Our Fees: Residential Property Remortgage

Our fees cover all of the work required to complete the remortgage of your property, including redemption of any existing mortgage and registration of your new mortgage at the Land Registry.

Our Fees

The table below sets out an estimate of our fees based on the average UK house price (£291,385).

Service	Fee Estimate	VAT
Legal Fees	£500.00	£100.00
Bank Fee	£7.50	£1.50
Transfer Arrangement Fee (per transfer)	£35.00	£7.00
Thirdfort ID Search (per client)	£16.95	£3.39
ULS Fee (if required)	£12.00	£2.40
Chancel Indemnity Insurance Policy	£13.22	–
Searches	£200.00 (approximately)	–
Land Registry Search Fee	£3.00	£0.60
Bankruptcy Search Fee (per client)	£2.00	£0.40
Office Copies (per document)	£3.00	£0.60
Land Registry Fee	£20.00	–

fee quote

You can also use our fee quote tool by clicking here to obtain an estimated total cost of the transaction. VAT will be charged on our fees at the prevailing rate, currently 20%.

Discounts

We are pleased to offer discounted rates for members of the emergency services (Blue Light Legal) and to members of the Bakers Food and Allied Workers Union and Community Union.

Disbursements

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. Details of anticipated disbursements are set out in the table above. Whilst we have tried to include as many fees and disbursements as possible, contact us with the details of your transaction so we may provide a bespoke quote specific for your circumstances.

Searches/Search Insurance

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, this costs 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.

We can advise you of the suitability of Search Insurance and cost specific to your Property as your matter progresses. The cost is generally in the region of £15.00 to £112.00.

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.

Leasehold Properties

If your Property is leasehold, its Lease will set out whether any additional charges apply on remortgage. These additional charges are due to the Landlord and/or Management Company. 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.

Our Team

Name	Title	Qualifications	Experience
Clare Touhig-Gamble	Head of Property (Supervisor)	Chartered Legal Executive (admitted 2012)	Clare has worked exclusively within the field of conveyancing and deals with all aspects of residential conveyancing including sales, purchases, transfers of equity and remortgages of both freehold and leasehold properties, including New Build and Shared Ownership properties.
Mark Phillips	Chartered Legal Executive	Chartered Legal Executive (admitted 2022)	Mark has worked exclusively in conveyancing & residential property for the last four years. He specialises in sales, purchases, transfers of equity and remortgages of freehold and leasehold properties.
Aisha Salman	Chartered Legal Executive	Chartered Legal Executive	Aisha deals with residential property conveyancing transactions on a daily basis including sales, purchases, transfers of equity and remortgages of both freehold and leasehold properties.
Sadia Mir	Trainee Solicitor	Trainee Solicitor	Sadia assists on all matter types and is supervised by Clare Touhig-Gamble.

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