Purchase of a Mortgage/Remortgage Residential Property
There are certain categories of residential property work which we do not undertake (see below).
The provision of this outline is for guidance purposes and our ability to act for you will be subject to our requirements as to terms and conditions, identification, source of funds and any related requirements being satisfied.
We have 3 members of the team who may work on your matter and collectively they have over 70 years of experience in delivering high quality work.
The team are:
Rupert Morton-Curtis - Solicitor (Head of Department)
Clare Dove - Solicitor
Verity Lees - Licensed Conveyancer
Should your matter/transaction not reach its conclusion, we reserve the right to charge for the work done.
Our fees are designed to cover all work required to complete the mortgage/remortgage subject to the qualifications mentioned below, since all transactions are not standard.
Our fees* and disbursements:
- Legal fees from £700.00 plus VAT (£840.00 inc VAT) (We do not operate a scale fee).
- Fee for bank transfer: £35.00 plus VAT (£42.00 inc VAT) for each transfer required (one assumed).
- Fee per anti-money laundering search per client involved: £5.00 plus VAT each (£6.00 inc VAT each) (two assumed).
- VAT payable: £149.00 estimated assuming two owners mortgaging.
Estimated total: £745 plus VAT (£894.00 inc VAT) in this example
There may be circumstances where additional work is required of us which we could not have anticipated at the outset and, if those arise, we will advise of the position, any estimate and if further fees are payable.
- Arranging and advising on indemnity insurance where required.Fees can be from £100.00 plus VAT (£120.00 inc VAT) depending on the extent and level of indemnity insurance required.
- Liaising with the any existing lender’s conveyancers where we are not acting for any existing lender and you in the repayment of that existing mortgage. Fees start from £100.00 plus VAT (£120.00 inc VAT)
Fees do vary and can be higher or lower depending on the exact circumstances.
Disbursements (or related expenses)
These are additional costs related to your mortgage/remortgage that are payable to other parties and which we arrange the payment of as part of the mortgage process.We anticipate certain disbursements which are set out separately below but the list is not necessarily complete and other expenses may apply depending on a variety of factors.These will be notified to you from time to time as your matter progresses.
- HM Land Registry fees to register the new mortgage and which will in the main depend on the value of the mortgage (assuming an existing registered title).The range of these fees will be from £20.00 - £125.00 as charged by the Land Registry.(The fees can be higher where the mortgage of an unregistered title is involved since this triggers first registration of the title.)
- Search fees: some lenders will require all or some searches which are normally associated with the purchase process and where these are chargeable to meet the lender’s requirements you should budget from about £500.00.
- Estimated VAT on searches in a standard case where all usual searches required: around £82.00.
- Notice of mortgage fee – where the title to your property is leasehold or freehold but otherwise requires notice to a third party as to the mortgage over the property then this may well be as specified in the title to your property or such as is“reasonable” – the fee can between £10.00 - £100.00 but can be more in certain cases.
- Certificate of compliance – some titles whether freehold or leasehold will require the consent of a third party to the registration of a new mortgage so there may be an additional fee payable in this respect. These fees will probably be in the range of £10.00 - £100.00 and in some cases plus VAT but could be higher depending on the exact requirements.
- Specialist searches – sometimes mining, verderer’s, underground and other additional searches are needed as may be specified in the lender’s requirements to us and the cost of that is search specific.These can range from £30.00 upwards and VAT may also be payable depending on the nature of the search.
These fees do vary from property to property and not all lender’s requirements are the same.On occasions these can be of a lesser amount but on other occasions can be significantly more than the ranges given above.At this stage, it is not possible to give any accurate figures but it is important you are aware that these anticipated fees or disbursements can apply but only in the relevant circumstances.
Stages of the process
These are the key stages of the process:
- take your instructions and give you initial advice;
- check title and lender’s requirements;
- submit enquiries of you/third parties as required;
- carry out searches as required;
- obtain any additional documentation from you or third parties as necessary to satisfy the lender’s requirements;
- reporting to you on the mortgage offer and documentation;
- sending you or attending you for signature of the mortgage deed and related documentation as required;
- obtaining and checking pre-completion searches;
- agreeing a completion date for the mortgage/remortgage required;
- setting and confirming dates and arrangements for payment of monies as appropriate to your matter;
- dealing with application for registration of the mortgage at the Land Registry and advising you/lender of completion of that.
How long will the mortgage/remortgage take?
This depends on a number of factors – early attendance at our offices and clarification of exact fees and disbursements is highly recommended.The average process takes between 6-12 weeks but it can be quicker or slower, depending on the circumstances and in particular how quickly the mortgage offer and instructions are issued.
*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;
- the transaction is conducted in a timely manner and no unforeseen complications arise;
- all parties to the transaction are co-operative and there is no unreasonable delay from the parties providing documentation;
- no indemnity policies are required.Additional disbursements may apply if indemnity policies are required (for example to correct a title defect or as dictated by the lender if for example a formal local search is not required).
Work type we do not undertake
We are not able to act on mortgages/remortgages involving:
- Shared ownership property.