Cost of Re-mortgaging

We offer fixed fees depending on the value of the property. Our fees cover all of the legal work* required to complete the remortgage of your property.  You will also have to cover any disbursements we pay on your behalf. Disbursements are costs related to your transaction that are payable to third parties in the course of your purchase.  Typical disbursements are listed under a separate heading below.

This work includes dealing with the procurement, review and basic reporting of title information, procurement of Land Registry Official Copy Entries and title plan, redeeming the current mortgage, sending any net funds to you, and registering the new mortgage at the Land Registry.

 

fees (including supplemental fees applicable to some remortgages)

Please note that this is not an exhaustive list, and other fees may be applicable to the purchase of your property, depending on circumstances.

Item Fee (including VAT at current rate of 20%)
Legal fees, depending on the value of the property £504 – £1,080
Leasehold property supplemental fee £216
Unregistered property supplemental fee £216 – £432
Acting on behalf of your mortgage lender £216
Anti-Money Laundering / ID checking fee, per person £24
Electronic money transfer fee within the UK (including bank charges) £42

 

Non-standard / Additional work – HOURLY RATES

Depending on the complexity of the transaction or documentation, additional fees may apply at the fee earner’s hourly rate, at the following indicative rates:

Partner £330-£360 including VAT at current rate of 20%
Solicitor £252-£330 including VAT at current rate of 20%
Conveyancer £180-£252 including VAT at current rate of 20%

Please refer to individual staff profiles Our People – Redkite Solicitors for details of individual qualifications and experience.

 

SUPERVISION

In addition to the lawyer handling the sale, conveyancing transactions are further supervised by a senior member of the team or Head of Department, who has ultimate responsibility for the matter. The supervisor for each transaction is named in the engagement letter that is sent out to clients at the start of the process.

 

Disbursements

We handle the payment of the disbursements on your behalf to ensure a smoother process. Please note that this is not an exhaustive list, and other disbursements may be applicable to the purchase of your property, depending on circumstances.

Item Fee (including VAT at current rate of 20%)
Land Registry Search (per title) £3.60
Search of Index Map (for unregistered properties) £4.80
Official Search £4.50
Local Search Variable (depending on location of property and whether your new lender requires searches to be carried out)
Drainage and Water Search Variable as above
Other relevant searches (e.g. Mining, Environmental) Variable as above, typically £48 – £84
Bankruptcy Search (per name) £2.40

 

ADDITIONAL DISBURSEMENTS – LEASHOLD PROPERTY

Item Fee (including VAT at current rate of 20%)
Notice of Charge fee (if the property is to be mortgaged) This fee is set out in the lease. Often the fee is between £60 – £240
Certificate of Compliance fee Confirmed upon receipt of the lease, and can range between £60 and £600

 

 

How long will my remortgage take?

How long it will take from your new mortgage offer being received by us until we are in a position to draw down the mortgage advance will depend on a number of factors. The average process takes between 3-9 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if your new Lender does not require searches to be carried out and there are no issues with the title to your property it could take 3 weeks. However, if you are mortgaging a leasehold property and/ or your new Lender requires searches, this can take significantly longer, between 6 and 9 weeks.

 

Stages of the process

The precise stages involved in a remortgage vary according to the circumstances. However, the items below summarise the main points:

  • Take your instructions and give you initial advice
  • Verify your identification and address
  • Receive and advise on new mortgage documents
  • Carry out searches if necessary
  • Obtain further planning documentation if required
  • Make any necessary enquiries if there are title issues
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Send the new Mortgage Deed to you for signature
  • Obtain a redemption figure from your current Lender to repay your existing mortgage (if applicable)
  • Agree completion date (date on which your old mortgage is redeemed and your new mortgage comes into force)
  • Arrange for all monies needed to be received from your new lender (and from you if applicable) and sent to your old lender
  • Send any surplus funds to you (if applicable)
  • Deal with application to remove your old mortgage (if applicable) and register your new mortgage at Land Registry

 

* 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;
  • In the case of a leasehold property, the remortgage does not involve the grant of a new lease;
  • 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.