Re-mortgage

How long will it take:

Whilst there maybe some factors that can affect the timescale involved, most remortgages take place within 15 days of receiving your formal offer of mortgage from your lender. We will keep you informed of progress throughout, explain the reasons for any delays and advise you if any additional, unforeseen work becomes necessary.

Stages of the process

The precise stages involved in the remortgage vary according to circumstances, however, a broad outline of the work we will undertake on your behalf is as follows:

Take your instructions and obtain any property deeds if relevant. If you have a mortgage on the property, we will require the details of your lender as well as your account number.
Investigating the title of the property;
We may need to carry out a Local Authority Search. This will entirely depend upon whether your new lender requires a search to be undertaken;
Consider the mortgage company’s instructions and the terms and conditions of your mortgage to ensure that they are complied with;
Prepare the mortgage and other documents and obtaining your signatures to them where appropriate;
Reporting to the mortgage company and obtain the mortgage advance;
Completing the re-mortgage.
Registering the transaction at the Land Registry;
Forward the title documents to the mortgage company and account to you for any money held on your behalf.

How much will it cost?

Legal fees: £500.00 *
HM Land Registry fee – this is worked out based on the purchase price of the property you are purchasing. You can work out the amount you will have to pay by using the Land Registry website here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
Electronic money transfer fee: £35.00*
Identification Fee: £10.00*
Postage and Copying Fee: £15.00*
Final Searches: £10.00

Subtotal: £570.00

VAT (20%) is payable on all of the figures quoted above marked with a *

Estimated total: £682.00 (inc VAT)

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 disbursements on your behalf to ensure a smoother process. This is not an exhaustive list and more unusual or none standard transactions can attract further disbursements, we will update you on any additional disbursements upon receipt of all documents

Our fee assumes that:

1
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
2
the transaction is concluded in a timely manner and no unforeseen complication arise
3
all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation