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).

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Testimonials

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I would like to commend Michaela for her warmth, compassion and professionalism. It was because of her superb persona that I am using McHale & Co. Thank you very much Michaela!

Miss J

We are grateful for your work on our behalf. You ensured that the necessary process was done smoothly and efficiently and you have been a pleasure to deal with.

Mr G.

Excellent service and prompt replies to everything that we wanted. Very professional in these unusual times.

Mrs. S.

Very happy with McHale & Co dealing with my Mother’s Deed of Probate and sale of her house, very helpful during a difficult time.

Ms. C Jones

Outstanding service. A breath of fresh air!

Ms. M

I would like to thank McHale & Co Solicitors for their excellent work.
The support Helen provided me with was above and beyond, it was her professionalism and her personal and effective responses which made such a difficult time for me a lot more bearable.
I would have no hesitation in using McHale & Co again and will certainly recommend them to family, friends and colleagues.

Mrs B

On behalf of us both, I’d like to thank you Phillippa, for the support and guidance you have given us throughout this process, your service has been second to none.

Again, thank you so much.

Mr & Mrs M

I would like to thank Roberto for his help and support in dealing dealing with a recent case for my son. He was professional, caring and showed great sensitivity. He went above the cause of duty in his handling of the case. He made a very traumatic and stressful situation easy to bear. I will be eternally grateful to him. He is a great asset to McHale & Co. Once again Thank you.

Ms C

Paul Fitton,

Many thanks for your help.  Very best of advice at all times.

Thank you to all staff.

Mr S and Mrs K

I am very pleased with the help that I received. Thank you. Certainly would recommend.

Mrs G

I have dealt with Paul Fitton both by phone and email regarding advice about getting compensation from a world wide organisation. From the start Paul was professional, knowledgeable, friendly and gave very sound advice too. Plus I won the case. Thank you Paul, very much appreciated

Ms G

Excellent and professional service with clear explanations and guidance throughout. We can thoroughly recommend the firm and in particular Philippa Wright, Head of Wills and Probate.

Mr & Mrs N

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