Remortgaging - Cost and Timescale Guidelines
We have 5 offices who undertake Residential Conveyancing and various members of the team who may work on your matter. Your transaction will be allocated to a member of the team who will oversee the day to day running of it. They will be supervised by Jill Cochrane, Director and Head of Residential Property.
Please follow the links below to view Jill's profile and other members of our Residential Conveyancing Team
Our fees for providing remortgage services are based on the value of the property as below. Any property over £700,000 will require a bespoke estimate.
|Freehold / Leasehold||Property Value||Battens Legal Fees excluding VAT|
Our standard legal fee may need to be reviewed if:
- Your transaction becomes unusually complicated or protracted
- A delay is incurred due to parties in the chain being uncooperative or delays in receiving information from third parties
- Indemnity Policies are required. Additional disbursements and charges may apply if Indemnity Policies are required
- The property is not registered at the Land Registry or there is a defect in the title that requires remedying prior to completion
For an accurate quote, with no obligation, please email us.
Bank Transfer Fee
If you have an existing mortgage, you will be need to pay a Bank Transfer fee of £30 plus VAT (at the current rate) to redeem your mortgage with your current lender.
Subject to your new Lender’s approval, they may agree to Search Indemnity Insurance which can be obtained at the approximate cost of £30-£60 (inc VAT at the current rate). Alternatively, search fees of approximately £250 - £350 (inc VAT at the current rate). Please see under Purchase for details of the searches which may need to be obtained.
HMLR Fees (Land Registry)
We will require an up to date copy of your deeds/title from the Land Registry the cost of which is £3.00 (inc VAT) per title.
A fee will be payable to register a new lender to your title. The fee depends on the remortgage amount of your property and whether the property you are remortgaging is registered/unregistered. Also if the submission of your application to register the lender is is available via the HMLR portal. We would recommend that you view the fees set out by the Land Registry via the link below. We will confirm at the earliest opportunity to you, the actual cost of the Land Registry fees. The value of the charge is the amount you intend to borrow from your Lender and Scale 2 fees apply with a remortgage.
Pre Completion Search Fees
As you are having a mortgage on your property, we will need to undertake a bankruptcy search. The cost of this is £2.00 (inc VAT) for each name which needs to be searched.
We are required to complete a Priority Search at the Land Registry of behalf of your Lender. This places a priority on your title in favour of the lender making a charge against the property. It also reveals any additional alterations made to the property register at the Land Registry during the course of the transaction. The cost is £3.00 (inc VAT).
Stages of the Remortgaging Process
- Take your instructions and give you initial advice
- Liaise with your mortgage broker and lender
- Receive and review mortgage offer
- Apply for title entries and check title
- Check lender’s requirements on searches and further enquiries
- Give you advice on all documents and information received
- Obtain a mortgage settlement statement from your existing mortgage lender
- Explain mortgage deed to you and obtain signature
- Deal with lender’s requirement regarding any adult occupier at the property
- Agree a completion date
- Provide certificate of title to new mortgage lender
- Arrange for all monies to be received from lender and pay funds to clear existing mortgage
- Complete remortgage
- Account to you with the net proceeds and deal with registration at the Land Registry
We are unable to provide an exact timescale but can advise that the average timescale for completion of a remortgage is 4-6 weeks. Upon receipt of your mortgage offer we will be able to discuss a more accurate timescale for completion depending on any conditions set out by your Lender that will need to be complied with prior to completion.
Additional Leasehold Disbursements
You may be charged additional fees by third parties such as a Landlord/Managing Agent during a Leasehold transaction. The cost of these cannot be anticipated at an early stage and will vary from property to property. Set out below are some of the additional documents which may be required and therefore could incur a fee:
- Notice of Transfer
- Notice of Charge – a fee will only be applicable if the property is to be mortgaged.
- Deed of Covenant - this fee is charged by the Management Company
- Certificate of Compliance
- Management Information Pack
We will be able to give you a more accurate breakdown of these costs once the transaction progresses.
Please note that ground rent and service charges are likely to apply throughout your ownership of a Leasehold property.