Thank you for looking at our property services. Making the decision to remortgage your home can be just as life changing as buying your first property.
A mortgage is a secured loan against your property when there is no current mortgage. A remortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser who can go through the options with you and make sure you get the right deal for what you want to achieve. The fees detailed below for a mortgage or re-mortgage assume that the lender in question is a mainstream/high street lender. Our fees will be more than quoted below if the lender is not a mainstream/high street lender with particular additional conditions.
There are many reasons you may wish to remortgage such as:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- To raise money to carry out home improvements
- To raise a cash lump sum by releasing equity from your home
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
Why Us
We have an experienced team who understand the stress involved in re-mortgaging your property, who know how the banks, building societies and mortgage lenders work. Our approach is a simple, we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with matters on your behalf.
Good communication is key to making the remortgaging process as simple and stress-free as possible for you. Our team of highly qualified solicitors have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, while making sure everything you need to know is explained as clearly as possible.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We not only want to provide that first-class service, but value for money and no hidden fees.
We are proud to hold CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
Pricing
We work on a fixed fee basis, so you will know exactly how much your remortgage is going to cost from the outset.
If during the transaction there are any new development which could lead to an additional cost, we will discuss the change in fees with you at the earliest opportunity and agree a way forward.
Our fees are set out as:
Property Value
- £0.00 - £100,000.00
Fees and Disbursements
- Legal Fee £475.00 plus vat
- Telegraphic Transfer fee £25.00 plus vat
- Electronic ID fee £15.00 plus vat (per person)
- Search fees £200.00 inc vat
- Office Copy entries £6.00 plus £3 per additional document
- Land Registry search fee £3.00
- Bankruptcy search fee £2.00 per name
- Land registry fee £20.00
Property Value
- £100,000.01 - £250,000.00
Fees and Disbursements
- Legal Fee £500.00 - £525.00 plus vat
- Telegraphic Transfer fee £25.00 plus vat
- Electronic ID fee £15.00 plus vat (per person)
- Search fees £200.00 inc vat
- Office Copy entries £6.00 plus £3 per additional document
- Land Registry search fee £3.00
- Bankruptcy search fee £2.00 per name
- Land registry fee £30.00 - £40.00
Property Value
- £250,000.01 - £500,000.00
Fees and Disbursements
- Legal Fee £575.00 - £725.00 plus vat
- Telegraphic Transfer fee £25.00 plus vat
- Electronic ID fee £15.00 plus vat (per person)
- Search fees £200.00 inc vat
- Office Copy entries £6.00 plus £3 per additional document
- Land Registry search fee £3.00
- Bankruptcy search fee £2.00 per name
- Land registry fee £30.00 - £40.00
Additional cost information
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If crucial documents, we have previously requested from you or third parties have not been provided to us
- The transactions concluded in a timely manner and no unforeseen complications arise
- If you require to exchange or complete within 6 weeks of instructing us
- If you require simultaneous exchange and completion
We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. If during the transaction there is a new development, additional costs may arise due to the particular circumstances of the transaction, or in response to additional advice or recommendations from ourselves We will advise you and if that is the case, we will inform you about any additional costs when they arise. Please see a non-exhaustive list of examples and the fees we charge below:
- Unregistered Property £100.00
- Effecting Indemnity Policy £40.00
- Repayment of Loan on condition of Mortgage Offer £75.00
- Reconstitute Lost Title Deeds £200.00
- Leasehold Titles £125.00
- Freehold Management Company £100.00
- Dealing with Solar Panels £125.00
- Statutory declaration (from) £125.00
- Licence to Occupy £100.00
- Listed Building £150.00
- Obtaining Copies of Lost Deeds £150.00
- Extensive Additional Enquiries £50.00
- Dealing with Second Mortgage Loan (or top up loan) £50.00
- Removal of Restriction £100.00
- Joint Access Deeds £250.00
- Discharge of second charge £50.00
- Intensive Client Attendance(including excessive emails and telephone calls) £100.00
- Deed of Covenant £100.00
- Limited Company Client £75.00
- Dealing with third party Solicitors £250.00 +
What happens if the transaction does not complete
If the transaction does not complete we shall make a charge for the work carried out up to the date / cessation as follows:
Stage:1 Upon commencement of drafting documentation or perusing draft documentation received we will make a charge that represents 25% of the fees quoted.
Stage: 2 Upon finalising the draft documentation we will make a charge up to a maximum of £250.00 plus VAT.
Plus disbursements incurred
Exclusions
We do not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser.
We do not carry out valuations on your home, this will be conducted by your new lender.
Time Scales
A typical remortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Checking Official Copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Searches
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance
- Completion
- Registration
For more information about the re-mortgage of your property, please contact:
Miss Jessica Mason. Mrs Jill McKay or Mrs Anna Betteridge in our conveyancing team on 01302 340005 or by email to info@malcolmcfoy.co.uk