Guide to Re-mortgaging your Home – key stages, timescales and costs

Your home is more than bricks and mortar. At QualitySolicitors Large & Gibson, we understand the importance of that.

Key stages of the matter

Re-Mortgage

  • Obtaining details of your existing lender and obtaining a settlement figure
  • Reviewing mortgage instructions and reporting on the Offer
  • Reviewing the Title to ensure it is suitable security for the Lender
  • Carry out any required searches for the lender
  • Obtaining your signature to the mortgage deed
  • Agreeing a completion date and finalising completion of the re-mortgage
  • Dealing with the registration formalities at the Land Registry
  • If the property is leasehold we will liaise with the Managing Agent/Landlord in respect of the present expenses on the property and serve notice of the new lender following completion

Typically, a re-mortgage will take in the region of 6 - 8 weeks from when mortgage instructions. If the property is leasehold it may take longer.

Prices

A re-mortgage starts from £500.00 plus VAT for a freehold property.  A leasehold re-mortgage starts from £750.00 plus VAT.

The following expenses (payments to others) apply

  • Office Copies from £6.00 plus vat
  • AML ID checks £6.00 plus vat per name
  • Case Management Fee £14.78 plus vat
  • Telegraphic Transfer Fee (if required) £40.00 plus vat each
  • Search Pack (Local, Drainage & Environmental) £189.33 plus vat
  • Pre-Completion searches (OS1) £3.00
  • Pre-Completion searches (Bankruptcy) £2.00 per name
  • H M Land Registry registration fee based on mortgage value

If the property is leasehold then the following further expenses apply

  • Notice of Charge to the Landlord/Managing Agent (the fee is likely to range from £100 to £200).
  • Leasehold Property Enquiries containing evidence of Ground Rent, Service Charges and Buildings Insurance payments (the fee is likely to range from £100 to £400).
Dealing with any restrictions/notices on the title       £100 plus vat
Deed of Variation to a Lease                                 £275 plus vat
Dealing with existing Tenancy Agreements (where tenant is to remain)       £150 plus vat
Preparing a Statutory Declaration                          £95 plus vat
Obtaining/arranging indemnity insurance               £75 plus vat
Dealing with Shared Ownership formalities            £350 plus vat
Dealing with solar panels                                        £250 plus vat
Dealing with third party gifts (to comply with Lenders requirements) £100 plus vat

If you have any questions at all about your potential property transaction, please do not hesitate to call us or e-mail one of team who will be delighted to assist you further.

Fees as at 25th March 2024

 

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