Our fees cover all of the work required to complete the remortgage of your home. Our fees vary from property to property so we can give you an accurate quote once we have full details of your property. Please feel free to give us a call to discuss at any time where we can provide you with a full and accurate quote according to your circumstances.
Indicative Remortgage costs
Please see below our breakdown of costs for a standard freehold remortgage:
|Solicitors charges for acting on remortgage||£650.00||£90.00|
|Land Registration Fee (including admin charge for online registration, if applicable)||See below||N/A|
|Land Registry Office Copies||£6.00||£1.20|
|AML Search and admin charge (per person)||£6.00||£1.20|
|CHAPS Fee (bank transfer for redemption of existing mortgage)||£40.00||£8.00|
|Land Charges and Land Registry Search||£7.00||£1.40|
|Search Indemnity (if accepted by lender)||TBC||N/A|
Land Registration Fee
An admin charge of £110 +VAT applies for our work in relation to your land registry application. The land registry will also apply a fee for their work calculated on the consideration applied to the transaction. Please see the table below for an indication of the land registry’s fee applicable to your case:
|0 to £80,000||£20|
|£80,001 to £100,000||£40|
|£100,001 to £200,000||£100|
|£200,001 to £500,000||£150|
|£500,001 to £1,000,000||£295|
|£1,000,001 and over||£500|
NB: Please note that the land registry will double their fee if the land is unregistered. Our application administration fee will remain unchanged.
The above is an example of our standard costs for a remortgage of a freehold property, there may be additional costs if any of the following apply (all these charges will be subject to the addition of VAT):
|Dealing with Leasehold Property:||£150.00|
|Land Registry Office Copies for Leasehold Property: (no VAT)||£6.00|
|Simultaneous Transfer of equity:||From £200.00|
|Inland Revenue SDLT 1 Charge (if applicable):||£55.00|
|Dealing with Unregistered Land:||£250.00|
|Dealing with a second charge:||from £150.00|
|Transaction with a Tenant in Situ:||£200.00|
If you are unsure as to whether any of the above apply to your situation please feel free to give us a call to discuss and we can advise you further.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry or search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. Occasionally there may be a change in the amounts of the disbursements payable on your behalf, where such changes arise, you will be notified.
If you are remortgaging a Leasehold 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.
Potential Additional Leasehold fees on a remortgage (payable to third parties):
- On a remortgage we are required to contact the Freeholder/Managing Agent/Management Company to ask for the following information:
- Confirmation that the ground rent and service charges are paid up to date
- A copy of the up to date buildings insurance for the property
- Confirmation that there have been no breaches of the lease
- Confirmation of the Notice of Charge fee
You may be required to pay a fee for this information to be obtained. This generally appears to be between £100 to £295 plus VAT.
- Notice of Transfer fee – This is the fee payable to the freeholder for giving notice of the transfer of the property into your name. If the fee is chargeable the amount is usually set out in the lease but will be confirmed in the replies given to the Leasehold pack. Often the fee is between £100- £300 plus VAT, once we have the leasehold pack from the freeholder we will be able to advise the amount payable. This will only be payable if you will be transferring someone onto the title with you the same time as remortgaging
- Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £100 and £300 plus VAT.
- Deed of Covenant fee – This fee is provided by the freeholder/management company for the property and can be difficult to estimate. Often it is between £150 and £250 plus VAT. This will only be applicable if you will be transferring someone onto the title with you the same time as remortgaging.
- Certificate of Compliance fee – This is a certificate which confirms that you have complied with the terms in the lease and will allow us to register the new mortgage against the property when a restriction has been registered against the title requiring such a certificate. The amount of this is to be confirmed once we receive the leasehold back however the estimated costs can be between £150 and £250 plus VAT.
Please note that the above 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
- if this is a Leasehold remortgage, a new Lease does not need to be granted
- the transaction is concluded in a timely manner and no unforeseen complications arise
- 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.
We may pay a referral fee to the agent if they introduced you to us. This does not increase the charge we make to you and our charge to you is the same regardless of whether or not a referral fee is paid. This payment does not in any way affect our independence and integrity and our duty to act in your best interests. This business is not in any way associated with or in partnership with your estate agent or mortgage broker. The amount of the referral fee payable varies depending on the recipient, this is usually between £100 and £200.
