RESIDENTIAL FREEHOLD REMORTGAGE

Value of Property   SOLICITORS FEES    TOTAL To include disbursements
Up to £175,000 £300.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£396.00 + £32.40* £428.40
£175,001 to £250,000 £350.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£456.00 + £32.40*   £488.40
£250,001 to £350,000 £400.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£516.00 + £32.40*   £548.40
£350,001 to £500,000 £450.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£576.00 + £32.40* £608.40
£500,001 to £600,000£550.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£696.00 + £32.40* £728.40
£600,001 to £700,000£700.00 Fee
£30.00 Fee -Electronic transfer of money plus VAT at prevailing rate
£876.00 + £32.40* £908.40
Over £700,000 We will provide a personalised quotation.  
*Anti-Money Laundering fee £4.20 per person  Case Management Fee  Office copy entries £8.40 (based on joint ownership) £22.80

RESIDENTIAL FREEHOLD REMORTGAGE DISBURSEMENTS (current as at August 2021)

A disbursement is money that we spend on your behalf.  We make no profit and simply charge you the fee that we get charged by our suppliers.

Description Amount Commentary
Land Registry Office Copies£7.20 (freehold)
£18.00 (leasehold)
These are required in order for us to review the title to your property to ensure that a remortgage can go ahead.
Environmental Search £61.20 Now required by most mainstream lenders. You are responsible for any environmental disasters there might be lurking in the soil!
Search Insurance £14.00 – £29.00 The price varies depending on the value of the property.
Most lenders accept search insurance to cover the results of a local authority search, drainage and water search, and coal mining search.
Bankruptcy Search £2.40 per person This is essential in every case.
Land registry priority search £3.60 Essential in every case and enables your remortgage/transfer to be registered at the land registry.
Land registry fees Up to £100,000 £100,001 to £200,000 £201,000 to £500,000 £500,001 to £1,000,000 £1,000,001 and over   £20.00 £30.00 £40.00 £60.00 £125.00   Your new lenders details will need to be entered onto the Title when there has been a remortgage. If there is a transfer then this will also need to be amended on the Title. These fees apply when the application is made electronically something we seek to do in every single case. The fee doubles if submitted non-electronically.

RESIDENTIAL LEASEHOLD REMORTGAGE DISBURSEMENTS

Please also note that there are additional disbursements payable for Leasehold properties information is required to be obtained from the Landlord and/or Management Company. Their fee for providing information varies from £100.00 plus VAT to £400 plus VAT in most cases.

There will also be Leasehold Notice Fees which range from £50.00 plus VAT to £250.00 plus VAT payable. Further fees should be anticipated for the following:

  • Notice of Transfer and Charge
  • Deed of Covenant
  • Certificate of Compliance
  • Licence to Assign
  • Share Certificate

Please note that the above are not required for every transaction as all Leasehold properties vary but they are listed for information purposes.

TIMESCALES

How long it will take from your offer being issued to completion of the remortgage can depend on a number of factors. The average process takes between 4-6 weeks from when your mortgage offer is received.

It can be quicker or slower, depending on third parties. For example, if you are the sole owner of a property and the new mortgage is simply being used to pay off your existing mortgage it could take 2-4 weeks from when your mortgage offer is received. However, if you jointly own your property and the co-owner is being removed, this can take significantly longer, between 8-10 weeks.

STAGES OF THE PROCESS

The precise stages involved in the remortgage of a residential property vary according to the circumstances. Below are some key stages:

  • Take your instructions and give you initial advice
  • Contact lender’s solicitors if needed
  • Obtain title documents from Land Registry and ensure you are the legal owner
  • Obtain a redemption statement from your current lender (if applicable)
  • Carry out searches
  • Go through conditions of mortgage offer with you
  • Prepare Transfer Deed (if appliable)
  • Agree completion date
  • Prepare bill and completion statement and forward to you in advance of Completion
  • Obtain pre-completion searches
  • Arrange for all monies needed to be received from lender and you
  • Complete remortgage
  • Deal with application for registration at Land Registry

Levins Solicitors have secured membership to the Law Society’s Conveyancing Quality Scheme – the mark of excellence for the home buying process. Levins Solicitors underwent rigorous assessment by the Law Society in order to secure CQS status, which marks the firm out as meeting high standards in the residential conveyancing process.