Our fees cover all of the work required to complete your purchase with a mortgage or remortgages.
Fees, Disbursements and VAT
| Freehold | Leasehold | |
|---|---|---|
| Legal Fees | £2,500 plus VAT at 20% | £2,750 plus VAT at 20% |
| Land Registry Fee | £125 | £125 |
| Land Registry Search | £20 | £50 |
| Search Pack (including Local/Drainage and Water/ Environmental/ Chancel) | £510 plus VAT at 20%* | £510 plus VAT at 20%* |
| Notice Fees | N/A | £100 plus VAT at 20%* |
| Landlord’s Consent | N/A | £250 plus VAT at 20%* |
| Telegraphic Transfer | £48 plus VAT at 20%* | £48 plus VAT at 20%* |
| TOTAL (approximate including VAT at 20%) | £3,805 | £4,505 |
Scope of work
A broad outline of the work we undertake in a Mortgage, is as follows:
- In some circumstances, acting for both bank and borrower in a mortgage transaction, if permitted by the bank. In other circumstances, representing either one of the bank or the borrower.
- Coordinating of all matters between you and the bank.
- Conducting full due diligence on the legal title of the property; carrying out local searches; raising management enquiries (where applicable); advising or preparing loan and charge documentation.
- If we are acting for the bank, then we will prepare and submit a certificate of title once all due diligence is complete. If we are acting for borrower only, we will satisfy the bank’s lawyers on the due diligence.
- Registering the bank’s interest with the Land Registry and deal with any post-completion matters. As above mentioned, the fees quoted are approximate indicators, and presume a straightforward transaction without unforeseen complications.
A broad outline of the work we undertake in a Remortgage is as follows:
- The stages involved in your re-mortgage can vary. Some key stages to your re-mortgage that may take place are:
- Writing to the existing mortgage lender to request a redemption statement to check monies owed;
- Obtaining up to date title entries from the Land Registry, carrying out searches and sending these to the new lender’s Solicitor; Answering enquiries raised by the new lender’s Solicitor;
- In Leasehold matters, obtaining a copy of your lease and provide it to the new lender’s Solicitor;
- Reviewing the mortgage offer, advising you on the terms and checking to ensure the net mortgage advance will suffice to redeem your current mortgage;
- Requesting a final redemption statement from your existing mortgage lender;
- Carrying out searches on your title prior to completion to ensure no notices have been recorded and sending to the new lender’s Solicitor;
- Requesting your new mortgage lender to send us monies to complete your re-mortgage; Redeeming (paying off) your existing mortgage;
- Registering the new mortgage against the title to your property.
Assumptions
As above mentioned, the fees quoted are approximate indicators, and presume a straightforward transaction without unforeseen complications. There are many factors which could impact the fees above, and a non-exhaustive list of factors is as follows:
- Liaison with separate solicitors for your mortgage lender;
- The property is unregistered;
- The property is a new build;
- There is a requirement for Islamic finance;
- The purchase is taking place at an auction;
- Where the client is based overseas or is a company which includes enhanced due diligence;
- A defect in title which requires remedying prior to completion or preparation of additional documents ancillary to the main transaction;
- Additional disbursements may apply if indemnity policies are required.
Our legal fees will always reflect the estimate given unless new or unforeseen circumstances arise. Should this be the case, we will produce a revised estimate of our fees
Timescales
A number of factors can determine how long it will take to completing such transactions. The average process takes between 4-8 weeks. In remortgages, it can be quicker or slower, depending on the requirements of the new lender and the complexity of the matter.