Remortgaging

Our fees cover all of the work required to complete the remortgage of your home.

Our fees and disbursements:

Legal fee:

Our fees will depend on the value of the property you are remortgaging and will range from £1,000.00 to £2,000.00 plus VAT*

Disbursements:

  • Search fees – £500.00 plus VAT (approximately). Please be advised however that some lenders will accept no search indemnity insurance which is considerably cheaper and quicker to obtain. Once we have instructions from you to act in the remortgage, we will check whether it is possible to obtain search indemnity insurance.
  • Land Registry search fees – £20.00 (approximately).
  • Landlord/Managing Agents fees for replies to enquiries (leasehold only) – £200 – £500 plus VAT (approximately).
  • Land Registry registration fee – This mandatory cost is set by the Land Registry and depends on the value of the mortgage. The fee will range from £20.00 to £250.00.
  • Electronic money transfer fee – £25.00 plus VAT per payment.
  • Money laundering searches – £6.50 plus VAT per person or £10.00 plus VAT per company.

Disbursements are costs related to your matter 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.

If the property you are remortgaging is leasehold, you are likely to need to serve notice of mortgage on your Landlord. We will update you on the specific fees upon receipt and review of the lease.

How long will my remortgage take?

We will be in contact with you providing regular updates on the process of your remortgage. The likely length of the transaction will depend on the requirements of your mortgage lender.

Stages of the process

The precise stages involved in a remortgage vary according to the circumstances however the key stages are as follows:

  • Take your instructions and give you initial advice
  • Obtain title deeds and a redemption statement from your current lender (if applicable)
  • Carry out title checks and searches
  • In the case of leasehold properties, carry out a check of the lease and make enquiries to the Landlord regarding the status of service charge and rent payments
  • Review and advise you on the terms of the mortgage offer
  • Meet with you to review sign the mortgage deed
  • Obtain pre-completion searches
  • Agree a completion date
  • Obtain a final redemption statement from your current lender (if applicable)
  • Obtain the mortgage advance and complete on the remortgage
  • Deal with the redemption of the old mortgage (if applicable)
  • Deal with the application for registration at the Land Registry
  • Deal with the covenants in the Lease in relation to your remortgage (leasehold only)

 

Once we know the value of your property and the amount of the mortgage, we would be happy to provide you with a bespoke quote, talk you through the process and answer any questions that you might have. Most of this can be done over the telephone and by email, however, if you would like to meet your solicitor, a face-to-face appointment can be arranged at our office.

In order to satisfy mandatory money laundering checks, you will need to attend our office so we can certify your documents.

 

*Our fee assumes that:

Your remortgage is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title or the lease which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.

The maximum fee shown is for a remortgage of a property valued up to £1,000,000.00. Please contact us for a quote if the value of your property exceeds £1,000,000.00.

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* Michael Swaden is the SFE accredited member at Manuel Swaden