The information below has been written to provide guidance in relation to our fees and services in dealing with a property remortgage.
What does our estimate include?
Our fees cover all of the work required to complete the remortgage of a property, including:-
- Communicating with you and your mortgage provider, as necessary, to facilitate a smooth transaction.
- Obtaining the title registers from the Land Registry and establishing your ownership.
- Liaising with your current mortgage provider to obtain a settlement figure for the redemption of your current mortgage.
- Review the conditions of your mortgage offer.
- Report to you with the mortgage deed for your signature.
- Carry out a Local Authority search, drainage and water search, environmental and flood search and, where necessary, a mining search or obtain search indemnity insurance, in satisfaction of your lender’s mortgage conditions.
- Advise you on the results of the searches.
- Agree a completion date with your lender to complete your remortgage.
- Obtain pre-completion searches.
- Preparing a detailed financial statement for you in relation to the remortgage in anticipation of completion.
- Facilitating the completion of the remortgage and making such payments, as are necessary, to you and your current lender.
- Attend to the registration of your ownership at the Land Registry.
- Retain a copy of your file on record for a minimum of seven years for your information purposes.
Disbursements are costs related to your matter that are payable to third parties, such as the Land Registry document fees and searches.
We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements, which are strictly necessary, are set out in your conveyancing estimate. This list is not exhaustive and other disbursements may apply depending on your specific transaction.
What does our fee estimate assume?
Our fee estimate assumes:
- 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 property you are buying is registered with the Land Registry.
- 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 third parties providing documentation.
- No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
- The property is not subject to a management company or rent charge for the common areas of an estate, which you are required to contribute to.
- There is only one mortgage (source of funds) being obtained for the purchase.
How long will my remortgage take?
How long it will take from your offer being accepted until completion will depend on a number of factors. The average process takes between 3 to 5 weeks. It can be quicker or slower, depending on the speed at which the mortgage is issued.
What is not included in my fee estimate?
When a matter becomes more complicated or more work is required on our part, it may be necessary to adjust our fee estimate to account for our additional fees. In the spirit of full transparency, we have prepared a list of the most common occurrences that are not included in your fee estimate together with an explanation of the additional work required and our fee for carrying out the additional work. A copy of this list is provided with your fee estimate at the outset and can also be found here.
Our fee estimates, unless expressly stated, apply only to individuals and does not apply to corporate clients.