Remortgage Illustration

Residential Conveyancing Costs Information:

We are here to help you with all types of residential property transactions: to include buying and selling your home, buying and selling of an investment property, selling or transferring of a probate property, transferring the whole of your property or a part share, obtaining a new mortgage or the remortgage of your home or investment property.

 

How much does it cost?

Our Fees for residential conveyancing services are charged on a fixed fee basis. Please see below for an illustration of fees for a Re-mortgage.

 

Re-mortgage

 

Illustration: Re-mortgage of a freehold property based on an approximate borrowing amount of £150,000.00.

 

This illustration is based on the following assumptions:

  • There are no defects in title;
  • The title to the property is fully registered at HM Land Registry;
  • There is no issue concerning lack of planning consents or building
    regulations approval;
  • There is no requirement for indemnity insurances to be put in place;
  • The property is not subject to a Rent Charge

 

Amount To be Borrowed – £150,000.00

 

Legal Fees

 

Re-mortgage Legal Fee £350.00
Electronic Bank Transfer Fee for redemption of mortgage £25.00
LMS Lender Fee (if applicable) £15.00
VAT will be charged at the prevailling rate, currently 20% £78.00
TOTAL FEES £468.00

 

In addition, there may be expenses which have to be paid to third parties to enable us to complete your matter. These charges must also be paid by you.

 

These other likely expenses (commonly referred to as ‘disbursements’) are:

 

Search Insurance (based on value of mortgage) £16.00
Office Copy Entries £6.00
Bankruptcy (check per person) £2.00
Land Registry Official Search £3.00
HM Land Registry Fee £30.00
Electronic Identification Check (per person) £9.00

 

Please note that the above illustration is based upon a freehold registered title. Additional fees may apply if for example, the property you are remortgaging is leasehold, shared ownership or subject to a rent charge.

 

A further bank transfer fee will be payable per transfer should you wish for the any surplus mortgage funds to be transferred to you by electronic means.

 

The Work We Do

 

In acting for you on your remortgage, our work comprises, inter alia:

  • Taking your instructions
  • Checking the title to the property
  • Reviewing your mortgage offer and complying with any special conditions from you your new lender.
  • Reporting to you on the terms of your mortgage offer.
  • Arranging for you to sign the Mortgage Deed.
  • Obtaining a redemption figure from your current lender (if necessary). This step will be done at the start of the matter for information purposes and again once a completion date has been set.
  • Agreeing a completion date with you.
  • Attending to draw down of your mortgage funds in readiness for completion
  • Attending to completion on your behalf including paying of your existing mortgage.
  • Arranging registration of your new mortgage at HM Land Registry
  • Arranging file closure procedures

 

Timescales

 

As far as timescales are concerned, based on average timescales for completion of a mortgage, we would advise that such matter’s will generally complete in within 2-6 weeks from receipt of your completed client care pack and mortgage instructions being issued.  Progress can be dependent on the efficiency of third parties such as mortgage lenders, but we will do our best to prompt them for the responses we need.  We will keep you informed of progress throughout, explain the reasons for any delays and advise you if any unforeseen work becomes necessary.

 

Please note the above illustrations are intended for information purposes only and you should contact our offices on 0151 428 2472 or enquiries@chigginslaw.co.uk to obtain an estimate tailored to your specific requirements.