Our fees cover all of the work required to complete the mortgage or re-mortgage of your property.
Fees and Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
- Legal fees range from £500.00 to £2,000.00 plus VAT (currently at a rate of 20%) and disbursements. The fee will be dependent on the following factors:
- Whether if it is a new mortgage or re-mortgage;
- Mortgage value;
- The lender’s requirements; and
- Whether we are currently on the lender’s panel of approved solicitors.
- HM Land Registry fee depends on the value of the mortgage, and range between £20.00 and £125.00 upon which VAT maybe applicable.
- Electronic money transfer fee of £15 plus VAT of £3.00 per payment.
- Title entries of £6.00 per title plus VAT of £1.20 per title.
As no property or property transaction is the same, our fees reflect the particular circumstances and your requirements. Please do not hesitate to contact us and we will provide a full estimate for you taking into account all the appropriate factors.
How long will my mortgage or re-mortgage take?
How long it will take from the issue of a mortgage offer to completion of the mortgage or re-mortgage will depend ona number of factors, including:
- The timing desired by you and the lender;
- Speed and efficiency of the lender and their solicitor (if any); and
- If there are any related transactions.
The average process takes between 6-8 weeks.
It can be quicker or slower, depending on the lender involved. For example, if you are getting a new mortgage on a property currently without a mortgage, this could take 4 weeks. If you are repaying an existing mortgage with funds from a new mortgage, and we are not acting for the lender on your new mortgage, this could take 12 weeks, depending on the new lender’s requirements.
Stages of the process
The precise stages involved in the mortgage of a residential property vary according to the circumstances. However,below we have suggested the key stages:
- Take your instructions and send out a letter to the lender confirming we are instructed;
- Review title documents and mortgage offer;
- Request redemption statement from existing lender (Re-mortgage only);
- Report to you on the mortgage offer;
- Agree a completion date (the date from which you will redeem the first mortgage, (if applicable) and become responsible for payment of the new mortgage);
- Arrange for all monies needed to be received from your lender and you. We will send you a completion statement confirming the funds required from you and your lender and the sums to be sent to your existing lender (if applicable).
- Complete mortgage; and
- Arrange for payment of the redemption monies to your existing lender (if any) and the balance of monies to you as per our completion statement.
* 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;
- The transaction is concluded in a timely manner and no unforeseen complications arise;
- The lender is co-operative and there is no unreasonable delay from them providing the mortgage documentation; and
- No indemnity policies are required. Please note that additional disbursements may apply if indemnity policies are required.
Our Property Department is made up of: Paul Craig, Emma Holden-Shah, Richard Price and a circulating trainee solicitor. If your transaction is not being handled by a partner, a partner will be supervising your transaction.
|Name||Role||Number of Years Qualified||Hourly Rate|
|Paul Craig||Partner||44 years||£330.00 plus VAT of £66|
|Richard Price||Partner||25 years||£330.00 plus VAT of £66|
|Circulating Trainee Solicitor||Trainee Solicitor||N/A||£110.00 plus VAT of £22|