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Re-mortgage of Residential Property

This assumes the property is already in mortgage. If not see our page Mortgage of Residential Property.

Our fees cover all of the work required to complete the mortgage of the property including obtaining approximate balance monies due to existing lender, submitting search requests subject to the lenders requirements. (it may be that search insurance can be used in lieu of full searches. If this is the case there is likely to be a significant saving in disbursements), reviewing any searches, reporting to you on the mortgage offer, reviewing the title for the lender, reporting to them, requesting funds, attending you or sending you papers for signing, completing the matter including repaying existing mortgage, reporting and accounting to you, dealing with registration at the Land Registry and reporting to you and the lender.

Legal Fees Assumptions

Our Legal Fees assume that:

  • Any specific transaction 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
  • If leasehold, this is the assignment of an existing lease and is not the grant of a new lease
  • The transaction is concluded in a timely manner and no unforeseen complication arise
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  • You take the advice of other professionals if this proves advisable or necessary

Conveyancer's Fees and Disbursements

The fees are likely to be in the range £400 to £475 plus VAT (£480 to £570 with VAT), this assumes a freehold property. If it is leasehold it is likely there will be further costs to the landlord and/or management company and our fees would also increase by £100 plus VAT (£120 with VAT).

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. These are likely to include

  • Search fees. These for the average property would be for a search of the local authority registers, the land charges registers of the local authority, a water and drainage search and an environmental search and would cost around £208 to £250 plus VAT (£250 to £300 with VAT). It may be that other searches are required as some are area dependent and there are some optional searches that you may wish to purchase
  • HM Land Registry fees:  see https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees. We use the portal where possible
  • Bank transfer administration fee to repay each existing mortgage and further should you require the net mortgage advance paid by CHAPS (BACS payments are free but take a few working days and so the repayment of the existing mortgage must be paid by CHAPS): £30 plus VAT £36 with VAT)
  • HM Land Registry and Land Charges Registry search fees: £7 plus VAT (£8.40 with VAT)

How Long will my Re-mortgage Take to Come Through?

How long it will take from you instructing us and having the funds depends on a number of factors, most of which will be outside our control. For example if the lender requires full searches, they can take several weeks. If not, the search insurance can usually be put on risk in a day. The offer can take some time to come through. On average however the process takes between four to six weeks.

If you have a leasehold property, the landlord and management company may have requirements that need to be complied with. These could have time and cost implications. For example notice of charge will need to be served and the landlord/management company fees can vary between a few pounds to in excess of £100 with may incur VAT and you may have to pay two fees

Stages of the Process

The stages involved in the re-mortgage of a residential property vary according to the lenders requirements. However, below is an example of what is typically involved:

  • Take your instructions and give you initial advice
  • Carry out ID and Anti-Money Laundering checks
  • Contact new lender's solicitors if they are separately represented. This would be rare as we are Conveyancing Quality Scheme accredited and so are on the panels of most lenders
  • Check title to the Property
  • Obtain approximate redemption figure for each exiting mortgage
  • Submit searches if required. If not, get indemnity insurance quotation
  • Check any search results
  • Send mortgage deed to you for signature or attending you to sign
  • Agree completion date
  • Request funds having complied with lenders requirements
  • Request final redemption figure
  • Complete mortgage
  • Repay existing mortgage(s)
  • Account to you
  • Register at land registry
  • Serve any required notices
  • Report to lender and you upon completion of registration

The Team

Find out more about the individuals who may be working on your case via the links below. Their profiles will include information as to their experience and qualifications.

Emma Alsop, conveyancer
Loretta Aston, partner, head of residential property
Anna Burgess, solicitor
Cassie Chidlow, solicitor
Kaye Davies, associate legal executive (FCILEx)
Kaylee Evans, legal assistant
James Jones, associate solicitor
Karen Ross, chartered legal executive
Debbie Stott, legal assistant
Tim Treherne, solicitor
Pam Turner, legal assistant
Nicola Bates, solicitor
David Foden, partner
Abigail Huband, residential conveyancer
Janette Johnston, senior conveyancing assistant
Nicola Simmons, conveyancing support
Shelley Wynn, conveyancing assistant
Carol Husbands, licensed conveyancer
Karen Bell, senior conveyancing assistant
Sarah Traylor, senior conveyancing assistant
Emma Jones, solicitor 

 

Testimonials

Kept me up to date in any process made.

- Mr P Haigh, Suffolk

Dealing with one person when possible. Clear, simple advice.

- Mrs S A Flynn, London

As a charity legacy officer I am used to reluctance from professional executors to communicate. I found him professional yet friendly and efficient at all times - very pleased.

- Cats Protection, Haywards Heath

Everything was first class

- Miss Evans, Oswestry

Ed provided utmost confidence throughout the process and I would have no hesitation in recommending him to other clients.

- Mr J Ostler, Hereford

Quotes

She replied to my emails and concerns almost immediately, including evenings and weekends!

- Mrs E Turner, Hereford

He was always calm, efficient, prompt and helpful.

- Rev M Thomas & Prof K Thomas, Oxfordshire

Great communication and persistence with difficult defendant.

- Mr J Partington, Whitchurch

They were very experienced and very professional, offering a top class service

- Mr V Jones, Pontesbury

Patient, knowledgeable and extremely professional

- Ms Groucott, Telford

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