RE-MORTGAGING

Let us guide you through re-mortgaging your home

Re-mortgaging a property can seem like a minefield, but our team will guide you through the legal side of things smoothly.

How long will my Re-mortgage take?

How long it will take from receiving your mortgage offer to completion will depend on a number of factors. The average process takes between 4-8 weeks.

Stages of the Process

The precise stages involved in the Re-mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages that may  include:

  • Take your instructions and give you initial advice
  • We will obtain your mortgage offer and prepare a full report on its contents
  • Obtain Mortgage Redemption Figure (if applicable)
  • Carry out any searches required by your Lender
  • Send mortgage Deed to you for signature
  • Liaise with the Freeholder and Management Company to obtain any necessary consents (Leasehold only)
  • Agree completion date
  • Arrange for all monies needed to be received from lender
  • Complete re-mortgage
  • Deal with application for registration at Land Registry

 

Loan Value Our Fees VAT 20% Total
£0 – £350,000 £1,195.00 £239.00 £1,434.00
£350,001 – £500,000 £1,350.00 £270.00 £1,620.00
£500,001 – £750,000 £1,500.00 £300.00 £1,800.00
£750,001 price will be assessed on case basis

  • Leasehold Supplement fee: £300 (plus VAT)
  • Electronic money transfer fee:£60 (plus VAT)
  • International Money Transfer fee: £130 (plus 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.

Those involved in your re-mortgage include the following:

  • Search fees: These fees can vary depending on the area the property is located bu are often around £350. These fees will be subject to VAT.
  • Land Registry Application Fees: These are fixed depending on the value of the Property and whether the property is registered or unregistered (these fees are not subject to VAT). There will also be fees for Bankruptcy (£6.50 plus VAT per individual) and Official Priority Searches (£7.33 plus VAT per search)

Please see the HM Land Registry website for full costs information.

Some leasehold properties bring their own additional costs along with them which cannot be avoided. It will not matter who you employ as your lawyers, these fees are charged by others for information or permissions you may need to buy.

  • Notice of Charge fee – This fee is set out in the lease. Often the fee is between £50 and £200.
  • Certificate of Compliance fee – To be confirmed upon receipt of the lease and can range between £100 – £300.
  • Management/Leasehold Pack – This fee is provided by the Management Company or Freeholder and can be difficult to estimate. It can range between £50 and £500.

These fees will 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 the specific documents.

Our fees assume that:

  1. 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 preparation of additional documents ancillary to the main transaction
  2. this is the re-mortgage of an existing lease and is no lease extension is required
  3. the transaction is concluded in a timely manner and no unforeseen complication arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Our Team

Our conveyancing department consists of a Licensed Conveyancer, Solicitor, a conveyancing practitioner and two assistants. The team is supervised by Natalie Goulding, one of our Directors.

For more information and a quote, contact us on 01524 402050 or alternatively, fill in our enquiry form below.

Click here for more information on our fees.

Enquiry Form

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    When selecting Wright & Lord to provide conveyancing c15 years ago, we were delighted to find that, despite being based 300 miles away from us, they provide a very efficient and personable service for very reasonable fees. Over the years they have handled many property transactions (residential & commercial), with the usual professionalism, to a point where we also used them for wills and other legal or financial services. We have never felt like a “numbered client” as the team are happy for us to know many of them by first names, without straying from their professional duty of care. We are now comfortably retired, having disposed of our property portfolio and would have no hesitation in recommending Wright & Lord as a legal services provider of exceptionally high standards.

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