We typically charge between £550 and £1000 for a remortgage with a mainstream lender. We will charge an additional fee of £40 plus VAT for redeeming the existing mortgage. The Land Registry fee will be based on the value of the loan – see Land Registry website
Where VAT is chargeable on our fees and certain disbursements and other expenses this will be charged at the prevailing rate which is currently 20%.
Disbursements
Dependent upon the requirements of the lender you should budget for Searches which vary depending upon where the property is situated. In a standard remortgage you should budget between £250 and £450 including VAT.
For a leasehold remortgage you should also budget for obtaining a management pack and the Notice of Mortgage fee as on a purchase.
Typical Time Scales
A typical mortgage or remortgage takes between 6-8 weeks, 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.
Stages of the process
- Take your instructions and give you initial advice
- Requesting the Title Deeds and redemption statement for existing mortgage
- Obtaining Official Copies of the Title
- Checking the Title and Official copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Carry out any searches
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting mortgage advance
- Completion
- Registration
For details of the lawyers undertaking this work please follow the link to our people on our website