Freehold remortgages
Our fee £150 plus VAT and disbursements.
The disbursements will always include a Land Registry fee of at least £40 to register the mortgage and other fees of at least £24 plus VAT to obtain copy documents and carry out Land Registry and bankruptcy searches on behalf of the lender. Whether other disbursements are incurred, and the cost of these, will depend upon the requirements of your chosen lender. Usually a lender will either insist on legal searches (typically costing between £150 and £200) or legal search insurance (typically between £20 and £30). Sometimes it will also be appropriate for us to incur bank transfer fees.
For a freehold remortgage the total cost to you will usually be between £275 and £450. We cannot be more precise until the exact requirements of the lender are disclosed in the lender's formal mortgage offer.
We can also help with less straightforward remortgages (for example where a second secured loan is not being repaid or the property involved is tenanted) but you will need to contact us during our office hours to obtain an estimate of our fees and the other expenses involved.
Leasehold remortgages
We do not recommend that people remortgage leasehold properties. This often involves more expense than on a purchase of a leasehold property. On a purchase the expenses are shared between seller and purchaser. The same costs involved on a remortgage fall entirely on the owner and can be out of proportion to the benefits of the remortgage. It is no surprise to us that lenders who offer remortgages with "free" legal fees often exclude leasehold properties from these deals.
If you do want to remortgage a leasehold property then please call to obtain details of the costs.