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Residential Property

From buying or selling your home to investing in rental property, remortgaging, buying land for development or building a property portfolio, our specialist team of lawyers can give offer advice and guidance every step of the way.

Remortgaging your property

If you're looking to remortgage your property to take advantage of a better mortgage rate, we can help. We can provide you with:

  • Fixed fee service
  • Experienced, knowledgeable staff
  • Regular communication by phone/email

Whether you're looking to benefit from a new rate or want to release some of the capital tied up in your property, talk to us. The profiles of the lawyers in our Residential Property Team (along with details of when they qualified and their areas of expertise) can be found here.

Below is a breakdown of our fees and third party fees you will incur when re-mortgaging.

 

Property Value

(£)

Our Legal Fees (£)

Excl VAT

Incl VAT

1

500,000

650.00

780.00

500,001

750,000

850.00

1020.00

750,001

999,999

995.00

1194.00

1,000,000+

 

 

0.1% of the price

You will also incur a one off bank transfer fee of £30 + VAT

If your property is any of the following, the following charges apply:

Shared Ownership  - £200.00 + VAT

Leasehold  - £200.00 + VAT

Transfer of Equity  - £300.00 + VAT

Repayment of more than one mortgage  - £75.00 + VAT

You will also incur the following payments to third parties (Disbursements):

Searches (approx.)  - £300- £400 + VAT (only if your lender requires full searches)

Land Registry fees:

All property purchases need to be registered at the Land Registry and they charge a fee for doing this. Their fee is dependent on the value of the property. You are able to work out the exact amount you will be charged via this link to the Land Registry’s fees calculator.

Note; please be aware that fees and disbursements may be subject to change during the course of the transaction as more information becomes available.  This is unlikely; however, we will inform you if any work becomes necessary due to unforeseen complexities or a change in your requirements or circumstances.  We will confirm to you the charges for such extra work before incurring the extra costs. Please note that such extra charges may apply even where a fixed fee has been agreed.

The Key Stages of Re-mortgaging a Property:

There are various stages to the conveyancing process and as a guide we set each stage out as follows together with details of what we will do throughout each stage:

Stage One: Instructions

Once you have confirmed your instructions with us, we will proceed to open a file and write to you confirming our instructions, an estimate of fees and disbursements and our terms and conditions of business. We will also send our Client Information Form to you for completion to collate information specific to the transaction including details of the finance you are obtaining and any finance which will need to be paid on completion either to redeem a mortgage of unsecured debt as a condition of your remortgage, details of any adult occupiers who will reside at the property, and any deadlines imposed on the transaction. If this is a joint mortgage we will send a Joint Ownership Form for you to consider. It is at this stage you will be informed of the name and status of the person who will carry out the work together with details of their regulated supervisor.  Details of the team can be found here which will provide full details of each fee earner, their experience, qualifications and their regulated supervisor.

The law now requires solicitors, as well as banks, building societies and others, to obtain satisfactory evidence of identity of their clients. In order to comply with the law on money laundering, we will need 1 form of photographic ID (driving licence or passport) and 2 utility bills/bank statements no more than 3 months old for proof of address (these must be originals and not printed from the internet).  We will need to see original documents.  If these are sent by post please send them recorded delivery and we will return them using the same method.  Alternatively you can bring these to our offices and we can arrange for the documents to be copied and handed back to you straight away.  Please do call us first to make an appointment to ensure someone is available to see you.  We can only accept photocopies if they have been certified by a solicitor, chartered accountant, FCA registered individual or at the Post Office. 

We ask for £300 on account at the outset to cover searches and then everything else is payable at completion.

Solicitors are obliged by the Law Society to verify the source of all funds received into their Client Account. We will ask you to provide documentation evidencing the source of any funds that you may be using to reduce your mortgage if there is a shortfall between the amount you are borrowing against the amount you need to redeem any existing mortgage. If any financial contribution is to be made by a third party we will contact them and advise them to take independent legal and financial advice. They will also need to provide us with evidence as to how the funds have been accumulated and over what period of time. We will also require their identification documents in the same way we requested yours at the outset. The position regarding the gift will need to be reported to any lender you may have for their authority to proceed.  Please ensure your financial advisor has already made your lender aware of any gift or third party financial contribution at the application stage.

Stage Two: Pre completion

Once you have returned the signed Terms and Conditions and Client Information Form formalising your instructions we will obtain title documents from the Land Registry and review them to ensure a marketable title. We will also review the costs estimate and revise if necessary providing you with updated information regarding any fees or disbursements in line with any changes we may have to make.  We will check the extent of the property to be searched by sending you a copy of the plan obtained from the Land Registry and subject to your authority approving the plan, we will apply for the standard (and any recommended) conveyancing searches.

We will check the property has the benefit of any planning permission(s) and building regulation approvals in accordance with our instructions from your lender.

Once your mortgage offer is received we will check any special conditions and advise you on the basic terms. We will not provide you with any financial advice. You will be sent the Mortgage Deed for signature which will be sent to the Land Registry after completion to secure the mortgage against the property.  This will need to be signed, witnessed and returned to us before we can request the mortgage funds from your lender.

Upon completion of our due diligence and once we consider the property is good and marketable and suitable security for your lender we will discuss completion dates with you.

We will advise you to put in place your own buildings insurance if you have not already got this or intend on changing this at the time of your remortgage, which will need to take effect from the date of completion date.  The sum insured should be a sum equal to the full rebuild cost of the property plus the usual fees (architects etc.) i.e. not necessarily the market value.  Please ensure you comply with the requirements of your lender in its offer of mortgage in respect of buildings insurance. We will require a copy of the building insurance schedule before we are able to request mortgage funds from your lender.

Once a completion date has been set, mortgage monies will be requested from your lender and we will also prepare final statements showing any balance due to you or from you. If we require funds from you to complete we will require these to be in our account no later than 4pm on the working day prior to completion.  You should discuss with your bank the best, and most efficient way of transferring your funds to us.  Please note, we will not contact you by email to inform you that our bank details have changed.  Prior to transferring funds, we would always recommend that you contact our office using the number at the top of our letter-headed paper to confirm bank details prior to making any funds transfer.

Stage Three: Completion

On the day of completion, funds will be transferred to redeem your existing mortgage and any other secured or unsecured debts which must be repaid as a condition of your mortgage.

Once completion has taken place we will make an application to the Land Registry for the registration of your new mortgage by electronically submitting your signed mortgage deed to them. Once they have received notification from your existing lender that their charge has been repaid, they will notify us that registration formalities have been completed and let us have a copy of the up to date title which we will send on to you.  A copy will also have to be sent to your lender for their information.

Your file will then be closed which will be held for 15 years. We will arrange for any deeds to be held in storage if requested by you. This service is free of charge.

 

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future.

Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.

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