Our fees cover all of the work required to complete the mortgage of your property, including the work involved in acting on behalf of your lender (as well as you as the borrower) and dealing with registration of the mortgage at the Land Registry. An idea of the costs involved is set out below but please contact us for a detailed quotation specific to the property you are mortgaging. Please note this information relates to a mortgage on a property which is not already subject to a mortgage. If you are remortgaging the property (moving from one lender to another) then please refer to our notes for ‘Residential Remortgage’.
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.
How long it will take to complete your mortgage will vary according to many different factors. The average process where there are no unexpected complications takes between 6 and 10 weeks.
It can be quicker or slower, depending on your lender’s requirements. For example, if you lender requires a full set of conveyancing searches to be carried out it could take 12 weeks as it takes some local authorities several weeks to process local searches. Or, if you are mortgaging a leasehold property that requires an extension of the lease before the mortgage can complete, this can take significantly longer, between 6 and 8 months. In such, a situation additional charges would apply.
The precise stages involved in the mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages:
If you are mortgaging a leasehold property then the lease may require notice of the mortgage to be served on the freehold owner (landlord)/management company following completion. We would deal with this on your behalf. Most landlords/management companies charge a fee for dealing with this notice and the charges for this vary. Often the fee is between £25.00 - £150.00.