Thank you for looking at our property services. Making the decision to re-mortgage your home can be just as life changing as buying your first property.
A remortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser who can go through the options with you and make sure you get the right deal for what you want to achieve.
There are many reasons you may wish to remortgage such as:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- To raise money to carry out home improvements
- To raise a cash lump sum by releasing equity from your home
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
We have an experienced team who understand the stress involved in re-mortgaging your property, who know how the banks, building societies and mortgage lenders work. Our approach is a simple, we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with matters on your behalf.
Good communication is key to making the remortgaging process as simple and stress-free as possible for you. Our team of highly qualified solicitors have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, while making sure everything you need to know is explained as clearly as possible.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We not only want to provide that first-class service, but value for money and no hidden fees.
We are proud to hold Lexcel and Conveyancing Quality Scheme (CQS) Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
We work on a fixed fee basis, so you will know exactly how much your re-mortgage is going to cost from the outset.
If during the transaction there are any new development which could lead to an additional cost, we will discuss the change in fees with you at the earliest opportunity and agree a way forward.
Our fees cover all the work required to complete the mortgage or remortgage of your home, including dealing with registration at the Land Registry.
Our fees are:-
|Fee (exc VAT)|
- Acting for you in the re-mortgage
- Acting for your mortgage lender in the remortgage
- Electronic money transfer fee £30.00
- VAT is payable at the current rate of 20% on our legal fees and the money transfer fee
We do not pay referral fees to third parties (e.g. estate agents or mortgage brokers).
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. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply.
- HM Land Registry fee: A fee is payable to the Land Registry depending on the value of the property as follows:-
|Up to £100,000.00||£20.00|
|£100,001.00 – £200,000.00||£30.00|
|£200,001.00 – £500,000.00||£40.00|
|£500,001.00 – £1,000,000.00||£60.00|
|£1,000,001.00 and over||£125.00|
- Search Fees: From £250.00-£300.00 on average depending on the location of the property.
- VAT is payable at the current rate of 20% on the search fees paid.
If your property is a leasehold flat the following further disbursements may apply:
|Notice of Charge Fee – this fee is chargeable if set out in the lease||£30.00-£100.00|
|Certificate of Compliance Fee – to be confirmed upon receipt of the lease||£50.00-£100.00|
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Our Residential Property Team does not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser.
We do not carry out valuations on your home, this will be conducted by your new lender.
Our fee assumes that:
- this 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 title to the property is unregistered or the preparation of additional documents ancillary to the main transaction
- 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
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
- Planning permission and/or building regulations consent has not been obtained for works undertaken to the property.
A typical remortgage takes between 4 and 6 weeks from you mortgage offer being approved, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Checking Official Copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance