Call Us
Email Us
Remortgaging a Property
In this section
Meet the team
The work we do
Berry Redmond Gordon & Penney's experience and knowledge of remortgaging ensure that we can provide you with a professional and comprehensive service that will give you peace of mind.
Meet the team
RESIDENTIAL CONVEYANCING – A GUIDE TO OUR FEES
The purpose of this guide is to provide clear and easily understandable information about the main types of residential conveyancing work that we deal with, the professionals within the firm who undertake this work together with an indication of how long these transactions typically take and how much they cost.
OUR FEES
Legal Fees – Remortgage of Residential Property
| Remortgage amount: | Fees and payments: | VAT (@ 20%): | Fee: |
|---|---|---|---|
| Up to £299,999 | Legal Fees Legal Fees Total | £150.00 | £750.00 £900.00 |
| £300,000 - £399,999 | Legal Fees Legal Fees Total | £170.00 | £850.00 £1020.00 |
| £400,000 - £499,999 | Legal Fees Legal Fees Total | £190.00 | £950.00 £1140.00 |
| £500,000 - £599,999 | Legal Fees Legal Fees Total | £210.00 | £1050.00 £1260.00 |
| £600,000 - £699,999 | Legal Fees Legal Fees Total | £230.00 | £1150.00 £1380.00 |
| £700,000 - £799,999 | Legal Fees Legal Fees Total | £250.00 | £1250.00 £1500.00 |
| £800,000 - £899,999 | Legal Fees Legal Fees Total | £270.00 | £1350.00 £1620.00 |
| £900,000 - £999,999 | Legal Fees Legal Fees Total | £290.00 | £1450.00 £1740.00 |
For remortgages of £1,000,000.00 and above please contact us for a personal estimate.
Disbursements on Remortgage Transactions:
Stamp Duty (or Land Tax in Wales)
Stamp Duty will not normally be payable on a straightforward remortgage transaction however, where the remortgage takes place in conjunction with a Transfer of Equity a Stamp Duty charge can sometimes arise. If you are remortgaging in conjunction with a Transfer of Equity, additional charges will apply as well as the possible Stamp Duty charge. Please contact us with full details so that we can provide you with a personal estimate.
Local Authority/Drainage/Environmental Searches
On the majority of remortgage transactions the Lender will require us to undertake the usual conveyancing searches in order to provide them with the required Certificate of Title in respect of the property. We would normally obtain a search package provided by an accredited Personal Search Agency. This would include a Local Authority Search, Water and Drainage Search and an Environmental Search and the cost of this search package is £180.00 inclusive of VAT.
Some Lenders will accept search insurance in place of obtaining full searches. The cost for search insurance varies on a case by case basis. Please contact us for details when you have full details of your transaction.
Pre-Completion Search Fees
These are Land Registry searches against the property title and against each purchaser and are undertaken prior to completion.
The Land Registry search fee is £10.20 and the bankruptcy search fee per individual is £9.00
Land Registration Fee
This depends on the valuation of the property being remortgaged and the table below sets out the current Land Registration Fees.
| Property valuation | Registration fee |
|---|---|
| 0 to £100,000 | £45 |
| £100,001 to £200,000 | £70 |
| £200,001 to £500,000 | £100 |
| £500,001 to £1,000,000 | £145 |
| £1,000,001 and over | £305 |
The Land Registry fees quoted above are reduced fees which are payable in the majority of cases where we are able to deal with the registration on the Land Registry Portal. Generally, this applies to the registration of charges involving the whole of an existing registered title. Transactions which will be subject to the full registration fee will be those where the property title is not already registered at the Land Registry.
Additional Disbursements for Remortgages of Leasehold Properties
In addition to the disbursements set out above in respect of the remortgage of freehold properties, leasehold transaction will usually also involve payment of the following further disbursements:
- Notice of Charge fee – this fee is set out in the Lease and is normally the same as or similar to the Notice of Transfer fee.
- Certificate of Compliance fee – this fee is charged by the Management Company and will vary from Lease to Lease. We will confirm the fee to you, if applicable, when we prepare the Financial Completion Statement.
Please note: The above estimates provided are an indication only of the likely costs and are subject to confirmation via personal estimate provided by the branch you intend to use and subject also to our terms of business. The sale estimates above are based on the sale of a single registered title and fees may increase where the title to the property is unregistered or where the property comprises more than one title.