MORTGAGE / RE-MORTGAGES
Our fees cover the work required to complete the mortgage/re-mortgage of your property.
Our fees range from £450.00 plus VAT and £2,500.00 plus VAT dependent upon the complexity of your transaction. Amrit Bhogal or Sunny Bains of our Property team will be able to take full details of your matter and provide an accurate quote.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. An estimate of the cost of typical disbursements incurred in respect of a freehold property re-mortgage are:
Anti-Money Laundering and ID check: £12.00 per person Search fees: £50.00 to £400.00 Bankruptcy search: £2.00 per name HM Land Registry official search: £3.00 per title and search HM Land Registry fee: £20.00 to £250.00
How long will the mortgage/re-mortgage take?
This will depend on a number of factors. The average process takes between 4-8 weeks but can be quicker or slower. A mortgage/re-mortgage of a leasehold property may take longer as we would have to obtain the relevant information packs from the management company and freeholder.
Stages of the process
The precise stages involved in the mortgage/re-mortgage of a residential property vary according to the circumstances. However, below is an indication of key stages in a typical mortgage/re-mortgage transaction:
- Take your instructions and give you initial advice
- Order Land Registry title documentation
- Carry out searches (if required by your lender)
- Obtain a settlement figure in respect of any mortgages secured against the property
- Go through conditions of mortgage offer with you
- Attendance with you to sign or sending the mortgage deed to you for signature
- Arrange for all monies needed to be received from lender and you
- Complete re-mortgage and redeem any mortgages secured against the property
- Deal with payment of Stamp Duty/Land Tax (if required)
- Deal with application for registration at Land Registry