Mortgages and Re-Mortgages
If you are mortgaging your property for the first time or re-mortgaging your property in order to raise monies then we can deal with the legal work for you.
What Services Are Included In A Fixed Fee And What Are The Key Stages Of The Mortgage/Re-Mortgage Process?
The precise stages involved in the re-mortgage of a residential freehold property vary according to the circumstances, but these are the key stages:
- Take your instructions and give you initial advice
- Investigate the title to the property including (if required by the lender) carrying out searches in respect of Drainage & Water, Local Authority and Environmental, if these are required by the lender
- Check your completed re-mortgage questionnaire and obtaining any necessary documents from you
- Prepare a written report on your mortgage offer
- Redeem any current charges on your property
- Register your new mortgage at the Land Registry
How Long Will My Re-Mortgage Take?
It will depend on a number of factors. However, during ‘normal’ time, the average process took between 2-6 weeks. However, due to Covid, the process is taking longer across the whole industry and the average period is currently 4-6 weeks.
As an example, our estimated fees, disbursements and additional cost for:
The re-mortgage of a freehold residential property by a couple for £200,000 with repayment of current mortgage that does not have any unexpected complications would be:
|Ex Vat||Inc Vat|
|Electronic Money Transfer Admin Fee||£17.33||£20.80|
|HM Land Registry Fee||£30.00||£36.00|
|Average search fees (each Local Authority charges a differing amount)*|
|Official copies of the register and title plan||£6.00||£7.20|
|ID check (£13.45 per person plus VAT) and source of funds fee (£8.96 per transaction plus VAT)||£35.86||£43.03|
|Bankruptcy searches (£2.00 per person plus VAT)||£4.00||£4.80|
|Electronic money transfer bank fee||£16.00||£19.20|
* Some lenders do not require searches but may requires us to obtain an indemnity policy. The exact price will depend on the property value.
Who Will Handle My Matter?
An experienced member of our property team will handle your matter. You will be formally introduced to your conveyancer by letter, but links to full details of our team’s background and qualifications are below.