0208 848 9988 mail@edclord.com

 

Remortgaging a Property

Residental Conveyancing

Certified Quality

We are accredited with the Conveyancing Quality Scheme provided by The Law Society.

The Remortgage Process

 

The exact stages involved in the remortgage of a residential property will vary according to the circumstances. However, the key stages we will need to carry out for your remortgage are:

  • Take your instructions and give you initial advice
  • Deal with Anti-Money-Laundering requirements and Identity checks
  • Check that finances are in place to fund remortgage and the source of those funds
  • Obtain completed remortgage documents from you
  • Obtain and check the legal title to the property and any lease
  • Obtain and check any leasehold information from managing agents
  • Obtain and check any planning documentation
  • Obtain Indicative Mortgage Redemption Statement
  • Carry out Local Authority, Water & Drainage and Environment Searches (if required)
  • Source Search Indemnity Insurance (if full Searches not required)
  • Receive and check your Mortgage Offer
  • Deal with any Mortgage Conditions
  • Report to you with a Mortgage Report and the Mortgage Deed for signature
  • Agree the remortgage Completion Date with you
  • Arrange for the mortgage advance monies to be received from Lender
  • Prepare final Completion Statement and send to you
  • Arrange to obtain any remaining monies from you
  • Submit and check pre-completion Searches
  • Complete the remortgage of the property
  • Account to you for any net remortgage monies
  • Deal with application for registration at the Land Registry
  • Deal with any post-completion leasehold requirements

 

 

REMORTGAGE COSTS

At the outset of the transaction, we will provide our best estimate of the likely legal costs, government taxes and other disbursements which are likely to arise. Please note these may vary if the matter becomes protracted or where complications arise. If this happens, we will discuss with you the impact of this upon your legal costs.

These costs relate to a transaction where there is no link to a purchase nor to a transfer of equity. If there is a related transfer of equity that will be quoted separately. A remortgage alone will not attract Stamp Duty Land Tax but a transfer of equity probably would.

The following is a guide only to likely fees:

Remortgage Legal Charges

Below £500,000.00 – from £895.00                                                                                         
£500,001.00 to £1,000,000.00 – from £995.00
Above £1,000,000.00 – upon application

Redemption of Mortgage – £250.00                                                            AML and Identity check – £40.00 per person
Processing fee for Bank Transfer – £40.00 per transfer                                                 

In addition, if the property is unregistered land, leasehold, shared ownership or company owned, there will be additional supplements to cover the additional work involved.  We will quote these at the outset and, once instructed, will also supply a copy of our charges for Additional Legal Services in case any of these should arise during the course of the transaction.

VAT currently at 20% is payable upon all our fees and charges.

Disbursements

Disbursements are costs related to your transaction that are payable to third parties. We handle these payments on your behalf. Those such as Land Registry fees (click here for the Land Registry Fee Scale 2) and Leasehold fees paid to managing agents will vary depending upon the value of your mortgage and the requirements of the particular managing agents. All of these will be estimated to you once the circumstances are known.

There are also likely to be the following disbursements:

Searches – between £300.00 and £500.00 plus VAT (IF required by your Lender) OR

Search Indemnity Insurance – between £50.00 and £100.00

Land Registry Title Entries – £3.00 plus VAT per item

Land Registry Priority Search – £3.00 plus VAT per title

Bankruptcy Search – estimated £6.00 plus VAT per person

Companies House Registration Fee (if applicable) – £15.00 per mortgage

Non-Standard Transactions or Disbursements

These will need to be quoted individually and may not follow the above estimates.

 

Call: 0208 848 9988

Contact the Residential Conveyancing Team

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Our Residential Team

Sara Sinker

Sara Sinker

Partner - Head of Residential Conveyancing

Tel: 0208 862 8855

Email

Graham Seers

Graham Seers

Solicitor

Tel: 0208 862 8880

Email

Stephen Bulega

Stephen Bulega

Solicitor

Tel: 0208 862 8860

Email

Lisa Thornhill

Lisa Thornhill

Solicitor

Tel: 0208 848 9988

Email

Adam Urwin

Adam Urwin

Trainee Solicitor

Tel: 0208 862 8909

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Patrick Pulsford

Patrick Pulsford

Partner

Tel: 0208 848 9988

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Jasmine Vyas

Jasmine Vyas

Conveyancer

Tel: 0208 862 8850

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Mike Rees

Mike Rees

Licensed Conveyancer

Tel: 0208 848 9988

Email

Zainab Abbas

Zainab Abbas

Assistant to Jasmine Vyas

Tel:0208 862 8850

Email

Kerry Sanford

Kerry Sanford

Assistant to Graham Seers

Tel: 0208 862 8880

Email

Sarah Hedger

Sarah Hedger

Assistant

Tel: 0208 862 8995

Email

Alisha Sharma

Alisha Sharma

Assistant to Stephen Bulega

Tel: 0208 862 8994

Email

Rhiann Tytherleigh

Rhiann Tytherleigh

Assistant

Tel: 0208 862 8994

Email

Susie Prescott

Susie Prescott

Legal Assistant

Tel: 0208 862 8999

Email

Vanessa Parr

Vanessa Parr

Assistant to Sara Sinker

 

Tel: 0208 862 8855

Email