Thank you for your interest in our property services. Deciding to re-mortgage can occur following a successful re-negotiation with your current lender, or changing 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.
You may wish to re-mortgage:
- 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, or another venture;
- To raise a cash lump sum by releasing equity from your home;
- Following a change in personal circumstances such as a marriage, or divorce;
- To consolidate debts.
We have an experienced Conveyancing team of property lawyers who understand the potential problems that may be encountered when re-mortgaging your property and we know how the banks, building societies and mortgage lenders work. Our approach is simple - we aim to provide a first-class service and to remove any confusion and uncertainty you may have about the transaction and we deal with all of the legal aspects of the re-mortgage on your behalf.
Our Conveyancing team includes fully qualified Solicitors and conveyancers who have the legal and technical “know how” to resolve issues as they arise in a professional and efficient manner. The individual Conveyancing team in each of our offices is headed by a Partner in the firm. We understand that communication is key, so we are readily available to answer your questions in plain English and keep you up-to-date with everything you need to know.
We are proud to hold CQS Accreditations, issued by the Law Society. This involves all the firm’s Conveyancers undergoing continuous training to ensure they remain informed about legal developments and are able to maintain high levels of client care.
We work on a fixed fee basis, so you will know exactly how much your re-mortgage is going to cost from the outset.
If during the transaction there are any new developments which could lead to additional costs, we will discuss any change in fees that is necessary with you at the earliest opportunity and agree a way forward.
Our fees are set out as:
Re-mortgage of existing residential property
|Re-mortgage||Amount £||VAT £||Subtotal £|
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 £|
|HM Land Registry official copies of title entries, from:-||6.00||1.20|
|Telegraphic Transfer Fee – if required||30.00||6.00||36.00|
|Land Registry Fee – depends on the amount borrowed||TBA||N/A|
|HM Land Registry bankruptcy search(es) per person||2.00||0.40|
|HM Land Registry priority search||3.00||0.60|
|Search fees – average (please note these may vary depending on the Local Authority) to include:- Local authority search, Drainage & Water searches and Environmental Searches including Flood Data. (Where possible we will make enquiries of the lender as to whether they will accept no search indemnity insurance)||250.00||50.00||300.00|
|Your Estimated Total|
We do not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser.
Any inspection or valuation of your property will be instigated by your new lender.
A typical re-mortgage takes between 6 and 8 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 rather than a new mortgage with your current mortgage provider.
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 to your property;
- Checking the Title;
- Reviewing the title documents;
- Leasehold properties will require the lease to be checked and enquiries made if relevant;
- Commissioning and reviewing Searches;
- Checking the mortgage offer;
- Preparing for completion;
- Requesting final redemption statement;
- Requesting the mortgage advance;
- Completion the transaction;
- Registration of the replacement mortgage with the Land Registry;
- Reporting back to you and your lender.
Please note that the above is not intended to be an exhaustive list, but a basic outline of what is involved.