Remortgage costs
Our fees are fixed and not charged at an hourly rate. Our fees are generally dependent upon the amount of mortgage and the complexity of the matter. Typical fees based on the amount of mortgage are as follows:
£0 to £200,000 from £950.00 plus VAT
£200,001 to £500,000 from £1,000.00 plus VAT
£500,001 to £1,000,000 from £1,050.00 plus VAT
£1,000,001 and over from £1,150.00 plus VAT
We will add VAT to our fees at the rate that applies when the work is done. The current applicable rate is 20%. It is possible that unforeseen extra work may become necessary which falls outside the scope of the quotation, for example, due to unexpected difficulties or if your requirements or circumstances change significantly during the matter. If so, we will advise you of the estimated cost of the extra work and attempt to agree an amended charge with you before incurring any additional costs. If we cannot reach agreement, we will not undertake any further work and will charge you on an hourly basis for work to date.
Want to find out more? Our dedicated team of conveyancing solicitors in Birmingham is here to assist you.
We take full details of your matter and provide you with an accurate quote.
What are disbursements?
Disbursements are costs related to your matter payable to third parties (e.g. Land Registry fees).
We handle the payment of disbursements on your behalf to ensure a smoother process.
An estimate of the cost of typical disbursements incurred in respect of a freehold property remortgage are:
Anti-money laundering
and ID check:£8.00 plus VAT per person Search fees: £50.00 to £400.00 plus VAT* Bankruptcy search: £2.00 plus VAT per person HM Land Registry official search: £3.00 plus VAT per title and search HM Land Registry fee: £20.00 to £250.00 (not subject to VAT)
*dependent on searches required
How long will my mortgage/remortgage take?
The average process takes between 4-8 weeks. How long it will take until completion of your mortgage/remortgage will depend on several factors.
Please be aware the mortgage/remortgage of a leasehold property may take longer, as it requires us to obtain the relevant and necessary information packs from the management company and freeholder.
What are the stages of a remortgage?
It’s important to remember the precise stages involved in the mortgage or remortgage of a residential property may vary according to the circumstances. Below is an indication of the key stages in a typical mortgage/remortgage 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 application for registration at Land Registry