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Our fees include the work detailed below which is required to complete the remortgage of your flat including dealing with registration at the Land Registry.
Our Estimated Fees
| Up to £250,000 | £950 + VAT (£1,140) |
| £250,000 – £500,000 | £1,000 + VAT (£1,200) |
| £500,000 – £750,000 | £1,250 + VAT (£1,500) |
| £750,000 – £1,000,000 | £1,500 + VAT (£1,800) |
| £1,000,000 – £1,500,000 | £1,750 + VAT (£2,100) |
| £1,500,000 – £2,000,000 | £2,000 + VAT (£2,400) |
| £2,000,000 + | Please contact us for a quote |
*VAT is currently chargeable at 20% of the fee
** Please note that if the leasehold property is a flat which is situated in a building that has four or more storeys we will charge an additional fee of £450 + VAT to investigate and advise on the relevant provisions of the Building Safety Act 2022.
Additional Charges
| Administration & Petty Incidentals Fee | £75 plus VAT (£90) |
| Bank Transfer Fee | £35 plus VAT (£42) (per bank transfer) |
| ID Check Fee | £20 plus VAT (£24) (per individual client) |
Estimated Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
| Searches (including Local Authority Search, Environmental Search & Drainage and Water Search) | *£300 – £600 (depending on location of the property) |
| Priority Search | £4.20 per title |
| Bankruptcy Search | £3.20 per individual |
| Land Registry Fee | £20 – £305 (depending on the amount borrowed) |
*The lender may accept search indemnity insurance instead of new searches which will be considerably cheaper.
There are certain additional disbursements which may be incurred and will be set out in the individual lease relating to the Property. The disbursements which we anticipate may apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the Land Registry.
Anticipated disbursements:
- Notice of Charge fee – This fee is set out in the lease. Often the fee is between £50 – £250.
- Certificate of Compliance fee – This fee is provided by the management company or landlord of the property and can be difficult to estimate. Often it is between £50 – £250.
*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 and obtained confirmation from the landlord/managing agent.
How long will my remortgage take?
How long it will take from your mortgage offer being received until completion of the remortgage will depend on a number of factors including when you would like to complete the remortgage. The average process takes between 4-12 weeks.
Stages of the Process
The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below we have set out below some key stages that will be undertaken:
- Taking your instructions and giving you initial advice
- Receiving and advising on the mortgage documents
- Carrying out searches (or taking out search indemnity insurance)
- Obtaining confirmation from your landlord/managing agent that the service charge and ground rent payments are up to date and that there are no subsisting breaches of the lease
- Obtaining a redemption statement from your current lender
- Reviewing the conditions of the mortgage offer with you
- Sending the mortgage deed to you for signature
- Obtaining pre-completion searches
- Agreeing a completion date with you
- Arranging for the mortgage funds to be requested for completion
- Forwarding a statement of account showing the balance due to/from you to complete
- Completing the remortgage
- Dealing with the application for registration at the Land Registry
- Discharging any mortgage secured against the property
- Accounting to you for the net proceeds of the remortgage (if applicable)
Disclaimer
Please note that this is an indication of our fees and disbursements only which 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 (other than search indemnity as mentioned above). Additional disbursements may apply if further indemnity policies are required.
How LEASE Law can help you
Please contact Jade Thomas (jade@leaselaw.co.uk or 0204 511 9100) or Joanna Botley (joanna@leaselaw.co.uk or 0204 511 9101) for a no obligation discussion about your proposed remortgage and for a personalised quotation of the fees and disbursements involved in your proposed remortgage.
