In accordance with SRA Transparency Guidance 2018, please find below our approach to fees and service in relation to Mortgages and Remortgages.
What is this going to cost me?
Fees incurred by you for a mortgage are calculated on based on an hourly rate and are typically between £400 and £650 plus VAT.
Fees incurred by you for a re-mortgage are calculated on based on an hourly rate and are typically between £500 and £750 plus VAT.
What does this include?
Our fees cover all the work required to complete a mortgage or remortgage. This includes:
- Acting for you in the mortgage of the property
- Acting for your lender
Our 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 which are required for 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 or information;
- A transfer of the title is not required;
- No indemnity policies are required. Additional costs may be incurred if these are required.
Should any of these become apparent during the course of the transaction, your contact will advise you as soon as possible, and advise you of any cost implications.
Disbursements are expenses that are payable to third parties, such as mortgage fees. We handle to payment of disbursements on your behalf to ensure a smoother process.
The disbursements we usually anticipate are detailed below. This is not an exhaustive list and other disbursements may apply depending on the mortgage or remortgage process. We will update with you any specific fees upon receipt and review of the documentation.
- Land Registry document fees of £6 – £20
- Search fees of £350 – £400
- Land Registry fee £40 – £120(depending on the mortgage value)
Normally we require a payment of £350 on account of search fees.
What happens if I change my mind and don’t want to go through with the transaction anymore?
Should you wish to terminate the transaction at any time, you will be liable for any costs and disbursements incurred to date, and will be billed for them.
How long is my transaction likely to take?
The average timescale for a mortgage transaction is four to six weeks.
We are dependent upon the receipt of searches and, sometimes, responses from your mortgage lender which may be outside of our control.
What can I expect from this process?
The key stages in an average mortgage/remortgage are:
- Taking your instructions and giving you initial advice
- Receiving your mortgage offer and considering your lender’s requirements
- Applying for searches as necessary
- Examining your title
- Considering the results of any searches
- Obtaining property information from you and considering the same
- Advising you on the terms of the mortgage and the mortgage deed
- Obtaining your signature to all relevant documents
- Agreeing a completion date
- Effecting legal completion
- Accounting to you for any proceeds
- Dealing with registration of your new mortgage and, if necessary, discharge of your existing mortgage
We are dependent on information received from the third parties, and can only work as fast as the information is given to us. We will keep you informed if we are experiencing delays which are likely to impact on the desired completion date of the transaction.
Who is going to do this work for me and what is their experience?
The work will be carried out by one or more of our lawyers in the Residential Conveyancing Team.