Thank you for looking at our property services. Making the decision to remortgage your home can be just as life changing as buying your first property.
A remortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser who can go through the options with you and make sure you get the right deal for what you want to achieve.
There are many reasons you may wish to remortgage such as:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- To raise money to carry out home improvements
- To raise a cash lump sum by releasing equity from your home
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
Why Us
We have an experienced team who understand the stress involved in re-mortgaging your property, and know how the banks, building societies and mortgage lenders work. Our approach is simple, we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with matters on your behalf.
Good communication is key to making the remortgaging process as simple and stress-free as possible for you. Our team of highly qualified and experienced legal advisors and support staff have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, while making sure everything you need to know is explained as clearly as possible.
You will have the confidence that you are our priority, with our aim being that a member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We not only want to provide that first-class service, but value for money and no hidden fees.
We are proud to hold Lexcel and CQS Accreditations, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
Pricing
No two properties are exactly the same, and our fees will reflect the particular requirements of your remortgage. For example, dealing with a remortgage to fund a self-build project on the mortgaged property, may, because of the added complexities, cost more than dealing with a remortgage of your home when a previous fixed-rate mortgage has come to an end.
Because of this, we can’t give you a reliable estimate of the cost of us helping you until we have details of your intended remortgage. But our fees for residential remortgages range from £300.00 plus VAT to £800.00 plus VAT; the average price for a residential remortgage is £390.00 plus VAT.
Our fixed fee is based on a ‘standard’ transaction. If any unusual or unforeseen matters arise which demand extra time, we do charge for additional work. Our fixed fee assumes that
- The remortgage 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 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
If during the transaction there are unexpected complications, we always inform you of that immediately, and would fully discuss the potential consequences of that before any extra charges are incurred.
As an example, an estimate of our fees to cover the work required to complete the remortgage of a registered freehold property of £200,000 by two joint owners are set out as:
Remortgage
Item | Amount | VAT | Subtotal |
|---|---|---|---|
Our Fees | £400.00 | £80.00 | £480.00 |
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements | Amount | VAT | Subtotal |
|---|---|---|---|
ID Check | £10.00 | £2.00 | £12.00 |
Telegraphic Transfer Administration Fee | £40.00 | £8.00 | £48.00 |
Land Registry Fee | £30.00 | £30.00 | |
Bankruptcy Search | £4.00 | £4.00 | |
Land Registry Pre Completion Search | £3.00 | £3.00 | |
Conveyancing Search Pack which includes: Official Local authority search, Official drainage and water searches, Groundsure Homebuyers Plus report (Environmental Searches including Flood Data) | £227.08 | £44.22 | £271.30 |
Subtotal of disbursements | £314.08 | £54.22 | £368.30 |
Estimate Total | 714.08 | 134.22 | £848.30 |
Exclusions
We do not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser.
We do not carry out valuations on your home, this will be conducted by your new lender.
Time Scales
A typical remortgage takes between six and eight weeks. However it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Checking Official Copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Searches
- Checking the mortgage offer, and complying with any conditions on it
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance
- Completion
- Registration
