Making the decision to remortgage your home is just as important as buying your first property.
A remortgage is when you either renegotiate a new loan 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 (Equity Release)
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
We are proud to hold both Lexcel and Conveyancing Quality Scheme accreditations, issued by the Law Society. This involves the firm maintaining high levels of professional practice and client care.
Cost
We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction there is a new unexpected development which requires additional work by us we will discuss any change in fees with you and agree a way forward. This work is carried out in the office by a qualified conveyancer, Licensed Conveyancer or Solicitor) of many years experience,
Our legal fees:
Our legal fees cover all the work involved in completing your proposed remortgage. We also attend to any post completion requirements under the lease (if applicable), the submission of your Stamp Duty Land Tax return (in England) (if applicable), and the registration of the new mortgage at the Land Registry (if applicable).
Legal fees | £795.00 - £950.00.00 plus VAT (£159.00 - £190.00) |
Electronic transfer of funds fee File retention/storage fee | £40.00 plus VAT (£8.00) per transaction £25.00 plus VAT (£5.00) |
We do not enter into any “referral fee” payment arrangements with estate agents, brokers or anyone else.
Disbursements
Disbursements are costs related to your matter that are payable to third parties. These disbursements are payable by you in addition to the above fees.
These disbursement costs are subject to change by the third parties, and may vary if further information is required specifically in relation to your matter.
The following are the typical disbursements involved.
Local Authority search (NHDC) | LLC1 part - £20.00 CON29 part - £60.00 plus VAT (£12.00) |
Drainage and Water enquiries (Anglian Water region) | £42.50 plus VAT (£8.50) |
Environmental report | £51.00 plus VAT (£10.20) |
Land Registry search | £3.00 |
Bankruptcy search (if applicable) | £2.00 (per name) |
Stamp Duty Land Tax | This will depend on a number of factors and information would be required from you. This will be discussed further with you. |
Land Registry registration fee | This will depend on a number of factors and information would be required from you. This will be discussed further with you. |
Depending on the location of the property it may also be necessary for additional disbursements to be incurred. For example, if the property is situated in a historic mining region then a mining report would be necessary.
Exclusions
We do not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser. Further, we do not carry out property valuations.
Our legal fees are fixed at the time of estimate, however there may be factors which would typically increase our fees. Where there is likely to be any additional legal fees, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra fees will be provided.
Factors that may lead to an increase in legal fees include:
- If a legal title is defective or part of the property is unregistered
- If building regulations or planning permission have not been obtained for works at the property
- If crucial documents have not been provided to us
- If your lender has any particular conditions of the mortgage offer which require additional legal work by us and/or require additional disbursements
Time Scales
A typical remortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as a mortgage offer having to be amended or reissued. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Key Milestones
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
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Searches
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance
- Completion of the new mortgage
- Registration of the new mortgage at the Land Registry
