Our fee covers all the work required to complete the mortgage or re-mortgage of your property, including advising you on any funding from your bank and dealing with registration at the Land Registry.

Conveyancer’s fees and disbursements:

We base our fees for mortgages or re-mortgages on the following scaled rates:
  • Minimum fee capped at £2,000
  • Up to £500,000 0.6% of the purchase price
  • Up to £1,000,000 0.4% of the purchase price
  • Up to £2,000,000 0.35% of the purchase price
  • Up to £3,000,000 0.3% of the purchase price
  • Up to £5,000,000 0.25% of the purchase price
  • In excess of £5,000,000 fee to be agreed

Our fees are exclusive of Value Added Tax (currently 20%) and disbursements.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
  • HM Land Registry fee: The cost will be between £20 to £910. These fees vary and are based on the mortgage. We can give you an accurate figure once we know the purchase price of the property.
  • Search fees: The cost will be between £350 to £700. These fees vary due to where the property is located and what the bank requires (for instance the local authority fees are different for each local authority and we may need to do a specific search for your property due to its location). We can give you an accurate figure once we have sight of your specific documents and know the location of your property.
  • VAT at 20% on search fees
  • Electronic money transfer fee: £30 plus VAT (£36 total) for each same day CHAPS and £3 plus VAT (£3.60 total) for a three day BACS
  • VAT at 20%

If you are mortgaging or re-mortgaging a leasehold property there are certain disbursements which will be set out in the individual lease relating to the Property. The additional leasehold disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

Anticipated Disbursements*

  • Management pack: This fee is provided by the landlord or management company for the property and can be difficult to estimate. Often it is between £250 and £500.
  • Notice of Charge fee: (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is between £50 and £150.
  • Certificate of Compliance fee: To be confirmed upon receipt of the lease, as can range between £50 – £150.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Stages of a Mortgage or Re-Mortgage

The precise stages involved in the mortgage or re-mortgage of a residential freehold and leasehold property vary according to the circumstances. Our scope of work and stages involved for the mortgage or re-mortgage of a freehold or leasehold property includes:
  • Taking your instructions and giving you initial advice
  • Checking finances are in place to fund purchase and contact lender’s solicitors if needed
  • Submitting searches in relation to the Property, reviewing the search results and raising additional enquiries where relevant
  • Obtaining further planning documentation if required
  • Preparing a report to the bank
  • Going through the conditions of any mortgage offer
  • Sending you the mortgage documents for signature
  • Obtaining pre-completion searches
  • Agreeing the completion date (the date from which the mortgage or re-mortgage)
  • Arranging for all monies needed to be received from lender and you
  • Completing the mortgage or re-mortgage
  • Dealing with the post completion formalities including:
  • submitting the Land Registry application in relation to the purchase of the property
  • Arranging to serve a notice of charge on the landlord or managing agent

How long Will My Mortgage or Re-mortgage take?

How long it will take from your mortgage offer being accepted until we complete the mortgage will depend on a number of factors. The average process takes between 4 – 8 weeks. It can be quicker or slower, depending on the banks requirements.

All our fee estimates make the following assumptions:

  • We act on the basis of our scope of work which will reflect the agreed heads of terms for the sale, and the transaction does not change materially from these heads;
  • We draft or comment on all documents which directly concern the transaction, but we would need to charge separately for any additional documents;
  • If a particular issue is identified during the transaction which requires more detailed input in order to be resolved satisfactorily, then this would be quoted for separately;
  • If the title to the property is particularly complex or if there are superior titles or other interests in the property which we were not anticipating to have to review then we would need to charge separately for those additional elements;
  • We will quote separately if you require any form of construction advice;
  • The transaction is concluded in a timely manner and no unforeseen complication 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;
  • That any relevant building regulation(s) or planning permission(s) have been obtained for any works at the property;
  • That when we request crucial documents from you, you have provided them to us; and
  • That specialist SDLT advice is not required.

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