancer
    David graduated from Sheffield Hallam University and joined McHale & Co in 2015 after working in both Australia and New Zealand. David is a Licensed Conveyancer who specialises in residential conveyancing and is happy to advise on all aspects of property law.
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