Fee information: Re-mortgage

Our fees cover all of the work required to complete your re-mortgage.

Fees vary depending on the value of the property involved. As a general rule our fees are 0.35% to 0.5% of the property price with a minimum price of £2,000.

For illustrative purposes only we have provided an approximate cost based on a property value of £1m.

Fees and disbursements

• Legal fee £1,750 - £2,500.
• VAT payable at 20% on legal fee.

Approximate total: £1,750 - £2,500 plus VAT where indicated above.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees in respect of title information or in respect of obtaining other information needed to provide to the new lender's Solicitor, searches and bank transfer fees. We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you in order to do so.

Stages of the process

The stages involved in your re-mortgage vary according to the circumstances. However, below are some key stages to your re-mortgage that may take place:

• Writing to the existing mortgage lender to request a redemption statement (this shows how much of your current mortgage is owing).
• Obtaining up to date title entries from the Land Registry, carry out searches and send these to the new lender's Solicitor.
• Answer enquiries raised by the new lender's Solicitor.
• If your property is leasehold we will obtain a copy of your lease and provide it to the new lender's Solicitor.
• Review the mortgage offer, advise you on the terms and check the net mortgage advance is enough to redeem your current mortgage.
• Request a final redemption statement from your existing mortgage lender.
• Carry out searches on your title prior to completion to ensure no notices have been recorded and send to the new lender's Solicitor.
• Request your new mortgage lender to send us monies to complete your re-mortgage.
• Redeem (pay off) your existing mortgage.
• Register the new mortgage against the title to your property.

How long will my re-mortgage take?

How long it will take to complete your re-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 requirements of the new lender and the complexity of the matter.

Please see below the persons who may act on your matter.