How long will my remortgage take?
How long it will take from your Now Legal receiving your instructions to the remortgage being completed will depend on a number of factors. The average process can take between 3 to 6 weeks.
The process can be completed sooner or it may take longer depending on how quickly we can obtain your new mortgage offer and whether your new lender is willing to accept search insurance. If they do not accept search insurance we will need to carry out searches which may delay the process by a few weeks.
Stages of the Process
- Take your instructions and give you initial advice.
- Obtain copies of the title to the property and plan from the land registry as well as any other documents referred to in the title
- If Leasehold, obtain a copy of the Lease as well as a copy of the freehold title and plan
- Request redemption statements in relation to all mortgages and other charges secured against the property
- Provide you with a draft remortgage completion statement including the amount to repay your current mortgage. Take instructions as to whether there are any early repayment fees to take into account
- If leasehold, request to up date ground rent and service charge details. There may be a fee payable for this information. It is likely to be in the region of £150 to £200 but we will advise you once we have further information.
- Report to you on the mortgage offer, highlight mortgage conditions and send you mortgage deed for your signature
- Once signed mortgage deed has been returned, agree completion date
- Pre-completion searches undertaken at the land registry
- Request final redemption figure from mortgage lender
- Provide you with a final statement of account showing the balance due back to you on completion. This will include apportionments of any paid/unpaid ground rent/service charges if the property is leasehold
- Complete remortgage
- Deal with repayment of any mortgages/charges secured against the property, account to you with any balance due back.
- Deal with application for registration at Land Registry
- Forward to you and your lender proof of the property being registered into your name
The Conveyancing Team
Our team has many decades of collective experience in delivering high quality work in all matters relating to Residential Conveyancing.
Contact details of the individuals dealing with your case can be found on our “Meet the Team” page. Supervision of the individuals undertaking the work will be carried out by the Partners.
Please see details of the property team including supervisors below:
Mark is the Managing Partner of Now Legal. Mark became a Partner (SRA approved Manager) at Now Legal in 2018.
Mark has a vast experience in all areas of Residential Conveyancing, specialising in this field since he joined the firm in 2010. In addition to his management duties Mark supervises a residential conveyancing team.
Jade joined Now Legal in 2009 as a placement student. Jade completed her training contract here and qualified as a Solicitor in 2014, becoming a Partner in 2017. Jade deals with all aspects of Residential Conveyancing and supervises a team.
Yvonne qualified as a solicitor in South Africa in 1992 then moved to England and re-qualified here in June 2010. Yvonne joined Now Legal in 2014 and specialises in Residential and Commercial Property together with some Corporate Law. Yvonne was made a Partner of Now Legal in 2017.
Claire qualified as a solicitor in 2006 and joined Now Legal in 2009 becoming a Partner in October 2009. Claire has 17 years experience in Residential Conveyancing and provides in house cover when other fee earners are off.
Sallie-Ann joined Now Legal in 2014. Sallie-Ann has 30 years experience in Residential Conveyancing. Sallie-Ann deals with many elderly clients who require home visits and prides herself on making the conveyancing process less stressful for such clients putting their minds at rest in what can be stressful times.
Paul joined Now Legal in 2014 and has 30 years experience in Residential Conveyancing. Paul enjoys getting out and about and regularly goes over to the Isle of Wight to meet with clients.
Terrie joined Now Legal in 2017. Terrie is an experienced Residential Conveyancer providing a professional service with a personal touch. Terrie deals with all aspects of Residential Conveyancing
Michelle joined Now Legal in January 2018. Michelle has worked in Residential Conveyancing since 2009. She started in the field as an assistant before being promoted to a Conveyancer. Michelle handles her own caseload along with the aid of an assistant. Michelle deals with all Residential Conveyancing matters.
Sonia joined the Residential Conveyancing department at Now Legal in 2016. Sonia completed her Training Contract with us qualifying as a Solicitor in January 2021. Sonia also works on Commercial Conveyancing and Employment matters.