fbpx

Remortgage Of A Residential Property

Market value range £REMORTGAGE LEGAL FEES
FreeholdLeaseholdShared ownership
0 – 125,000£350 + VAT (a total of £420)£550 + VAT (a total of £660)£600 + VAT (a total of £720)
125,001 – 250,000£400 + VAT (a total of £480)£600 + VAT (a total of £720)£650 + VAT (a total of £780)
250,001 – 500,000£450 + VAT (a total of £540)£650 + VAT (a total of £780)£700 + VAT (a total of £840)
500,001 – 750,000£500 + VAT (a total of £600)£700 + VAT (a total of £840)£750 + VAT (a total of £900)
750,001 – 2,000,000Depending on the value and complexity of the transaction, the fee will be between £2,500 + VAT (a total of £3,000) – £10,000 + VAT (a total of £12,000)Depending on the value and complexity of the transaction, the fee will be between £2,500 + VAT (a total of £3,000) – £10,000 + VAT (a total of £12,000)Depending on the value and complexity of the transaction, the fee will be between £2,500 + VAT (a total of £3,000) – £10,000 + VAT (a total of £12,000)

If the transaction requires the redemption of a mortgage there will be an additional fee levied of £125 + VAT (a total of £150) per redemption/discharge.

If your matter requires additional work that is not included in this estimate, you will be informed of this and what the additional cost will be at the earliest possible time. Matters typically exceed the quoted fee when they are particularly complicated, for example where a party needs removing or adding to the title. We also list below some additional fees we encounter, this is not an exhaustive list:

Adding or removing a party (transfer of equity) alongside a remortgage£250.00 + VAT (a total of £300)
Unregistered Land

If the title to the property is not registered at the land registry the title investigation can take much longer and we charge the additional fee for the additional time.

£150.00 + VAT (a total of £180)
Approving or Obtaining Indemnity policies

If we are required to obtained or approve an indemnity policy as part of the transaction we charge the additional fee for the additional time for administration.

£40.00 + VAT (a total of £48)
Property subject to Tenancy

If the property being purchased is subject to a tenancy policy we charge the additional fee for the additional time for administration.

£125.00 + VAT (a total of £150)
Dealing with third party lawyers (e.g. threat of repossession matrimonial etc.)

It is common on repossession/matrimonial matters that we need to liaise with third party lawyers beyond the normal conveyancing role. We charge for every additional third party.

£150.00 + VAT (a total of £180)
Removing a restriction/caution/notice

If there is a restriction/caution or notice on the title (other than a mortgage being redeemed we charge to remove every additional restriction

£75 + VAT (a total of £90)

For a freehold title remortgage, we will:

  • Investigate the title to the Property
  • Raise with you any title defects
  • Carry out such searches as may be required by your lender.
  • Report to you on the mortgage and obtain your signature to the mortgage deed.
  • Facilitate completion including the redemption of the existing first charge.
  • Attend to registration of the new charge at the Land Registry and forward a copy of the completed registration to you.
  • Account to you for the proceeds of the remortgage as per the method specified in the proceeds form.

Typical disbursement on a remortgage of  a residential property

Office copy entries: £6 – final costs depend on the amount of copies needed, generally on a freehold, you will need £6 worth but on a leasehold, it can be in excess of £20 (freehold and leasehold title).

Telegraphic Transfer fee: £35 + vat (a total of £42) – final costs depend on how many transfers are needed.

Search fees: Costs range from £230 – £400.

Depending on the lender’s requirements, we may need to submit a local search, drainage search and environmental search.

Illustration

A sample freehold remortgage quotation is shown below based on a remortgage sale at £150,000

Remortgage: £150,000
Legal FeesAmount

£

VAT

£

Total

£

In respect of the sale of the above property400.0080.00480.00
In dealing with the discharge of your existing mortgage

Telegraphic Transfer fee

125.00

35.00

25.00

7.00

150.00

42.00

Total:560.00 112.00 672.00
 
Disbursements (payments to others)
Official Copy Entries6.006.00
Search applications (depending on the lender requirements)

Land registry fee (scale 2)

Pre completion searches

230.00

60.00

6.00

0.00

0.00

0.00

230.00

60.00

6.00

Total:302.00 974.00

Timescale

A straight forward remortgage should take 6 to 8 weeks to complete, however, there are a number of factors that could give rise to delays e.g.

  • The length of the chain
  • Tenure of the property (leasehold and shared ownership transactions generally take longer due to the additional third parties involved in the transaction)
  • Any delays in issuing the mortgage offer
  • Issues arising from survey results and/or search results

Our team

Our experienced conveyancers, led by Mandy Stark, Head of Residential Conveyancing, will work with you to provide the best possible service.

Mandy Stark – Partner/Head of Residential Conveyancing

Mandy is Head of the Department at Tollers with over 20 years’ experience in private client work, specialising in residential conveyancing. Mandy has been working in this area since 1997 and has helped thousands of clients with their residential property needs.

Mandy qualified as a Licensed Conveyancer in 2008 after gaining a Law Degree from Leicester University and completing her Legal Practice Course at De Montfort University.

Having worked in local and national firms before joining Tollers in 2015 Mandy has a broad range of experience.

Mandy has completed several professional development courses in residential conveyancing and continues to do so annually.

She became a Partner in 2018

Angela Aitken– Conveyancing Manager

Angela has worked in residential conveyancing for over 21 years.  Angela has worked in both small and national firms gaining an expansive knowledge of residential conveyancing. Angela joined Tollers in 2015. Angela deals with all aspects of residential conveyancing including Sales, Purchases and re-mortgages. She has completed over 1,000 transactions during her time at Tollers and over 5,000 during her career.

David Wootton – Senior Associate/Conveyancing Manager

David has been working in the residential conveyancing team at Tollers since 1979 starting straight from school.  David specialises in adverse possession matters for Tollers.  He has dealt with over 100 of these matters during his time at Tollers and completed over 8,000 sales, purchases, remortgages and transfer of equity matters.

Sian Evans – Associate/Conveyancing Manager

Sian qualified as a Solicitor in 2005. She attended the University of Northampton for her first degree and the University of Wales for her Masters Degree.  Sian completed her post graduate Legal Practice Course in 2002.

She has been working in the residential conveyancing team at Tollers since 2012 having spent previous years in firms in Colchester, Daventry, Newtown, Powys and Leicester.  Sian has completed over 1,000 sales, purchases, remortgages and transfer of equity matters in her time with Tollers.

Louise Wilson – Conveyancing Manager

Louise qualified as a Licensed Conveyancer in 2001. She attended University College Northampton.

Louise has been working in the residential conveyancing team at Tollers since 2000  having spent previous years in leading local firms. Louise specialises in sale and purchase matters. During her time at Tollers she has completed over 2,000 sales, purchases and remortgages.

All things Tollers

We partner with...