Mortgage and Re-mortgage Fees

Our fees cover all the work required to complete your new mortgage or re-mortgage, request your mortgage advance, redeem your existing mortgage, and deal with registration at the Land Registry. VAT will be payable on our fees and some disbursements, currently 20%, and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.

Our Fees

Our fee to carry out the work on your behalf is £500.00 plus VAT, a total of £600.00 plus the disbursements detailed in the section below.

We will charge the sum of £45.00 + VAT (a total of £54.00 Inc. VAT) for electronic money transfers.
If re-mortgaging as a corporate vehicle, there is an additional charge of £750 plus VAT.

If, at any stage, our fees change, we will notify you and discuss the reason for any changes. This will typically occur if you change your instructions, or your case involves an unforeseen complexity.

Our fee assumes 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.
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. Additional disbursements may apply if indemnity policies are required.

Disbursements

In addition to our fees, you will also incur costs related to your matter that are payable to third parties, known as disbursements. We handle the payment of the disbursements on your behalf to ensure a smoother process. Details of the disbursements you are likely to incur are detailed below and include VAT where applicable.

Land Charges search fees £7.80 per search (£9.36 inc. VAT)
Bankruptcy search fees £7.80 per person (£9.36 inc. VAT)
Office copies of title deeds £8.80 per deed (£10.56 inc. VAT)
Our administration fee for SDLT submission £10.00 + VAT (£12.00 inc. VAT)
Our administration fee for AP1 submission £10.00 + VAT (£12.00 inc. VAT)

Search fees* will vary from council to council but would cost approximately £300 plus VAT (£360 inc. VAT) to supply the following reports:

Local land charges search.
Enquiries of the local authority.
Environment search.
Planning Search.
Chancel repair liability indemnity.
Water and Drainage search.

*Your lender may agree to waive the requirement for searches and proceed with a search indemnity policy which would cost substantially less than the searches. We can obtain a cost once we have details of your transaction.

Where the firm is required to undertake an Anti-Money Laundering search as part of our Client Due Diligence Process, the firm will charge:

£18.00 + VAT (£21.60 inc. VAT) for an individual based in the UK.
From £25.00 + VAT (£30.00 inc. VAT) for an individual based overseas or a Corporate Entity.

Land Registry Fees

Land Registry fees depend on the value of your mortgage advance, if the property has been previously registered and if we are able to submit your application electronically. You can calculate your fees using HM Land Registry’s online calculator. Select ‘Charge (registered) transfer of’ from the drop-down list, insert the value of your mortgage when prompted and then click ‘Check Fee’ to see how much you will need to pay.

How Long Will Your Mortgage Or Re-Mortgage Take?

The average process takes between 4 to 12 weeks, but it can be quicker or slower, depending on the other parties involved.

What Are The Different Stages Of Your Mortgage Or Re-Mortgage?

The precise stages involved mortgage or re-mortgage vary according to the circumstances. However, examples of key stages that we will help you through may include:
Take your instructions and give you initial advice.
Obtain title deeds or official copies of the title from HM Land Registry.
Check the legal title of the property.
Carry out searches or obtain no search indemnity.
Go through conditions of mortgage offer with you.
Request a final redemption statement for your existing mortgage.
Carry out final searches.
Request your mortgage advance.
Redeem your existing mortgage.
Apply to HM Land Registry to register the new mortgage.
Send you any monies due to you.

Other Factors

Other Factors to consider which may affect your legal fees: –

Multiple owners.
Shared ownership scheme.
Mortgaging where there is a help-to-buy scheme, and whether it is an equity loan or ISA.
Mortgaging property under right to buy.

These fees vary from property to property and can occasionally be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.