Pricing information: Re-mortgage of a freehold or leasehold residential property – a house or flat

Fees

Our fees are based on the amount of time it takes us to complete your re-mortgage efficiently and the seniority and experience of the lawyers and other fee earners working on your transaction. Our fees will be specifically agreed with you at the outset of your re-mortgage and will cover the work required to complete your re-mortgage, including dealing with registration at the Land Registry. Where the re-mortgage does not proceed to completion a reduction of up to 25% is usually applied to the agreed fees depending on how far advanced the re-mortgage is.

Our current hourly charge rates range from £305 for a recently qualified solicitor to £515 for a senior partner/consultant.

Occasionally a re-mortgage becomes unexpectedly more complex e.g. there might be an issue with the property that does not comply with the new lender’s requirements e.g. works carried out to the property without the necessary consents. We would notify you of this as soon as reasonably practicable, so that you can decide whether you wish to continue with the re-mortgage with the additional expense of us dealing with the unexpected extra work.

Mortgage advance

 

Fee range
Less than £1,000,000

 

£4,300 – £6,300
£1,000,000 – £2,000,000

 

£6,300 – £8,300
£2,000,000 – £3,000,000

 

£8,300 – £10,300
£3,000,000 – £4,000,000

 

£10,300 – £12,300
£4,000,000 – £5,000,000

 

£12,300 – £14,300
£5,000,000 +

 

£14,300 +

 Our fee ranges assume that:

  • This is a standard re-mortgage and that no unforeseen matters arise including for example (but not limited to) a defect in title or lease which requires remedying prior to completion of the re-mortgage
  • We are also acting for your lender and it has not instructed separate lawyers to act for it
  • The re-mortgage is concluded in a timely manner and no unforeseen complications arise
  • All parties to the re-mortgage are co-operative and there is no unreasonable delay in third parties providing documentation
  • No indemnity policies are required to cover problems. Additional disbursements will apply if indemnity policies are required.

Disbursements

Disbursements are costs related to your transaction that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. Disbursements are not included in our fee ranges, however, these typically include:

  • HM Land Registry fee: £20 – £305 (depending on the size of the mortgage advance and whether online registration can be used)
  • Search fees: £350 – £600 plus VAT
  • Electronic money transfer fee: 50p – £15 plus VAT.

 Other possible disbursements under the lease

 If you are re-mortgaging a leasehold property, there are other possible disbursements which may be payable under the terms of your lease. These are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease.

  • Notice of Charge fee – This fee (if chargeable) is paid to the landlord. Often the fee is between £25 and £50 plus VAT
  • A landlord’s management pack containing service charge and insurance information etc. will also be needed for a leasehold property. These usually cost in the region of £250 to £600 plus VAT.

Any photocopying that is required will be charged at a commercial rate. This would usually be no more than £100 plus VAT where relevant.

VAT

VAT is payable at 20% on all legal fees and taxable disbursements.

How long will my re-mortgage take?

How long it will take from your mortgage offer being received until completion of your re-mortgage will on average be between 4-8 weeks.

Stages of your re-mortgage

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we set out some key stages that are relevant to most transactions:

  • Take your instructions and give you initial advice
  • Contact your current lender for a note of their requirements
  • Check the title documents (and lease)
  • Request the sale management pack from the managing agents (where leasehold)
  • Carry out searches
  • Obtain planning and Building Regulations documentation (if relevant)
  • Request further necessary information from you
  • Report to you on the conditions of your mortgage offer
  • Report on title to your lender
  • Send mortgage deed to you for signature
  • Obtain a redemption statement from your current lender to discharge your current mortgage
  • Arrange for the mortgage advance to be received from your new lender in time for completion of your re-mortgage
  • Obtain pre-completion searches
  • Discharge your current mortgage
  • Complete your re-mortgage
  • Deal with the application for registration of the new mortgage and release of the old mortgage at the Land Registry
  • Serve notice of charge on your landlord and other post completion steps required by your lease (where relevant) and your lender.
  • Send any balance of the mortgage advance to you by bank transfer

 Our team

You may review the experience and qualifications of our Private Client Property Team here





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