It is challenging to provide you with a fixed cost quotation for our conveyancing services without having first discussed your personal circumstances and the specific details of your transaction with you. Each and every conveyancing transaction will differ and there are a range of factors which impact both our costs and any additional expenses (Disbursements).
VAT (currently 20%) will be added to our legal fees and the bank transfer charge. Our legal fees do cover all work required to complete your transaction. Our estimated charges are based on the matter being a standard, straightforward transaction and one which does not involve any unforeseen, complex or time consuming factors. If the matter is complex, time consuming or involves unforeseen circumstances, we do reserve the right to increase our charges accordingly. However, we will always discuss any proposed increase in cost with you before incurring any additional charge.
The cost information provided here is intended to offer you a broad indication of the range of our charges based on a price banded structure. However, we would strongly recommend that you make personal contact with us, so that we can discuss your requirements and offer you a definitive quotation.
To view our Re-mortgage Transactions fees table please rotate your mobile device to landscape mode or use a wider screen.
| Usual additional expenses | ||||||||
|---|---|---|---|---|---|---|---|---|
| Re-mortgage value – £ | Our Legal fees | Local Search | Drainage Search | Land Registry fee | Land Registry Search fee | Bankruptcy Search fee – per person | Official Copy of Register of Title | |
| 0 – 100,000 | 325 (Freehold) 400 (Leasehold) | See below | See below | 20 | 3 | 2 | 6 (Freehold) 12 (Leasehold) |
|
| 100,001 – 200,000 | 325 (Freehold) 400 (Leasehold) | See below | See below | 30 | 3 | 2 | 6 (Freehold) 12 (Leasehold) |
|
| 200,001 – 500,000 | 325 (Freehold) 400 (Leasehold) | See below | See below | 45 | 3 | 2 | 6 (Freehold) 12 (Leasehold) |
|
| 500,001 – 1,000,000 | Please contact us for a bespoke quotation | See below | See below | 65 | 3 | 2 | 6 (Freehold) 12 (Leasehold) |
|
Additional expenses (Disbursements)
We handle the payment of any additional expenses on your behalf to ensure a smoother process. The following list is an example of additional expenses which we may need to pay to third parties when assisting you with the purchase of a property:-
- Official Copy Title Documentation. If HM Land Registry stores title documents, such as a Lease, Conveyance or Transfer Deed, we are required to obtain them. HM Land Registry charge £3 for each additional document;
- Searches – when re-mortgaging a property, a Local and a Drainage Search must be obtained. The cost of searches vary between each Local and Drainage Authority. As an example, Wirral Borough Council currently charge £104.20 and Liverpool City Council charges £87. United Utilities charge £54.59 for a Drainage Search and a Welsh Waters search costs £9.60. There are also a wide variety of additional searches which may be required for your mortgage lender’s benefit which would only come to light during our investigations. We will always advise you at the earliest opportunity if any additional searches are required and we will not incur any cost without your authority to do so;
- A bank transfer charge of £12 plus VAT will be required in respect of each bank transfer. If you have a mortgage to repay, one bank transfer charge will be raised and if the proceeds of your re-mortgage are to be returned to you electronically, a second charge will be necessary;
- If you are re-mortgaging a leasehold property, we are, ordinarily, required to deal with a number of procedural requirements which include sending details of your new mortgage to the Landlord on completion. The Landlord will usually charge a fee for this services and we can only ascertain the required level of fee once we have received the Lease and details of the Landlord’s requirements. In our experience, the range of fees for the above mentioned services can be between £50 plus VAT and £250 plus VAT.
Factors which may lead to an increased charge
The following list provides some examples of the type of issues which may increase our standard fees:-
- You are transferring ownership of the property either by adding or removing someone’s name to or from the title. In such circumstances, we would anticipate an additional charge of £75 – £100 plus VAT;
- More than one financial charge or mortgage is to redeemed on completion;
How long will my re-mortgage take?
How long it will take to complete your re-mortgage will depend on a number of factors. As an estimate, we would expect that most re-mortgage transactions would complete within approximately 3 – 4 weeks’ time.
The process can be quicker or slower, depending on how quickly your mortgage lender issues its mortgage instructions, any issues which may be revealed in the searches we are required to undertake and the approach, and efficiency, of any external third parties who may need to be contacted for information. Examples of issues which may add additional time are: If the property is leasehold and we need to request additional information from your Landlord; and should substantial legal issues arise such as a defective title or breaches of planning permission or building regulations.
Key stages of the process
The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, the steps below are a suggestion of some of the key stages:-
- We take instructions to act and send our Client Care paperwork to you including a re-mortgage questionnaire for you to complete;
- Once you have dealt with the initial Client Care requirements, we will order any relevant searches;
- Obtain any relevant planning permissions or building regulations documents;
- Raise any enquiries of you which may be necessary;
- Go through the conditions of your mortgage offer and ask you sign the mortgage documentation;
- Agree a completion date;
- Arrange the release of your mortgage advance and account to you for the net proceeds;
- Register the mortgage at HM Land Registry.