Mortgage/re-mortgage of a residential property - pricing guideline
Our fees for a typical mortgage or re-mortgage of a residential property range from around £1,200 plus VAT* for a simple transaction (such as a small terrace house or flat in a converted house) to around £3,000 plus VAT for a large country home with historic features or a purpose built flat or retirement flat with communal facilities and detailed management structure. These figures may however vary in cases with special complications. That's why we will always give you an individual cost estimate at the start of the transaction, taking into account the actual features of your transaction.
If the work you have asked us to do proves to be more difficult or time consuming than we first envisaged because of factors of which we are currently unaware, or should your instructions change, or if you require additional work and advice, we will need to revise our estimate. In such circumstances we will inform you of the estimated cost of the extra work and any additional expenditure before incurring extra costs.
We charge on a time basis and the hourly rates of the conveyancers that may be involved in your transaction are set out at the bottom of this page.
Our fees cover all of the work* required to complete the mortgage/re-mortgage of your property.
Disbursements and other costs
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We will handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements and other costs we anticipate will apply are set out below. This list is not exhaustive and other disbursements may apply.
- Search fees in the region of £350 to £500 (plus VAT where applicable)
- HM Land Registry fee – this is a scale fee set by the Land Registry and will depend upon the value of the property.
- Electronic money transfer fee (per transfer) £35 plus VAT
- Notice of Charge fee (leasehold properties) – this fee will vary according to the landlord/management company and is often between £50 - £150 (plus VAT where applicable)
- Certificate of Compliance fee (leasehold properties) – this fee may not always apply and will vary according to the landlord/management company. It is often between £50 - £150 (plus VAT where applicable).
Stages of work
The precise stages involved in the mortgage/re-mortgage of a residential property vary according to the circumstances, but below are the usual key stages:
- Take your instructions and give you initial advice
- Obtain and review title deeds
- Carry out searches
- Make any necessary enquiries of you in relation to the property
- Go through conditions of mortgage offer and advise you on these
- Send final mortgage documents to you for signature
- Agree completion date
- Obtain redemption statement from existing lender (if a re-mortgage)
- Submit Certificate of Title to lender to request draw down of mortgage funds
- Complete new mortgage
- Arrange repayment of existing mortgage (if a re-mortgage)
- Deal with application for registration at Land Registry
- Serve notice of mortgage on the landlord/management company (if leasehold property)
* 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 or the preparation of additional documents ancillary to the main transaction.
- This is a standard residential mortgage/re-mortgage and is not a buy-to-let 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.
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
How long will my mortgage/re-mortgage take?
How long it will take from you instructing us and being able to complete the new mortgage will depend on a number of factors. The average process takes between 6 – 8 weeks. It can be quicker or slower, depending on how quickly the formal mortgage offer is issued and how long the property searches take to come back.
Please see the links to the profile of the team members who may be involved in your matter and their hourly rates below.
*VAT will be charged at the prevailing rate (which is currently 20%).