Remortgage Fees
Remortgaging your property is an important financial decision, often undertaken to secure a better interest rate, consolidate debt, or release equity. At HM & Co. Solicitors, we aim to make this process smooth and transparent by providing clear information on the costs involved. While this guide offers a general idea of remortgage fees, we encourage you to contact us for a personalised quote tailored to your specific transaction.
Typical Remortgage Fees
Our legal fees for remortgaging range from £150 to £900 (inclusive of VAT at 20%), depending on the complexity of the transaction and whether the property is freehold or leasehold.
Additional Fees (Where Applicable)
These fees are included in the general fee range but may apply based on your transaction:
- Leasehold Fee
- Banking and Bank Charges Fee
- Lawyer Checker Fee
- ID Verification Administration Fee
- OS1 Search Fee
- Office Copies Fee
- Bankruptcy Search Fee
- Fee for General Searches (local authority, water and drainage, and environmental searches)
Search Indemnity and Search Fees
Searches may be required by your lender depending on the property’s location and type. We carry out searches only if necessary.
| Search Item | Cost Range (Inclusive of VAT) |
|---|---|
| Search Indemnity Policy | £30 – £50 |
| Local Authority or Other General Searches | £50 – £70 per search |
| Mining, Brine, or Chancel Search | £50 – £70 per search |
Other Disbursements
Disbursements are payments made to third parties on your behalf and include the following:
| Disbursement | Cost Range |
|---|---|
| Land Registry Fee | £20 – £140 (depends on property value) |
We will confirm the exact disbursements applicable to your case during our initial consultation.
Important Assumptions for Our Cost Estimates
Our fee estimates are based on the following assumptions. If any of these conditions are not met, we may need to revise the quote:
- The property is registered land.
- You are obtaining a mortgage from a high street lender that does not require separate legal representation.
- No third-party consents are needed for the remortgage.
- For leasehold properties, no consent is required from the freeholder or superior lessor.
- No unforeseen issues arise, such as defects in the property’s title.
- The transaction proceeds in a timely manner without delays.
We will inform you promptly if any issues arise that may affect the cost or timeline of the remortgage.
How Long Will My Remortgage Take?
The average remortgage transaction takes around 4 weeks from instruction to completion. However, this can vary depending on:
- Delays by third parties (e.g., the lender or freeholder).
- Title complexities (e.g., leasehold or unregistered land).
- Probate or divorce proceedings affecting the property.
- Obtaining necessary documents from landlords or management companies.
Our team will keep you informed and work to resolve any issues as quickly as possible.
Stages of the Remortgage Process
A standard remortgage transaction typically involves the following stages:
- Initial Instructions: We take your instructions and provide initial advice.
- Title Review: We review the property’s title for any issues.
- Lender Requirements: We review and address the requirements of your lender.
- Mortgage Offer: We report on the terms of the mortgage offer to you.
- Reporting to Lender: We report on the title to the lender and meet their legal requirements.
- Land Registry: We register the lender’s charge at the Land Registry.
- Post-Completion Matters: We handle any remaining legal formalities after completion.
Why Choose HM & Co. Solicitors for Your Remortgage?
At HM & Co. Solicitors, we understand that remortgaging can feel complex. Our experienced team ensures the process is smooth and efficient by handling all legal aspects, keeping you informed, and ensuring you meet your lender’s requirements.
Contact Us for a Personalised Quote
For an accurate quote specific to your remortgage, please get in touch with us today.
- Visit us: 186 Lower Road, Surrey Quays, London SE16 2UN
- Call us: 0207 112 8180
- Email us: info@hmsolicitorsltd.com
Let us guide you through the remortgaging process with expert legal advice and transparent pricing.
Your Questions, Answered
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Remortgage Fees FAQs
1. What are remortgage fees?
Remortgage fees cover the legal work involved in transferring your mortgage to a new lender or renegotiating the terms of your current mortgage. These fees include:
- Legal Fees: The charges for the work carried out by our solicitors.
- Disbursements: Payments made to third parties, such as the Land Registry or search providers.
Our legal fees range from £150 to £900 (inclusive of VAT), depending on the complexity of your remortgage.
2. What disbursements are involved in a remortgage?
Disbursements are third-party costs that vary depending on the property and lender’s requirements. Common disbursements include:
| Disbursement | Typical Cost Range |
|---|---|
| Land Registry Fee | £20 - £140, depending on the property value |
| Search Fees (if required) | £50 - £70 per search |
| Search Indemnity Policy | £30 - £50 |
We will confirm any required disbursements once we understand the specific details of your remortgage.
3. Do I need to pay for property searches when remortgaging?
In most cases, lenders require property searches when remortgaging, especially if significant time has passed since the original purchase. These may include:
- Local Authority Search
- Water and Drainage Search
- Environmental Search
Alternatively, some lenders accept a search indemnity policy in place of searches, which is typically less costly.
4. Are there additional fees for leasehold properties?
Yes, leasehold properties often involve additional fees, such as:
| Fee | Typical Range |
|---|---|
| Leasehold Fee | Included within general legal fees |
| Notice of Charge (if applicable) | £25 - £300 + VAT per notice |
We will provide a breakdown of any leasehold-related fees specific to your case.
5. How long does the remortgaging process take?
On average, a remortgage transaction takes around 4 weeks. However, this can vary depending on factors such as:
- Delays from third parties (e.g., the lender or freeholder).
- Complexity of the property title (e.g., leasehold or unregistered land).
- Obtaining documents from landlords or management companies.
We will work diligently to minimise delays and keep you updated throughout the process.
6. What can cause delays in a remortgage?
Common causes of delays include:
- Third-party delays: Waiting for responses from lenders or freeholders.
- Complex titles: Issues with the property’s ownership or lease.
- Outstanding legal matters: Such as unresolved planning permission or building regulation issues.
We aim to identify and address potential delays early to keep your remortgage on track.
7. What are the stages of the remortgaging process?
The key stages typically include:
- Initial Instructions: We take your instructions and provide advice.
- Title Review: We review the property’s title for any issues.
- Lender Requirements: We address any requirements set by your lender.
- Mortgage Offer: We report on the terms of the mortgage offer to you.
- Reporting to Lender: We report on the property’s title to the lender.
- Land Registry: We register the lender’s charge at the Land Registry.
- Post-Completion: We handle any remaining legal formalities.
8. What assumptions are your fee estimates based on?
Our estimates assume that:
- The property is registered land.
- You are remortgaging with a high street lender that does not require separate legal representation.
- There are no title defects or missing documents.
- No third-party consents are required (e.g., from freeholders).
If any of these assumptions are incorrect, we will inform you of any additional costs.
9. Can I get a fixed-fee quote for my remortgage?
Yes, we offer fixed-fee quotes for most remortgage transactions. If any unforeseen issues arise during the process, we will inform you of any additional costs before proceeding.
10. How do I get a personalised quote?
For an accurate quote tailored to your remortgage, contact us today:
- Visit us: 186 Lower Road, Surrey Quays, London SE16 2UN
- Call us: 0207 112 8180
- Email us: info@hmsolicitorsltd.com
We’re here to help make your remortgage as smooth and straightforward as possible.
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HM & Co. Solicitors are so helpful from receptionists right to the solicitors. I've had a few applications made to the court, which includes a non molestation order, recovering my son's passport from his dad and also arranging visits and Felicia is such a professional, organised solicitor who knows her staff so well. She is a blessing and willing to help. She thinks outside the box, and finds solutions in the blink of an eye! Besides her expertise in this field, she will not hesitate to speak up and stand firm when necessary. I am very grateful for her and the company who are so supportive and helpful. Highly recommend!
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