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Remortgage of a Residential Property

Remortgage of a Residential Property

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:

Remortgage of a Residential Property

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

 

Office copy entries: £6                                   (final costs depends on 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 Fees

Amount

£

VAT

£

Total

£

In respect of the sale of the above property

400.00

80.00

480.00

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 Entries

6.00

 

6.00

 

 

 

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

Francesca Humphries – Senior Associate/Conveyancing Manager

Francesca qualified as a Solicitor in 2003. She attended John Moores University, Liverpool and complete her post graduate Legal Practice Course at De Montfort University, Leicester.

She has been working in the residential conveyancing team at Tollers since 2007 having spent previous years in local firms.  Francesca specialises in complex company purchases and equity release matters for Tollers.  Francesca has dealt with over 100 company purchases during her time at Tollers and has completed over 3,000 sales, purchases, remortgages and transfer of equity matters.

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.  

Zoe Thrift – Conveyancing Manager

Zoe attended Milton Keynes College where she studied Business.

Zoe has been working in the residential conveyancing team at Tollers since 2014 having spent previous years in Luton and London firms.  Zoe specialises in new build purchases with help to buy matters for Tollers.  Zoe has dealt with numerous amounts of these matters during her time at Tollers and completed over 750 sales, purchases, remortgages, right to buys and transfer of equity matters.

Angela Aitken - Conveyancing Manager

Louise Wilson - Conveyancing Manager

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