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Thank you for looking at our property services. Making the decision to remortgage your home can be just as stressful as buying your first property.
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.
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
Once you have identified the right mortgage product, you will need the right solicitor to act for you. That is where we come in.
We have an experienced team who understand the intricacies of a remortgage , who know how the mortgage lenders work and can efficiently coordinate with the various parties involved for quick completion. Our approach is simple, and we provide a first-class service from our expert team who will understand your needs and act in your best interest. We are also on the panel of most mortgage lenders.
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 a 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.
We work on a fixed fee basis, so you will know exactly how much your remortage 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. This would typically occur if you changed your instructions, or your case involves an unforeseen complexity.
Our fees are set out as:
Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.
VAT will be payable on our fees and some disbursements, currently 20% and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
|Land registry searches, documents & due diligence
|Bank Transfer (per transfer)
Note: if the lender is not standard bank/building society, but specialist lenders or the loan value is over £600,000, the fee for acting for lender will be higher.
If re-mortgaging as a corporate vehicle (re-mortgaging a residential property through a Limited company) there is a supplemental fee of £250.00 plus VAT (£300.00 Inc. VAT) plus £22.20 companies house filing fee. This is due to company’s house registration requirements and additional documents required for lending purposes.
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. We charge only the actual amount paid and do not add any service charge to these
|HM Land Registry Fee
|As per HMLR Fee table based on price
|Searches (Subject to VAT)
|We would be required to carry our various searches in your purchase or in some cases remortgage transactions. Searches are usually provided by local authorities, utility providers (such as Thames Water) and other private search companies. Searches are usually subject to VAT. For example, a residential search pack which includes a local authority search, drainage search and environmental search would be approximately between £250.00 – £370.00 inclusive of VAT.
For land registry fees please see : https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.
Search fees vary from case to case depending on the local authority. We will advise you which searches you need for your transaction and the cost of each search. Typically, an insurance policy can be arranged to meet any such requirement. If the lender is happy for an insurance policy to be put in place, we can help you obtain that.
- No Search Indemnity Policy (if accepted by the lender) – on review of your case and dependent on property.
However, if the lender insists on specific local searches being carried out, a residential search pack which includes a local authority search, drainage search and environmental search would be approximately between £250.00 – £370.00 inclusive of VAT.
We will advise the fees that are relevant to your matter when we have the details of your property. The estimated Grand Total of the transaction will be confirmed in your client care documents.
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.
A typical remortgage takes about 4 weeks from receipt of mortgage offer. , However it can be longer if there are any complications in respect of the mortgage offer, the property having issues or delays from freeholder/managing agent, if applicable. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
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
- Searches or searches indemnity insurance (if lender accepts them)
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance