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Re-mortgage

Stages of the process

In order to attend fully to a remortgage title information needs to be obtained and reviewed. The mortgage offer is checked and any special conditions noted. Searches or search insurance is likely to be required and the level of reporting needs to be ascertained.

If the event the transaction needs to tie in with another transaction, communication and planning is required to ensure all the Land Registry searches (priority searches reserving the lender’s position ‘in line’ to register a charge against the title) have to line up.  This can be a time consuming and technical process.

The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below we list some key stages:

  • Take your instructions and give you initial advice
  • Receiving instructions from your lender or their legal representative
  • Receive and advise on the mortgage offer
  • Carry our searches (these can take 3 weeks or so to come back in full)
  • Obtain information from you and if the property is leasehold, from the landlord and/or management company and/or their agents
  • Send final Mortgage Deed to you for signature
  • Liaise with lender’s legal representative
  • Agree a completion date
  • Collate completion statement to show financial position of the transaction and, if required, obtain balance of funds on account. To include liaising with any existing mortgage lender to redeem their charge on completion
  • Arrange for all money needed to be received from lender
  • Complete remortgage
  • Deal with registration of the new charge at the Land Registry

 

Our fees cover all of the work required to complete the remortgage of your property, including dealing with registration of the new charge at the Land Registry and discharging of the previous charge.

Conveyancer’s fees and disbursements for a Remortgage

  • Legal fee – typically £650 + VAT our fees are based on the transaction value
  • Search fees – typically in the region of £320 (inclusive of VAT)
  • Property Report Fee – £10 incl VAT
  • AP1 fee – £6 incl VAT
  • HM Land Registry fee – £150 for a £250,000 loan. This fee is based on the amount of the new loan and no VAT is payable on this fee.
  • Electronic money transfer fee £35 + VAT (per transfer)
  • Land Registry Search Fees – in the region of £10 incl VAT. Click here for the Land Registry fee Calculator

 

Estimated total: £1,302

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.

How long will my remortgage take?

Typically these types of transactions take 4-6 weeks.

Examples of services not included

  • Tax advice (excluding SDLT)
  • Financial advice
  • Insurance advice

Useful Resources:

Legal Choices

SDLT Calculator

Land Registry fee Calculator 

 

Cate Cussell

Partner and Head of Property Department

 

“Exceptional service from start to finish resulting in a smooth house move!  We have already recommended you to two friends and would certainly use GoodyBurrett for any of our needs”

Matters which could related to a re-mortgage –

Depending on your circumstances you may need advice for various reasons such as:

If you would like to find out more information on a re-mortgage

Please complete our contact us form at the top of this page, email [email protected] or feel free to call us on 01206 577676