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)
The following table provides an indicative guide of legal costs (i.e. our fees, recharges and disbursement) 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 (plus VAT) | Fee for Acting for the Lender (plus VAT) | Discharge of Existing Mortgage Fee (plus VAT) | Administration of Bank Transfer (plus VAT) | Disbursements (costs payable to third parties on our clients behalf) | Recharges (costs incurred when providing services to our clients) | ||
| Land Registration Fee (no VAT) Depending on the value of your new mortgage | No Search Indemnity Premium (no VAT) | Land Registry Official Office Copies of the Reister of Title and Plan (plus VAT) | Land Registry Searches (plus VAT) | ||||
| £695 | £195 | £150 | £35 | £20 – £500 approx. | £100 approx. | £25.5 approx. | £23.50 approx. |
If you are buying a leasehold property addition disbursements are also usually incurred (please see Note 3 below).
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
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
On average the process takes approximately 4 weeks.
The stages involved in a typical re-mortgage transaction include:
Call us on 01279 444456 or for urgent criminal matters when the office is closed please call 07710509991. Alternatively, please use this contact form and one of our team will get back to you as soon as possible.