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Please note our fees are subject to VAT, this tax is set by the UK government and is currently 20%.
Our fixed fees cover all of the work* outlined in the ‘stages of the process’ text below, these steps are what is required to complete the remortgage of your property, including satisfying the requirements of your new lender and dealing with registration at the Land Registry.
Our fixed fees for a standard re-mortgage* start from :
Legal fees: £650.00
If the property being re-mortgaged is leasehold we charge an additional fee of £200.00 plus VAT.
Our fees for a Transfer of Equity start from £700 plus VAT.
Please call us now to speak directly to one of our conveyancing team on 0191 2438167 to arrange a free, no obligation quote or email us at Hayley.Baker@davidgray.co.uk and one of our team will get back to you.
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.
There are certain disbursements which will be set out in the individual lease (if leasehold) relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the conditions of your new mortgage offer.
The disbursements below as based on the property being valued at £150,000:
|HM Land Registry fee||£100.00||This is based upon the property value or price paid and is shown at
VAT is not applicable
|Land Registry search||£3.00||VAT is not applicable|
|Bankruptcy searches||£2.00||(per name on the new mortgage product)
VAT is not applicable
|ID verification||£26.00||VAT is not applicable|
|Mortgage lender panel fee||£30.00||(not always applicable) includes VAT|
|Copies of the Register||£6.00||(£12 – £30 if leasehold) VAT is not applicable|
|Total||£167.00||Please note this does not include Stamp Duty or additional leasehold disbursements (discussed below)|
In certain circumstances additional fees are chargeable which are outlined below:
|Item||Amount £||VAT £||Total £|
|ID verification fee per name on new mortgage||26||0||26|
|Buying residential property through a business/company||250||50||300|
|SDLT admin fee||45||9||54|
|Payment admin fee (TT)||25||5||30|
|Foreign funds admin fee for investigation of source of funds outside the EU/UK||100||20||120|
Your new lender will likely accept search insurance rather than a full set of searches. The cost of search insurance depends on the value of the property. For a re-mortgage of a property worth £150,000 the search insurance would be £17.00 – £20.00 (depending on insurance provider).
With a leasehold property there is also likely to be specific additional disbursements which will vary from property to property and can on occasion be significantly more than the ranges given below. We can give you an accurate figure once we have sight of your specific documents.
These additional disbursements can include:
The average remortgage process takes between 6-8 weeks. It can be quicker or slower, depending on the conditions and requirements of your new lender. For example, a small number of lenders will not accept search insurance and will insist on full searches being carried out, which take on average 4-6 weeks to be returned.
If you are remortgaging a leasehold property that requires an extension of the lease, this can take significantly longer, between 4-8 months. In such a situation additional charges would apply, which would discussed with you.
Stages of the process
The precise stages involved in the remortgage of a residential property vary according to the circumstances. Our work usually includes the following:
We will not be able to advise you on Capital Gains Tax or VAT (if applicable), or any planning permission/building regulations approval (if required).
Extra fees (not included in the above quote) may be added if any of the following apply to your case:
Property work will be undertaken by our property team displayed below, all team members are supervised by Cliff Veitch.
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