Remortgage Pricing

We appreciate that the fees involved in any transaction are important and we review our fees regularly to make sure we always offer excellent value for money.  No property or transaction is exactly the same and because of this we will always give you an individual costs estimate at the start of the transaction taking into account the actual circumstances of the matter. 

Our fees (including VAT at 20%) ) for remortgaging  a residential property range from £700 for the most straightforward transaction involving a property with a low value and a modest mortgage amount, to over £1,500 for a more complex remortgage of a property with a high value.

By way of example, our fees for the remortgage of a freehold property without unforeseen complications to secure a typical new mortgage of £150,000.00 will be as follows:-

Our fees cover all the work required to complete the remortgage of your property , including discharging your previous mortgage and dealing with registration of the new mortgage at the Land Registry.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Disbursements are dependent upon the circumstances of the transaction.  Typical disbursements which would apply to the remortgage of a freehold residential property to secure an advance of £150,000 would be as follows:-

Many lenders will accept no search indemnity insurance instead of obtaining fresh search results which may mean a saving of cost.  The premium for the insurance depends on the value of the property and the typically range is from £60 to £200.

The total cost, including legal fees and disbursements (assuming searches are required) for the remortgage of a freehold property to secure an advance of £150,000 will be £1,308.80.

Our fees are generally fixed and assume a straightforward transaction with no unforeseen difficulties.  However there may be factors which could increase the cost of the fees estimated. If there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

• If the property is leasehold
• If a legal title is defective or part of the property is unregistered
• If we discover building regulations or planning permission has not been obtained
• If crucial documents, we have previously requested from you have not been provided to us
• If your mortgage lender instructs its own solicitor
• If there is more than one mortgage to redeem

A typical transaction will take between 6-8 weeks. However, if there are complications which need to be taken into consideration, it may increase the time. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

With every transaction there are key milestones, which may vary according to individual circumstances. The most usual stages of the process are:

• Taking your instructions and giving initial advice based on the information you have provided
• Carrying out the usual anti-money laundering and client identification checks
• Obtaining a copy of the title to the property
• Undertaking searches
• Checking the mortgage offer
• Preparing for completion
• Requesting the mortgage advance
• Arranging for you to sign the mortgage deed and any associated documents
• Undertaking final searches at the Land Registry
• Obtaining redemption statements from any current lender(s)
• Completing the remortgage
• Redeeming any current mortgage
• Completing and submitting an application for registration at the Land Registry