Re-mortgage of a residential property

A Typical re-mortgage of a registered freehold will take approximately 3 – 4 weeks.  In case of a residential leasehold re-mortgage the matter may take longer as we will need to obtain further information from the landlord and/or managing agents. 

The key stages and service provided in the sale of a residential property can be summarised as follows :.

• Obtaining your instructions and offering you initial advice
• Obtaining a copy of the title deed for the property.  
• Reviewing the title  to ensure that you are legally entitled to re-mortgage the property; that there are no onerous covenants or rights affecting use and enjoyment of the property and to ensure that all necessary rights are in place to allow use of the property for residential purposes. 
• Checking that any works undertaken to the property have the necessary planning and/or building regulations consent and obtaining copies. 
• Considering and if necessary obtaining indemnity insurance for any defect in the title or lack of appropriate consents. 
• Carrying out full searches where required by the lender (local authority, environmental, and drainage searches,(and any other search that is relevant to the property, e.g. mining search) or otherwise obtaining a quote for search indemnity insurance and putting the same in hand. 
• Reviewing the mortgage offer and ensuring compliance with any special conditions imposed by the lender.  
• Reporting to the lender. 
• Arranging for you to sign the mortgage deed.  
• Writing to any adult occupiers with the occupier’s consent for signing, if required by the lender. 
• Obtaining a redemption statement from any existing lender.  
• Forwarding a completion statement to you to show all payments made and received and providing any balance required in order to complete. 
• On receipt of the signed mortgage deed, occupier’s consent, and cleared funds, agreeing a completion date with you.  
• Carrying out final pre-completion searches with the Land Registry to ensure that there have been no further amendments to the legal title and to ensure that the lender has priority to register the new mortgage.  
• Reporting to the lender and requesting the release of the mortgage advance. 
• Completing the transaction and dating the mortgage deed, redeeming any existing mortgage, and ensuring that any indemnity policies are in place from the date of completion. 
• Registering the transaction at the Land Registry ensuring that the new mortgage and any other pertinent matters are correctly recorded. 
• Forwarding to you and the lender a copy of the updated register of title. 

Estimated Legal Fees Plus VAT (which is payable at a rate of 20%) 

Legal fees: £895.00 plus VAT  

Additional legal fees: 

• £35.00 plus VAT for Bank Charges
• £12.00 plus VAT for Office Copy Entries
• £60.00 plus VAT for Case/Panel Management Fees.
• £35.00 plus VAT for ID Verification, Lawyer Checker and Archive Fee.

Disbursements (costs payable to third parties) 

• Search Pack Fee/No Search Indemnity fee: Approx. £200.00
• The Local Authority Search: Fee varies from one Local Authority to another. Also, additional searches may also be required. No search indemnity insurance could be arranged instead of searches and the premium amount can vary.
• Land Registry fee: TBA. The fee depends on the value of the property being mortgaged/re-mortgaged. Please refer to HM Land Registry website here.