Mortgage and Re-Mortgage Costs Pricing

Pricing for a Residential Re-mortgage of Property in England and Wales

We can act for you and for your Lender where you want to Mortgage or Re-Mortgage your property.

Our legal experts are on hand to represent you at all stages during your Re-Mortgage or Mortgage of your property.

Meet Our Property Team

Jagruti Raval  who is Senior Solicitor and Head of Property.

Jeremy Tulloch who is a CILEX Lawyer.

Daniel Haygarth who is a Paralegal working in our Property Department and is supervised by the Head of Department Jagruti Raval.

What work we will do?

Our charges for a Re-Mortgage include charges for our legal representation, and other charges (disbursements) that are mandatory and that we will need to pay on your behalf during the process and will include:

  •  Investigating the title to the property;
  •  Advising you in respect of your mortgage offer;
  •  Arranging for you to sign the mortgage deed;
  •  Procuring any searches required by your Lender and obtaining Indemnity Insurance;
  •  Obtaining a redemption statement from your current lender and Preparing our Account and Financial Statement;
  •  Making completion arrangements;
  •  Registering the mortgage at the Land Registry.

In acting for you we are required by our regulator to undertake Client Due Diligence (CDD) which is made up of KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.

What will it Cost?

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in formal quotation or as we advise you to incur them.

Re-mortgage – our charges and disbursements

Type of Fee  Cost  Vat at 20 %  Total 
Legal Fees* £675.00 £135.00 £810.00
CHAPS Transfer £25.00 £5.00 £30.00
Electronic Registration with HM Land Registry £60.00 £12.00 £72.00
Client Onboarding  Fee (Per Person) £45.00 £9.00 £54.00
Disbursements

Local search/indemnity insurance ***

 

See below***

Office Copy Entries** £14.00 £2.80 £16.80
Pre-Completion title check (Per Title) £7.00 £1.40 £8.40
Bankruptcy Search (Per Person) £6.00 £1.20 £7.20
HM Land Registry Fee See table below

*If a transfer of equity is proposed jointly with a re-mortgage then please discuss with us as further fees will be payable dependent on the nature of the transaction.

**Can be higher if more documents required to be ordered from Land Registry at the cost of £7 + VAT @ 20% per document (£8.40 inclusive of Vat) .

*** price dependent on what is required by your Lender.

These are costs that relate to your matter and are payable to third parties.  We handle the payment of the disbursement on your behalf to ensure a smoother process.

Additional Fees

The following list is a list of additional fees that may apply to your transaction where it is necessary to undertake additional work outside the scope of the Fixed Fee provided.

Type of Cost  Cost  Vat at 20% Total 
Leasehold £150.00 £30.00 £180.00
Share of freehold £175.00 £35.00 £210.00
Discharge of Equity Loan £150.00 £30.00 £180.00
Buy to Let already occupied £150.00 £30.00 £180.00

 

Lease Extension £900.00 £180.00 £1,080.00
Obtaining Indemnity Insurance £60.00 £12.00 £72.00
Dealing with Receipt of funds (5 or more transfers) £60.00 £12.00 £72.00
Any additional CHAP transfers of monies (bank transfer fee of £10 and an administration fee to set up the transfer) £25.00 £5.00 £30.00
For additional Verification of ID or AML Checks to include Admin Fee

(For International clients is £75.00 + VAT per person to include Admin Fee)

£45.00 £9.00 £54.00
Indemnity insurance (to include obtaining a quote, putting the policy in place). This fee is separate to the Premium paid for the Indemnity Policy £60.00 £12.00 £72.00
Dealing with the receipt of funds that are sent in 5 or more transfers £60.00 £12.00 £72.00

An example of our charges are set out below:

Below is an illustration of fixed fee charges on a Re-Mortgage where the property is re-mortgaging for less than 1 million. * based on a sole client.

Legal Fees £675
Legal Fees + VAT @ 20% £135
Supplement
Office Copy Entries (title) £7
Bank Transfer Fee (per transfer) £25
ID Administration Fee (per person) £45
HMLR Registration Fee £60
Bankruptcy Search Fee £6
Land Registry Search Fee (per title) £7
VAT @ 20% £30
Disbursements
No Search Indemnity Policy £28
Land Registry Fee £65
Final Estimated Price: £1,083 inclusive of VAT @ 20%

*This includes the bank transfer fee of £10.00 and the administration fee for dealing with the transfer.

The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees .

The final quote will depend on the value and location of the property and the complexity of the transaction. We would warn you that there are some charges made by others which we will not be able to ascertain until we are instructed and make the necessary enquiries.

If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.

The above illustration assumes that:

  • This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.
  • The transaction is concluded in a timely manner and no unforeseen complications arise.
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.
  • No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

How long does it take?

On average Mortgage or  Re-Mortgage will take between 6 – 8 weeks.

What are the main stages involved of a Re-Mortgage ? 

There are a number of stages in dealing with your re-mortgage. Our experts can represent you during each stage, as follows.

We will investigate the title to the property and advise you in respect of your mortgage offer. We will arrange for you to sign the mortgage deed and arrange any searches required by your Lender and obtaining Indemnity Insurance.

We will agree a completion date with you. We will obtain  a redemption statement from your current lender and provide you with our Account and Financial Statement.

After completion we will register the mortgage at the Land Registry.

For more information about our pricing please contact us on 020 8866 1820 or email our specialist Property team on property@collinshoy.com and we would be happy to assist.