Re-Mortgage of Leasehold Residential Property

Re-Mortgage of Leasehold Residential Property 

Conveyancing fees

Our fees cover all the work required to complete the Re-Mortgage of your home.

 

All our prices quoted are exclusive of VAT

 

Value of Transaction                                        Conveyancing fees

  • £0.00                to       £350,000              £1,100.00
  • £350,000         to       £450,000              £1,225.00
  • £450,000         to       £500,000              £1,300.00
  • Over £500,000                             To be advised upon request for quote

 

Other Potential Fees:

Additional legal fees of £250.00 would be added if the re-mortgage relates to;

a Shared Ownership property, Help to Buy element or second charge

We charge the sum of £35.00 for each Electronic Transfer of Funds (CHAPS/TT)

 

Disbursements on a Leasehold Re-Mortgage:

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.

Search Fees of approximately £300.00 (Dependent upon Local Authority)

Land Registry Fees for Official Copy Entries of the Register £6.00 (plus VAT)

Land Registry Fees as per value of the property (Please see Scale Two Fees)

No Search Indemnity Policy (To be advised based on the lender and value of the property)

There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.

The following is a list of anticipated disbursements, however, such disbursements can vary from property to property and on occasion can be significantly more expensive than anticipated.

Notice of charge fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £50.00 and £100.00 (plus VAT).

We can provide you with an accurate figure once we have sight of your specific documents.

 

The services included in our fees cover the following key stages:

  • Taking your initial instructions;
  • We will obtain your deeds from wherever they are held;
  • We will undertake the Local Search;
  • We will prepare and check the Mortgage Deed and send it to you to read through;
  • We will advise you upon the Mortgage Deed and obtain your signature to the same;
  • We will request the Mortgage moneys from the Lender;
  • We will undertake the Land Registry and Bankruptcy  Searches;
  • We will ascertain how much is required to redeem your existing Mortgage and discharge the same once the re-mortgage is completed;
  • We will report completion to you and account by bank transfer for any money due to you;
  • We will register the new mortgage at the Land Registry and
  • We will send to your Lender any deeds they wish to retain passing to you any other documents for you to keep.

 

How long will my Leasehold Re-Mortgage take?

How long it will take to complete your re-mortgage is largely dependent on receipt of your mortgage offer.  The average process takes between 4 to 5 weeks from receipt of your mortgage offer.

 

Please note that our fees are exclusive of VAT and assumes that:

  • It 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;
  • It is the assignment of an existing lease and is not the grant of a new lease;
  • The transaction is concluded in a timely manner and no unforeseen complication arise;
  • All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation, and
  • No indemnity policies are required. Additional costs and disbursements may apply if indemnity policies are required.
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