Guide to Re-mortgaging your Home – key stages, timescales and costs

Key stages of the matter

Re-Mortgage

• Obtaining details of your existing lender and obtaining a settlement figure
• Reviewing mortgage instructions and reporting on the Offer
• Reviewing the Title to ensure it is suitable security for the Lender
• Carry out any required searches for the lender
• Obtaining your signature to the mortgage deed
• Agreeing a completion date and finalising completion of the re-mortgage
• Dealing with the registration formalities at the Land Registry
• If the property is leasehold we will liaise with the Managing Agent/Landlord in respect of the present expenses on the property and serve notice of the new lender following completion

Typically, a re-mortgage will take in the region of 6 - 8 weeks from when mortgage instructions. If the property is leasehold it may take longer.

Prices

A re-mortgage starts from £500.00 plus VAT for a freehold property.  A leasehold re-mortgage starts from £750.00 plus VAT.

The following expenses (payments to others) apply

• Office Copies from £6.00 plus vat
• AML ID checks £6.00 plus vat per name
• Case Management Fee £14.78 plus vat
• Telegraphic Transfer Fee (if required) £40.00 plus vat each
• Search Pack (Local, Drainage & Environmental) £189.33 plus vat
• Pre-Completion searches (OS1) £3.00
• Pre-Completion searches (Bankruptcy) £2.00 per name
• H M Land Registry registration fee based on mortgage value

If the property is leasehold then the following further expenses apply

• Notice of Charge to the Landlord/Managing Agent (the fee is likely to range from £100 to £200).
• Leasehold Property Enquiries containing evidence of Ground Rent, Service Charges and Buildings Insurance payments (the fee is likely to range from £100 to £400).

If you have any questions at all about your potential property transaction, please do not hesitate to call us or e-mail one of team who will be delighted to assist you further.

Fees as at 25th March 2024