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Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements include the following (including VAT):
Anti-Money Laundering ID Search Fee (each): £7.20
Searches (if required by your new Lender) (approx): £250.00 – £300.00 – See below
Search Insurance (in place of searches if possible): £15.00 – £112.00 – See below
Office Copy entries (per title): £6.00
Chancel Indemnity Insurance Policy: £12.22
Bankruptcy Search (per name): £2.00
Land Registry Search Fee (per title): £3.00
Bank Fee (per transfer): £9.00
Land Registry Registration Fee – dependent upon Value/Price of Property – See below
Lawyer Checker (if simultaneous Transfer): £12.00
Leasehold Disbursements (approx.) – see below
Notice of Mortgage / Transfer Fee: £100 – £200
Certificate of Compliance Fee: £100 – £200
Some mortgage Lender’s require full searches (local, drainage and environmental) to be conducted as part of the checks to ensure the Property forms suitable security for their loan to you. If so, the cost as stated above is likely to be incurred however, this can vary to a lesser and greater extent depending on the locality of the Property. We can advise you more specifically upon becoming aware of the property address.
In some instances, mortgage lenders accept Search Insurance in place of full searches.
Search Insurance covers insured parties against specified loss arising from matters which arise after the Policy is put on cover but would have been known about had full searches been undertaken. The cost of the search insurance depends on the value of the Property on a sliding scale.
The cost range stated above deals with properties up to £1,000.000.00. We can advise you of the suitability of Search Insurance and cost specific to your Property as your matter progresses.
Land Registry Registration Fee
After completion of your remortgage, we shall register the new mortgage (and any Transfer, if applicable) at Land Registry. The fee payable to Land Registry is applied on a sliding scale depending on many factors such as, albeit not exclusively, the amount of the loan being secured against the Property, whether there are any further advances and if the application supports another application.
Where the application is of a nature that can be submitted to Land Registry electronically, the fee will be reduced. The reduced fee is in the range of £20.00 – £125.00 and we shall advise you more specifically one we have details of your matter.
If your Property is leasehold, its Lease will set out whether any additional charges apply on remortgage. These additional charges usually due to the Landlord and/or Management Company are set out above. This is not an exhaustive list and other disbursements may apply depending on the terms of the Lease for your Property.
Whilst we have provided an estimate of the costs, please note that they vary depending on the property and can be significantly less or significantly more than our estimates above.
We shall provide you with clarity on these specific costs upon receipt and review of the Lease, once received from the Seller’s Solicitors.
How long will my remortgage take?
The length of time it will take from applying for your new mortgage to release of funds on completion will depend on a number of factors. The average process takes approximately 4-6 weeks.
It can be shorter or longer, depending on factors such as, but by no means exclusively, whether there is to be a simultaneous change of property ownership, the complexity of your mortgage lender’s requirements, searches, if the property is leasehold, any title defects. We shall endeavour to keep you apprised during the process.
Key stages of the process
Whilst the precise stages involved in a remortgage can vary accordingly to the circumstances of each transaction, the key stages of the process are as follows (please note the weekly timeline is a guide only):
Instructions (Weeks 1- 2)
We receive your instructions to act on your behalf;
Our Client Care Pack is sent out to you, explaining our Costs, Terms of Business, advising on joint ownership (if applicable), for you to consider, sign and return along with initial monies on account;
We obtain from you your proof of identity as part of our anti-money laundering checks;
We carry out conflict of interest checks against all parties to the transaction;
Investigation of Title & Mortgage (Weeks 3-4)
We obtain an up to date copy of the Title for the property, review the same and liaise with you regards any matters arising as revealed;
Where the property is leasehold, we obtain and review the Freehold and/or Management Company Transfer Pack and attend to any requirements;
We order searches (if required), review and report to you once results are received. Alternatively, we discuss with you suitability of Search Insurance;
Upon receipt of our copy of your Mortgage Offer from your Lender, we review the same, report to you, satisfy the Lender’s requirements and forward the Mortgage Deed to you for signature and return;
We obtain an initial redemption statement from your existing mortgage lender (if any);
Pre-Completion (Week 5)
Once Mortgage, Title and Searches/Insurance are satisfactory and if you are happy to proceed we agree a Completion Date;
If the property ownership is also changing, we forward to you the Transfer Deed for signature and return;
We request a final redemption statement from your existing mortgage lender (if any);
We provide you with our Completion Statement detailing the balance due back to you on Completion or due from you (if applicable);
We carry out our pre-completion searches, request mortgage funds and await from you your arranged Building Insurance Policy Schedule (unless Leasehold);
Completion – Post Completion (Week 6)
On Completion Day, the mortgage funds are received from your mortgage lender, we redeem your existing mortgage (if any) and transfer the net remortgage proceeds to you (if any) to effect completion. We notify you of the same;
After Completion, we submit the necessary documents to the Freeholder/Management Company (if leasehold);
We apply to register your ownership of the property at Land Registry;
We forward to you evidence of registration of the new mortgage once received from Land Registry.
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Watkins & Gunn is the trading name of Watkins & Gunn Ltd a company registered in England & Wales.
Company Registration No. - 13198809| VAT no - 134778838
Authorised & Regulated by the Solicitors Regulation Authority SRA No. 820245 www.sra.org.uk
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