Legal Fee Information for

Remortgage of a Freehold or Leasehold Residential Property

Legal Fees

Our fees cover all aspects of the legal work required to complete a standard remortgage and include, dealing with a standard mortgage lender’s enquiries and registration at the Land Registry.  The below fees do not include work involved in the adding or removal of a person from the title to the property known as a ‘transfer of equity’.

If during the transaction there are any new developments which could lead to an additional cost, we will discuss the change in fees with you at the earliest opportunity and agree a way forward. This would typically occur if you changed your instructions, or your case involves an unforeseen complexity.

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in our quote generator and formal quotation or as we advise you to incur them.

Our average standard legal fee for a Residential Mortgage / Re-mortgage application is £600.00 – £800.00 plus VAT (£720.00 – £960.00 Inc. VAT).

Remortgage up to

Legal Fee

VAT

Total

£300,000.00

£600.00 plus VAT

£120.00

£720.00

£300,0001 – £600,000.00

£700.00 plus VAT

£140.00

£840.00

£600,0001.00 – £1,000,000.00

£800.00 plus VAT

£160.00

£960.00

£1,000,000.00 +

Fee on enquiry and will be dependent on the value and complexity of the transaction, our average fees range from £900.00 – £2,000 plus VAT (£1,080.00 – £2,400.00 Inc. VAT)

Some Lenders have significant conditions to comply with such as, but not limited to, Paragon Mortgages and Aldermore.  In these circumstances we reserve the right to make an additional charge (any additional fees will be discussed with you before being incurred).  Further Equity Release/ Lifetime mortgages will also be charged at a different rate due to the additional obligations imposed in these types of mortgages.

We do not charge you for acting on behalf of your mortgage lender (if any, like many other firms).  If your lender instructs us via an online portal / platform which we are required to update and upload documentation, we will pass onto you the fee of £35 plus VAT which they charge us to use the platform. For every additional mortgage offer issued, the platform will charge £1.00 plus VAT.

Standard additional legal fees

The price that you will pay for our services will be affected by a number of factors. Obviously, all cases are different, and we will try our best to inform you as soon as we become aware of any issue that might have an impact on the estimated fee.  Below are fees that can commonly be incurred depending upon your transaction:

 

Fee

VAT

Total

Telegraphic Transfer Fee (incurred in most transactions)

£30.00 plus VAT per transfer

£6.00

£36.00

We are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us. Due Diligence Fee (includes an electronic Money Laundering Identification check)

£25.00 plus VAT per name

£5.00

£30.00

Completing a Stamp Duty Land Transaction return Form (incurred in all property transactions over £40,000.00)

£100.00 plus VAT

£20.00

£120.00

If the property is unregistered

£300.00 plus VAT

£60.00

£360.00

If the property is Leasehold

£200.00 plus VAT

£40.00

£240.00

If the Leasehold Property is in a building which is at least 11 meters in height or at least five storeys, it may be affected by the Building Safety Act 2022.  Our fee for dealing with a property affected by the Building Safety Act will be as follows:-

   

For a building up to 11 metres 

from £500.00 plus VAT

£100.00

£600.00

For a building up to 18 metres 

from £750.00 plus VAT

£150.00

£900.00

    

If the property is a Shared Ownership Property

£200.00 plus VAT

£40.00

£180.00

Help to Buy Equity Loan

£150.00 plus VAT

£30.00

£180.00

Remortgaging in a Company Name

£300.00 plus VAT

£60.00

£360.00

Remortgaging in a Company Name

£150.00 plus VAT

£30.00

£180.00

Arranging an Indemnity Policy

£40.00 plus VAT

£8.00

£48.00

Dealing with a Management Company

£150.00

£30.00

£180.00

Declaration of Trust

From £300 plus VAT

£60.00

£360.00

Solar Panel Lease

From £150.00 plus VAT

£30.00

£180.00

Lender Panel Fee

From £30

£6.00

£36.00

Third Lawyer Party Requests

£100.00

£20.00

£120.00

Complex Source of Funds

From £75.00

£15.00

£90.00

Statutory Declaration

£100.00

£20.00

£120.00

Subject to Tenancy

£50.00

£10.00

£60.00

Below we detail what services are covered in our standard fee.

Our Fee Assumes That:

  • this is a standard transaction and that no unforeseen matters arise.
  • the transaction is concluded in a timely manner and no unforeseen complications arise.
  • all parties to the transaction are co-operative and there is no unreasonable delay from any parties providing documentation.

 

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.

Disbursements in most remortgage transactions:

  • Land Registry Title Documents £6.00 plus VAT (official copy entries and filed plan £3 each)
  • Local Search Indemnity Insurance or searches if the lender requires. Search fees can vary between £18 – £200.00 + VAT (£21.60 – £240.00 Inc. VAT). However, Search fees vary from case to case depending on the local authority. We will advise you which searches you need for your transaction and the cost of each search.
  • Bankruptcy search fees (per person) £2.00 plus VAT (£2.40 Inc. VAT)
  • Land Registry Search £3.00 plus VAT (£3.60 Inc. VAT)
  • HM Land Registry fee. The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

 

Other Factors and Exclusions

We do not undertake mortgage or tax advice. We would recommend you seek advice from an independent mortgage broker or financial adviser and would be happy to recommend a local provider.

We do not carry out valuations on your home, this will be conducted by your new lender.

Other Factors

Other Factors to consider which may affect your legal fees: – 

  • Multiple owners.
  • Shared ownership scheme.
  • Mortgaging where there is a help to buy scheme, and whether it is an equity loan or ISA.
  • Mortgaging property under right to buy.

 

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.

Time Scales

A typical remortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

  • Taking your instructions and giving initial advice based on the information you have provided
  • Undertaking regulatory checks.
  • Requesting the Title Deeds and Redemption Statement
  • Obtaining Official Copies of the Title
  • Checking the Title
  • Checking Official Copies
  • Leasehold properties will require the lease to be checked and enquiries made if relevant
  • Searches
  • Checking the mortgage offer
  • Preparing for completion
  • Requesting final redemption statement
  • Requesting the mortgage advance
  • Completion
  • Registration

 

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.

Fee Earners

We have several experienced property lawyers who may work on your property transaction. Regardless of who works on your case, they will be supervised by Kathryn Frisby, Partner at Borneo Martell Turner Coulston, a qualified Solicitor, and Head of Residential Conveyancing. For more information on our team members, please visit our meet the team page.

Questions

If you have any questions relating to our services and our fees, please contact us on 01604 622101