Residential Conveyancing

Mortgage of a residential property

We set out below, our fees to cover all of the work required to complete the mortgage or re-mortgage of your home in England, including acting for your lenders and registration at the Land Registry.

We ask that when comparing our charges with that of other firms/organisations you also take into account quality of service that will be provided to you; experience and qualification of the person that will be handling your matter and accessibility of your Solicitor to you.

Our fees and disbursements for the mortgage/re-mortgage of your residential property will be as follows:-

Our legal fee depending on the value of the borrowing will be as follows:-

Mortgage only

Upto £250,000 £ 525.00 plus VAT
£250,001 – £450,000 £ 575.00 plus VAT
£450,001 – £650,000 £ 625.00 plus VAT

Re-mortgage

If the property is being re-mortgaged as opposed to simply getting a new mortgage, then there will be an additional charge of £50 plus VAT to obtain redemption statement of the existing mortgage and redeeming the same and to ensure that the charge is removed from the registers of title.

Leasehold element

If the property being mortgaged/re-mortgaged is leasehold then an additional charge of £175.00 plus VAT would apply to consider the lease; obtain a leasehold pack and serve appropriate notices.

Please note that our fees would increase if, for example:

  • If legal title to the property is defective or the property or part of it is unregistered
  • If we discover that building regulations or planning permission has not been obtained
  • If important documents that have previously been requested by us from you have not been provided
  • If further investigative work is required to be done because of matters revealed by searches and title documentation.

Before incurring additional charges we will advise you of the additional charge and obtain your agreement.

Our fee assumes that:

  • This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion of the mortgage
  • The transaction is concluded in a timely manner and no unforeseen complication arise
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation

Disbursements

These are costs/expenses related to your matter that are payable to third parties, as listed below. We handle the payment of these costs on your behalf to ensure a smoother process.

  • Official registers of title and filed plan (freehold) – £6.00
  • Official register of title and filed plan (leasehold) – £6.00 – if applicable
  • HM Land Registry priority search – £3.00
  • HM Land Registry bankruptcy search – £2.00 per person
  • Consumer Bank account checker fee inc VAT – £3.00
  • Electronic money transfer fee inc VAT – £18.00 per transfer
  • Indemnity policy in lieu of searches – this depends on property value – typically between £20 to £80.
  • Land Registry fee – this depends on the property value – typically between £40 to £120.
  • Landlord’s registration fee – if the property is Leasehold. This would be as provided in the lease.  Typically £40 to £80.

We will be happy to provide to you a personalised quote to include the correct fees and disbursements  depending on the value of the property.

How long it will take to complete the mortgage/re-mortgage of your home

From the time that you receive a mortgage offer to completion will depend on a number of factors. The average process takes between 2 to 4 weeks from the time of receiving mortgage instructions from the lender.

Stages of the process

The precise stages involved in the mortgage/re-mortgage of a residential property vary according to the circumstances. Typically they are as follows:

  • Take your instructions and give you initial advice
  • Obtain official registers of title to the property and filed plan.
  • If leasehold obtain leasehold pack from the Landlord’s Solicitors and a copy of the lease from you;
  • Obtain redemption statement from the existing lenders if it is a re-mortgage;
  • Obtain no search indemnity policy unless the lenders require searches to be obtained;
  • Obtain further planning documentation if required
  • Make any necessary additional enquiries
  • Go through conditions of mortgage offer with you
  • Have the legal mortgage signed by you;
  • Obtain pre-completion searches
  • Agree completion date;
  • Providing certificate of title to the lenders;
  • Receiving advance monies and completing the mortgage;
  • Redeeming any existing mortgage;
  • Account to you;
  • Deal with application of registration at Land Registry;
  • If leasehold – give notice of mortgage to the Landlord’s Solicitors.
We hope that the above information is helpful. We will be happy to discuss the same with you on the telephone if you wish.
Call (020) 8424 0571