Re-mortgage of a Freehold Residential Property (Mortgage up to £500,000.00)
The following prices are exclusive of VAT which will be charged in addition, at the prevailing rate, where applicable:-
| Rowberry Morris Legal Fees | £695.00 plus VAT |
| Search fees (approximately) | £190.00 no VAT |
| HM Land Registry fee | £40.00 (no VAT) |
| Rowberry Morris Bank Transfer Fee | £40.00 plus VAT |
| Online ID check (per name) | £10.00 plus VAT |
| Estimated total | £975.00 plus £157.00 VAT |
Search Fees
The search fee figure quoted above includes a Local Search fee (the cost of this will vary between each Local Authority) and our estimate provides for a fee of £85.00 plus VAT but there will be some Local Authorities where the fee is slightly cheaper and others where the fee is higher. The actual location of the property can mean that it may be necessary to apply for further optional enquiries as part of the Local Search which can increase the cost but, we would advise you if this were required, prior to ordering the searches.
Certain mortgage lenders will permit search indemnity insurance to be used, instead of carrying out full searches, and an estimated cost of the single premium payable for this type of policy, based around the above property value is £34.00 (no VAT).
Land Registry Fees
The Land Registry fee to be paid on a transaction is based on the amount of the new mortgage being taken.
For access to the Land Registry fee scale to calculate the fee which would apply to your transaction, please use the following link :-
https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
How long will my Mortgage take?
The period of time between your Mortgage Offer being issued and the point of completion of the mortgage will depend on a number of factors. The average process can take between 4 to 6 weeks. It can be quicker or slower depending on the requirements of the Mortgage Lender and whether the legal title to your property is in order.
Stages of the Process
The precise stages involved in the mortgage process for a residential property vary according to the circumstances of the individual transaction. Below we have listed some of the key stages which will appear in most transactions :-
- Take your initial instructions and deal with regulatory requirements.
- Carry out searches (or obtain a quotation for indemnity search insurance cover, where applicable.
- Provide you with advice on all documents and information received.
- Send to you the final Mortgage Deed for signature, or see you personally.
- Agree a completion date.
- Request redemption figures from the lenders for existing mortgage/loans secured against the Property.
- Arrange for all monies needed for completion to be received from the mortgage lender and you.
- Complete the transaction.
- Redeem any existing mortgage/loans which are secured against the Property.
- Deal with application for registration at Land Registry.
For Leasehold Properties
Our fees would be an additional £200 (plus VAT) and there is likely to be a charge payable to the Landlord/management company for confirmation that the ground rent/service charges are up to date, and that they are unaware of any breaches of the Lease, and for registering Notice of the new Mortgage. We would need to ascertain the amount of such fees from the freeholder/management company. Other disbursements will be the same as for a freehold remortgage.