Where you already have a mortgage and are replacing it with one from a different lender
The fees cover all of the work required to repay your old mortgage and complete a new mortgage on your home, including registration at the Land Registry.
Our fees for a new mortgage on a freehold property are £350 and vat of £70 making £420 plus disbursements.
Our fees for a new mortgage on a leasehold property are £500 and vat of £100 making £600 plus disbursements.
Disbursements are costs, such as search fees, related to your case that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out separately below.
Usual disbursements are:-
- Land Registry fee: £ Check Land Registry fees
- Search fees: approximately £350 (including VAT)
- Electronic money transfer fee (Inc VAT): £30
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Having a new mortgage for borrowing of £100,000
|VAT on Legal fee||70|
|VAT on Bank charges||5|
How long it will take from when you receive your mortgage offer until you receive the loan money will depend on a number of factors. The average process takes between 3-6 weeks. It can be quicker or slower, depending on the lender’s requirements. F
The precise stages involved in the new mortgage of a residential property vary according to the circumstances. However, set below we have set out some of the key stages:
- Take your instructions and give you initial advice
- Receive and advise on mortgage documents
- Carry out searches
- Go through conditions of mortgage offer with you
- See you to sign the mortgage documents
- Obtain pre-completion searches
- Contact your existing lender for a repayment figure
- Arrange for all monies needed to be received from lender and you
- Complete the new mortgage and send the advance money to you
- Pay off your old mortgage
- Deal with application for registration at Land Registry
* 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 ancillary to the main transaction
- the transaction is concluded in a timely manner and no unforeseen complication arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.