Costs Information - Residential remortgage


Our fees cover all of the work required to complete the remortgage 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 the remortgage of a property ie moving from one lender to another. If you are mortgaging your property for the first time then please refer to our notes headed ‘Residential Mortgage’.

Conveyancer's fees and disbursements

  • Legal fees based on the hourly rate of the fee earner acting (hourly rates)
  • Copy deeds from Land Registry £6.00 with a further £3.00 for every additional document which has to be ordered. No VAT is payable on these charges.
  • Search fees vary according to the property size and the local authority dealing with the search. Fees for a standard property with surrounding garden land are approximately £300.00 including VAT. Some lenders are happy to proceed with ‘no search indemnity insurance’ in place of carrying out the usual searches. This varies from lender to lender and the cost of the indemnity insurance varies according to the value of the property.
  • HM Land Registry fee varies according to the value of the property you are mortgaging.
  • Electronic money transfer fee for paying off the existing mortgage £36.00 including VAT.

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 will my remortgage take?

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.

Stages of the process

The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages:

  • Take your instructions and give you initial advice
  • Obtain an initial redemption figures for the mortgage you are paying off
  • Receive the mortgage offer and check the lender’s requirements
  • Carry out searches (if required)
  • Obtain further planning documentation if required
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Arrange for you to sign the mortgage deed
  • Agree completion date (date on which the mortgage funds will be released)
  • Formally request the mortgage funds from the lender
  • Request the final repayment figure for your existing mortgage
  • Carry out pre completion searches on behalf of your lender
  • Prepare the financial statement for your approval
  • Complete the new mortgage and simultaneously pay off existing mortgage
  • Deal with application for registration at Land Registry
  • Report to you and your lender once the mortgage has been registered

If you are mortgaging a leasehold property then the lease may require notice of the new 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.

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