Fees & Disbursements
1. What Our Fee Includes
Our fees cover all of the work required to undertake the re-mortgage your home, including dealing with your current bank, your new mortgage provider, discharge and registration at the Land Registry and finally dealing with any possible Stamp Duty Land Tax (Stamp Duty) implications (see Note 4 below)
2. Legal Costs
The following table provides an indicative guide of legal costs (i.e. our fees and disbursements) in a typical re-mortgage transaction:
We can of course more accurately calculate the total cost for your particular transaction and we should be pleased to provide you with a written quotation upon request.
|Our Basic Fee
|Fee for Acting for the Lender
|Discharge of Existing Mortgage Fee
|Bank Transfer Fee
(Costs relating to your matter that are payable to third parties.)
|Obtaining Land Registry Official Copies of the Register of Title and Plan
|Land Registry Fee
(no VAT) Depending on the value of your new mortgage
|No Search Indemnity Premium or Local Authority Search
|Online ID Verification Fee Per Person
|Land Registry Searches
|£695||£195||£150||£35||£12 approx||£40 – £135 approx||£30 – £80 approx||£4||£7 approx||£1077|
If you are buying a leasehold property addition disbursements are also usually incurred (please see Note 3 below).
3. Leasehold Disbursements
Leasehold disbursements will vary from property to property as they are set by the freeholding owners and management companies involved.
In general, you can expect to incur the following leasehold disbursement in a leasehold re-mortgage transaction:
Notice of Mortgage In the region of £75 + VAT
4. Stamp Duty
In a typical re-mortgage transaction no Stamp Duty is payable to HMRC.
If however you wish to transfer the legal title of your home, perhaps from your sole name into joint names, as part of the re-mortgage transaction then there may Stamp Duty implications. This type of work is known as a Transfer of Equity.
We can also assist you with a Transfer of Equity should you so desire. We would need to speak with you to obtain details of the Transfer to then calculate the total cost for your particular transaction
5. General Guidance Notes
- How long will my transaction take?
On average the process takes approximately 4 weeks.
- Stages of the Transaction Process
The stages involved in a typical re-mortgage transaction include:
- Taking of your instructions and giving you initial advice.
- Obtaining up to date mortgage redemption statement.
- Considering and advising on the conditions of your mortgage offer.
- Arranging your No Search Indemnity Policy.
- Obtaining planning and building regulations documentation if required by your new mortgage provider.
- Providing you with the Mortgage Deed for signature and agreeing dates for completion of the re-mortgage.
- Providing you with a financial completion statement for the transaction and arranging for your new mortgage advance from the lender.
- Completing the transaction by redeeming your existing mortgage and accounting to you for any surplus if applicable
- Dealing with application for registration of the Mortgage Deed at the Land Registry on behalf of your lender and providing you with the updated registered entries once received from the Land Registry (typically 4-6 weeks after the completion date).