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Re-mortgage

A re-mortgage is when you currently own a property and you are taking out a new mortgage with a new lender usually because your fixed term is coming to an end or you are revising the Terms and Conditions of your Mortgage Offer and also it can be instances in which you are obtaining further borrowing with your new lender. 

On all residential matters whether it be a purchase, sale or re-mortgage we quote our fees from the very start of the transaction and extract as much information as possible from our clients to ensure that the quote we give is as accurate as possible.  The quote includes the legal fees and any disbursements which may be applicable. Our fees are fixed and transparent from the start of the transaction. 

Sometimes, the fees can vary however this will be dependent on once we receive the Mortgage Offer as if any further work is required we will seek your agreement to this before we commence any further work and this must be agreed by you. 

RE-MORTGAGE FEES

In most transactions our legal fees for dealing with the re-mortgage is dependent upon the type of lender which you are using and the value of the property as well as the re-mortgage amount which you securing against the property however we can confirm that they range between £395 to £695 plus VAT (charged at 20%). 

The legal fees that are quoted at the start of any transaction include dealing with the re-mortgage, redeeming the old charge and securing the new mortgage against the property as well as dealing with any of the mortgage lender’s special conditions. 

On re-mortgage transactions we would be acting for our mutual clients as well as our mortgage lender and therefore we must ensure that we are able to satisfy any conditions that the mortgage lender has implemented in their Mortgage Offer.  The conditions are reviewed once we are in receipt of the Mortgage Offer which we will report to you in writing. 

The average timescales for re-mortgages are between 4-6 weeks providing the title to the property is not complicated, the property is registered with the land registry and the mortgage lender does not have onerous conditions on the mortgage offer.

The following disbursements apply in re-mortgage transactions:-

  • A Telegraphic Transfer Fee of £25 plus VAT (charged at 20%) and this will be for every Telegraphic Transfer that is required which is usually two in a re-mortgage transactions, one to pay off the existing mortgage and the second one to remit any surplus funds to you.  
  • Search Indemnity which can vary from as little as £15 to as much as £100 including the VAT however once we have the Mortgage Offer this cost will be provided to you.  
  • Official Copies which may be required from the Land Registry which we quote at £6 to £12 including VAT.
  • Land Registration fee which on re-mortgages is usually a Scale 2 fee and the Land Registry charges different fees depending on the value of the property.  For properties from £0.00 to £100,000 the fee is £20, from £100,000 – £200,000 the fee is £30.00 and from £200,000 to £500,000 the fee is £45, land registry fees include VAT.

Subject to the complexity of the case, your instruction, and the mortgage lender’s requirements your matter will be dealt with either by a partner solicitor (8+ years experience/qualification) with the assistance of a qualified solicitor (2 years qualification/experience) or a qualified solicitor assisted by trainee solicitor/paralegal.