Mortgage / Remortgage Freehold/Leasehold Property

Most solicitors charge a fee proportionate to the value of the funding, so the fee you will pay depends on how much you are borrowing, together with a number of factors, including the complexity of the title, who your lender is and what they instruct us to do for them for example if your mortgage lender asks us to comply with additional requirements other than submitting a standard certificate of title on completion this will increase the cost of the service.

We will be happy to provide you with a full estimate of the cost when we have details of your intended transaction

Our fees range from £450.00 +VAT at 20% for a freehold property securing a mortgage of £100,000, to £1550 VAT at 20% for a leasehold property securing a mortgage of £500,000.

Our fees cover all of the work required to complete  the mortgage/remortgage of your home.

We have set out below an example of a quote for a freehold mortgage of £250,00.00

· Legal fee £650.00 

· VAT on legal fee at 20% £130.00

· Electronic money transfer fee £40.00

· VAT on electronic money transfer at 20% £8.00

· Subtotal £828.00

Disbursements are costs related to your matter that are payable to third parties, such as HM Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process

· HM Land Registry fee £150.00

· HM Land Registry Final searches £60.00 (Inc VAT) at 20%

· Electronic Identity verification compliance fee — £54.00 per person (Inc VAT) at 20%

· Official copies of each title document relating to your property, from HM Land Registry.

  These documents generally cost from £14.40  (Inc VAT) at 20% each

.Subtotal £278.40

.Estimated total: £1106.40

Hourly rates

It may be necessary to agree an hourly rate with you, if it is not possible to give you an accurate estimate of the likely costs involved. Hourly rates are based on the qualification and experience of your legal representative.

These rates are currently:

Partner / Senior Consultant         £350.00 - £450.00 per hour +VAT at 20%

Junior Consultant                         £250.00– £300.00 per hour +VAT at 20%

Other transactions and additional fees

The above example quotation is set out on the basis of a transaction at £300,000 our fees vary depending on a number of factors such as complexity and Loan value. Below is a table showing how the fees can vary in this regard.

                   Loan Amount                           Legal Fee for Re- Financing

          Upto£250,000                            £450.00 -£650.00 + VAT at 20%

          £250,000- £450,000                 £650.00- £1050.00. + VAT at 20%

          £500,000-£1,000,000               £1050.00- £1550.00+ VAT at 20%

Searches may be required by your lender Search pack fees £250-£600

VAT on search fees (based on £250) at 20% £50

Time frame for how long Mortgage/Remortgage will take?

Generally speaking, our work should take between two and six weeks to complete but this depends on many factors, including the speed of your searches, mortgage offer and the co-operation of all parties.

The Key Stages of a Mortgage/Remortgage

The precise stages involved in a re-mortgage of a residential property vary according to the circumstances. However, the key stages we will need to carry out for your re-mortgage are:

· Take your instructions and give you initial advice

· Obtain copies of and investigate title to the property on behalf of the mortgage lender

· Carry out searches (or obtain search insurance)

· Report to you on the mortgage offer

· Request mortgage funds

· Complete your re-mortgage

· Deal with application for registration at Land Registry

Our fee assumes that:

· 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 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

Your Re-Mortgage will be dealt with by Ozma Ali who is a qualified solicitor who has specialized in conveyancing for over 20 years and has a wealth of experience. Please do not hesitate to contact her on 0204 513 1296 or by email, to ozma.ali@glamissolicitors.com