All four of our offices in York , Malton , Pickering and Selby have their doors open to the public for pre-booked appointments from Monday to Friday 9am-5pm. We ask you to continue to wear a face covering (unless you are exempt), hand sanitise and...
Mortgage or Remortgage of a residential property
We have been awarded Best Regional Conveyancing Firm of the Year North East & Yorkshire at the 2019 LFS Conveyancing national Awards, acknowledging our high quality conveyancing services for clients.
Our fees estimates cover all of the work required to complete a standard mortgage or remortgage of your property including dealing with registration at the Land Registry.
Our legal fees
- Legal fee range is typically : £400 - £600 (plus VAT at 20%)
- Electronic money transfer fee* per transfer is : £30 (which includes our handling charge of £21) (plus VAT at 20%)
- VAT payable : £86 - £126
- Subtotal : £516 - £756 inclusive of VAT
For this type of work we charge an overall fixed fee. If our fixed fee work needs to be discussed with you dependent on your circumstances we will do this with you.
*In addition to our legal fees, we charge a fee for transferring money electronically. Our handling fee for this varies but will be no more than £21 plus VAT at 20%, meaning the total for the money transfer will be no more than £30 (plus VAT at 20%).
Referral fee (if any)
If our firm pays a referral fee, the maximum we pay is £125 (plus VAT at 20%). If we pay a referral fee, this will be detailed in your Client Care Letter so that you know how much and who we have paid the referral fee to on your matter. A referral fee is not payable by you.
Estimated total : £516 - £756 inclusive of VAT at 20%
Payments to others in all cases
Payments to others (or "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.
- HM Land Registry fee re official copies: £6-£18 (No VAT applicable)
- HM Land Registry Registration fee - this depends on the value of the mortgage. The range is : £20-£910 (No VAT applicable)
- Search fees: £170-£250 inclusive of VAT at 20% (or if the mortgage lender accepts it, we can put in place no-search indemnity insurance. A quote is obtained for each individual matter but the price ranges between £10-£55 inclusive of Insurance Premium Tax)
- Land Registry search fee - £3 per title number (plus VAT at 20%)
- Land Charge search fee - £2 per person named on the mortgage (plus VAT at 20%)
- Stamp Duty Land Tax. Whilst not something which automatically comes to mind when remortgaging a property, this may need to be considered if there is a change of ownership of the property at the same time as the new mortgage completes. You can use the governments online calculator however this is more suited to straightforward purchase transactions, and we would ask you to please contact us if you are transferring ownership of the property, so that we can tailor the SDLT calculation to your personal circumstances
The government decision to provide a stamp duty land tax holiday means that the property industry as a whole is facing unprecedented demand. We have seen the average time of a transaction increase significantly due to matters outside of our control. The impact of coronavirus nationwide restrictions and the requirement for all to work from home as much as possible means that we are seeing both solicitors and their clients experiencing delays with obtaining things such as surveys, mortgage offers, local authority searches.
The SDLT holiday is being phased out from 30th June, and this means that those buying a property which is over £250,000 will have SDLT to pay (albeit at a slightly reduced rate) if completion takes place on or after 1st July 2021. If you are buying for £250,000 or less, you may benefit from a zero rate SDLT if you complete your purchase by 30th September. The applicable rate of SDLT will be dependent upon your circumstances.
SDLT will therefore be calculated based on a clients personal circumstances once we have all information to hand.
In relation to leasehold –
- Notice of Charge fee for leasehold properties. Often the fee is between £50-£250 (plus VAT at 20%) *
- Certificate of Compliance fee – to be confirmed upon receipt of the lease, as can range between £100-£500 (plus VAT at 20%) *
*These fees vary from property to property as they are set by individual landlords and management companies. This means that on occasion they can be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Estimated grand total : £557 - £1,939 inclusive of VAT at 20%*
*We have listed the minimum payable for fees and disbursements to the maximum but only for freehold properties as we are unable to gauge what the leasehold disbursements will be until we act on an individual case.
Mr and Mrs Peacock are remortgaging their registered freehold house. There will be no change of ownership. The amount they are borrowing from the mortgage lender is £175,000.
Bank transfer fee (which includes our handling charge of £21)
Land Registry search
Land Charge search
(£2 per person)
No-search indemnity insurance
Land Registration fee
Total inclusive of VAT
How long will my mortgage or remortgage take?
How long it will take will depend on a number of factors. The average process takes between 3 and 5 weeks from our receipt of your new mortgage offer with many of the below stages of the process taking 1-3 days typically.
Stages of the process
These are the key stages of the process:
- Take your instructions and give you initial advice, to include calculation on SDLT liability tailored to your personal circumstances.
- For a remortgage – obtain redemption figure from existing mortgage lender.
- Check finances are in place to fund mortgage or remortgage and contact lender’s solicitors if needed.
- Receive and advise on the mortgage offer.
- Carry out searches/implement no-search indemnity insurance.
- Conduct due diligence checks on your legal title.
- Go through conditions of the mortgage offer with you.
- Send mortgage deed to you for signature
- Agree completion date.
- Arrange for all monies needed to be received from lender and you.
- Carry out final Land Registry and Land Charge searches.
- Complete the new mortgage.
- Pay off your old mortgage.
- Deal with application for registration at Land Registry.
- For a leasehold – deal with Lease requirements.
You can get an instant conveyancing fee estimate online using our Online Conveyancing Tool.
You can see the legal advisers who work in our Residential Conveyancing Team.
We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we have provided, please inform us immediately so that we can do our best to resolve the problem.