Our Fees - Mortgages and Re-mortgage residential property
Legal Fee Information for Mortgages & Re-mortgage for Residential Property
Our Legal Fees cover all of the work required to complete the legal advice required to mortgage or re-mortgage your property.
Legal Fees and Disbursements
Legal Fees is the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion
- Our average standard legal fees for a residential mortgage / re-mortgage application are £550 - £750 + VAT (£660 - £900 Inc. VAT).
- Below we detail what services are covered in our standard fee.
- Should your instructions require us to take your matter out of the fixed fee rate (see below for what our fixed fee covers) we will charge an hourly rate of £250 - £350 + VAT (£300 - £420 Inc. VAT) which will depend on the experience and qualification of the case handler as follows: -
- Senior Solicitor with 15 PQE £350 + VAT (£420 Inc. VAT)
- Solicitor with 4 PQE £290 + VAT (£348 Inc. VAT)
- All other Solicitors £250 + VAT (£300 Inc. VAT)
- We will charge the sum of £30 + VAT (£36 Inc. VAT) for Electronic money transfers.
- If re-mortgaging as a corporate vehicle there is an additional charge of £100 + VAT. (£120 Inc. VAT)
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
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 and Other Costs
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.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
Typical disbursements are:
- Priority fees £3+VAT (£3.60 Inc. VAT)
- Bankruptcy search fees £3+VAT (£3.60 Inc. VAT)
- Office copies of title deeds £3 per deed (£3.60 Inc. VAT)
- Search can fee can vary between is £350-500 + VAT (£420 - £600 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 - to supply the following reports:
- Local land charges search;
- Enquiries of the local authority;
- Environment search;
- Planning Search;
- Chancel repair liability indemnity; and
- Water and Drainage search
- 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
* your lender may agree to waive the requirement for searches and proceed with a search indemnity policy which would cost substantially less than the searches. We can obtain a cost once we have details of your transaction.
How long will my Mortgage Application take?
The average mortgage or re-mortgage will take between 6-8 weeks.
Stages of the Process
The precise stages involved in the mortgage application of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: -
- Taking your instructions and giving you initial advice.
- Undertaking regulatory checks.
- Receiving and advising on contract documents.
- Advising the mortgage offer and its conditions.
- Giving you advice on all documents and information received.
- Advising you on joint or shared ownership.
- Sending final mortgage deed to you for signature.
- Registering the Charge on the property.
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.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.
The following fee earners handle Mortgage and Re-Mortgage matters:
Christina Dianellou is a Senior Qualified Solicitor with 15 years PQE. Christina qualified in 2005 and specialises in all areas of residential and commercial property mortgages and remortgages.