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Remortgaging a Property
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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
OUR FEES
Legal Fees – Remortgage of Residential Property
| Remortage amount: | Fees exclusive of VAT: | VAT @ 20%: | Fees inclusive of VAT: |
|---|---|---|---|
| Up to £299,999 | £850.00 | £170.00 | £1,020.00 |
| £300,000 - £399,999 | £900.00 | £180.00 | £1,080.00 |
| £400,000 - £499,999 | £1,000.00 | £200.00 | £1,200.00 |
| £500,000 - £599,999 | £1,100.00 | £220.00 | £1,320.00 |
| £600,000 - £699,999 | £1,200.00 | £240.00 | £1,440.00 |
| £700,000 - £799,999 | £1,300.00 | £260.00 | £1,560.00 |
| £800,000 - £899,999 | £1,400.00 | £280.00 | £1,680.00 |
| £900,000 - £999,999 | £1,500.00 | £300.00 | £1,800.00 |
For remortgages of £1,000,000.00 and above please contact us for a personal estimate.
Third Party Payments (Disbursements)
Client Onboarding
We carry out our client onboarding through our partner firm InfoTrack. The cost of onboarding is £14.40 inclusive of VAT per person.
Stamp Duty Land Tax (or Land Transaction Tax in Wales)
Stamp Duty Land Tax will not normally be payable on a straightforward remortgage transaction. However, where the remortgage takes place in conjunction with a transfer of equity a SDLT charge can sometimes arise. If you are remortgaging in conjunction with a transfer of equity, additional charges will apply as well as the possible SDLT 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 will normally obtain a search package through our partner firm InfoTrack. This will include a Local Authority Search, Water and Drainage search an Environmental search. The cost of this search package is £180 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 borrower and are undertaken prior to completion.
The HM Land Registry search fee is currently £10.20 inclusive of VAT and the search fee per individual is £9.00 inclusive of VAT.
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 value | Registration fee* |
|---|---|
| 0 to £100,000 | £20 |
| £100,001 to £200,000 | £30 |
| £200,001 to £500,000 | £45 |
| £500,001 to £1,000,000 | £65 |
| £1,000,001 and over | £140 |
*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 HM Land Registry.
Additional Disbursements for Remortgaging 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 charge is payable to the freeholder/management company following completion of the remortgage. The cost can vary from £25 plus VAT in older leases but can rise to in excess of £100 plus VAT. We will advise you of the fee payable when we report to you.
- Certificate of Compliance fee: This fee is also charged by the freeholder/management company. The fee is often in the region of £75 to £100 plus VAT. We will confirm the fee to you, if applicable, when we report on the lease and receive the management company information.
PLEASE NOTE:
All payments to third parties included in any estimate may be subject to change.
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 subject also to our terms of business. Whilst the legal fees quoted should apply in most cases, these may be subject to change.
Our fees may also increase if your transaction involves any unforeseen issues or complications which result in extra work having to be carried out however should this happen, an estimate of any further charges will be discussed with you at the earliest opportunity and where practicable, prior to the work being carried out.
There are ordinarily very few instances where the scope of the work proves to be greater than what was initially discussed however examples of instances where costs will increase are where the legal title is defective, the title to the property or part of the property is unregistered or the property lacks certain necessary rights for example, rights of way.