Price Guide: Mortgage of a Residential Property

 

What do your fees include?

Our fees cover all the usual work required to complete the mortgage or re-mortgage of your property, including dealing with registration at the Land Registry.

 

How much are your fees?

Our fees are £595 + VAT.

If the property is leasehold, then an additional fee of £250 + VAT applies.  This is because in these cases more documentation is involved.

We also make a charge for bank transfers, which is £27.50 + VAT.

There are also various costs payable to third parties (known as disbursements, which we handle on your behalf to ensure a smooth process):

  • Land Registry office copies and/or Land Charges searches as required: £10 to 20 approximately.
  • A Land Registry registration fee, which depends on the amount of the mortgage.  For example, up to £100,000 is £20, from £100,001 to £200,000 is £30; £200,001 to £500,000 is £40; £500,001 to £1,000,000 is £60; and £1,000,001 and over is £125.

And depending on the requirements of your lender, the following may also be relevant:

  • Conveyancing searches, usually in the region of £350, depending which searches are needed.
  • Indemnity insurance (if accepted by your lender as an alternative to searches), usually in the region of £50.

Please be aware that if your property is leasehold there may be other costs or fees payable under the terms of the lease.  These are fees which the freeholder or managing agent will charge, and could include notice fees or other administrative fees. These charges vary from property to property.

This list is not exhaustive and other disbursements may apply.

 

How long will my re-mortgage take?

The process takes around three to four weeks on average.  The timescale depends on what your lender’s requirements are, and if your property is leasehold this may mean the process takes slightly longer.

 

What are the stages of the process?

The outline of the process is as follows:

  • Your solicitor will take your instructions and will receive a copy of your mortgage offer at the same time you receive yours.
  • The solicitor reviews the title to your property and carries out searches if your lender requires them.
  • The solicitor advises you on the terms of the mortgage, and asks you to sign all the documents required.
  • The solicitor prepares for completion by liaising with you and the mortgage lender regarding finances and funds required.
  • The solicitor handles completion on the completion date, which is the date the new mortgage is drawn down, and the previous mortgage is repaid (if there was one).  Funds due to you will be transferred to you on this date.
  • After completion the solicitor deals with registering the mortgage at the Land Registry.

 

* Our fee quote is given on the basis that:

  • a) no unforeseen matters arise which complicate the transaction, 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.  In this case further charges may apply.
  • b) all parties are co-operative and there is no unreasonable delay from any party providing documentation