Mortgages and Re-Mortgages

Mortgages of Residential Property

GHP Legal Estimated Fees for the Mortgage of a Residential Property

Our fees aim to cover all of the work required to complete the mortgage of the Property including undertaking appropriate searches subject to the Lenders requirements.  On some limited occasions search insurance can be used instead of carrying out the normal searches.

Estimated Fees and Disbursements

Up to £250,000.00                                       £400.00 plus £80.00 VAT (£480.00 with VAT)

£250,000.00 to £750,000.00                      £475.00 plus £95.00 VAT (£570.00 with VAT)

Over £750,000.00                                        £600.00 plus £120.00 VAT (£720.00 with VAT)

Additions

For Leasehold Property – additional £125.00 plus £25.00 VAT (£150.00 with VAT)

Bank Transfer Fees                                     £25.00 per Transfer plus £5.00 VAT (£30.00 with VAT)

Official Copy Entries & Plan (£3 each copy)       £12.00 plus £2.40 VAT (£14.40 with VAT)

Disbursements

These are costs related to a matter that are payable to third parties including:

HM Land Registry Fees see:

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees  We use the portal where possible.

Search fees – these will include normally Local Authority Searches including Land Charges Register of the Local Authority, Water and Drainage Search and an Environmental Search at a cost of £141.67 plus £28.33 VAT (£170.00 with VAT).

In certain areas other searches are required including for example mining searches

How Long Will My Mortgage Take to Deal With

This will depend on a number of factors many of which are outside our control including whether the Lender requires full searches or whether search insurance can be utilised.  Furthermore the actual mortgage offer and instructions can take some time to come through but on average the process will take between 3 and 6 weeks.

With a Leasehold Property the Landlord Management Company will also have requirements that need to be complied with and these could have time and cost implications including service notice of charge on the Landlord and Management Company and these fees can vary quite dramatically from just a few pounds to well in excess of £100.00 and there may also be VAT payable.

Stages of the Process

The precise stages will vary according to the circumstances.  However below we have suggested some key stages.

Take your instructions and give you initial advice,

Carry out identification checks and anti money laundering checks,

Consider in detail the mortgage offer / mortgage instructions.  The Lenders may be separately represented but we are on the panels of most Lenders so this will be quite rare.

We will check the title to the Property having obtained up to date Official Copies of Title.

Submit Searches or alternatively obtain the indemnity insurance quotations.

Check Search Results.

Check the Mortgage Documentation.

Arrange for you to sign the Mortgage Deed.

Agree a completion date.

Carry out final searches and request funds having completed a full report on title and dealt with the Lenders requirements.

Complete Mortgage and account to you for monies.

Complete the registration of the Mortgage at the Land Registry.

Serve any required notices.

Report to the Lender and yourself upon completion of registration

 

Re-Mortgage of Residential Property

GHP Legal Estimated Fees for dealing with a Re-Mortgage of a Residential Property

Our fees aim to cover all of the work required to complete the mortgage of the Property including undertaking appropriate searches subject to the Lenders requirements.  On some limited occasions search insurance can be used instead of carrying out the normal searches.

Estimated Fees and Disbursements

Up to £250,000.00                                       £400.00 plus £80.00 VAT (£480.00 with VAT)

£250,000.00 to £750,000.00                      £475.00 plus £95.00 VAT (£570.00 with VAT)

Over £750,000.00                                        £600.00 plus £120 VAT (£720.00 with VAT)

Additions

For Leasehold Property – additional £125.00 plus £25.00 VAT (£150.00 with VAT)

Bank Transfer Fees                                     £25.00 plus £5 VAT per Transfer (£30.00 with VAT)

Official Copy Entries & Plan  (£3 each copy)                    £12.00 plus £2.40 VAT (£14.40 with VAT)

Disbursements

These are costs related to a matter that are payable to third parties including:

HM Land Registry Fees see:

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees  We you the portal where possible.

Search fees – these will include normally Local Authority Searches including Land Charges Register of the Local Authority, Water and Drainage Search and an Environmental Search at a cost of £141.67 plus £28.33 VAT (£170.00 with VAT)

In certain areas other searches are required including for example mining searches

How Long Will My Re-Mortgage Take To Come Through

This will depend on a number of factors some of which are outside our control including dealing with the Lenders requirements particularly if they require full searches or whether search indemnity insurance can be utilised.  On average however the process will take between 3 and 6 weeks.

In addition if you have a Leasehold Property there may be additional requirements particularly from the Landlord and from any Management Company which could also have cost implications including service notice of charge on the Landlord and Management Company and these fees can vary quite dramatically from just a few pounds to well in excess of £100.00 and there may also be VAT payable.

Stages of the Process

The precise stages will vary according to the circumstances.  However below we have suggested some key stages.

Take your instructions and give you initial advice,

Carry out identification checks and anti money laundering checks,

Consider in detail the mortgage offer / mortgage instructions.  The Lenders may be separately represented but we are on the panels of most Lenders so this will be quite rare.

We will check the title to the Property having obtained up to date Official Copies of Title.

Obtain redemption figures for each existing mortgage.

Submit Searches or alternatively obtain the indemnity insurance quotations.

Check Search Results.

Check the Mortgage Documentation.

Arrange for you to sign the Mortgage Deed.

Agree a completion date.

Request a final redemption figure or figures.

Carry out final searches and request funds having completed a full report on title and dealt with the Lenders requirements.

Complete Mortgage and repayment of your existing mortgage.

Account to you for monies.

Complete the registration of the Mortgage at the Land Registry.

Serve any required notices.

Report to the Lender and yourself upon completion of registration.

Our Team

To find out more about our team, their experience and qualifications of those who may be working on your matter. Click Here.

Hywel Jones

Hywel Jones

Partner

Part of our Property team in Oswestry

Richard Lloyd

Richard Lloyd

Partner

Our Senior Partner and Head of the Property team in Oswestry