When mortgaging your freehold or leasehold property, provided that matters proceed in the normal course, the costs that you can expect are as follows:
Our legal fees
Minimum fee: £954 including VAT at 20%
Average fee: £1,074 including VAT at 20%
Our fees are calculated based upon the price and complexity of matters that affect the property.
You can also expect to pay the following additional costs:
Estimated local search fee: £264 including VAT at 20%
Land Registry fee for copy title: £3.60 including VAT at 20%
Land Charges Registry search fee: £4.80 including VAT at 20%
Land Registry search fee: £3.60 including VAT at 20%
Landlord’s notice fee (estimated): £180 including VAT at 20%
Land registration fee*
Funds transfer fee to repay existing mortgage: £39.60 including VAT at 20%
Funds transfer fee to remit the net balance to you: £39.60 including VAT at 20%
* These are available to view on the Land Registry website which you can access by clicking here.
What work do our fees cover? To:
- obtain and check title to the property;
- carry out any necessary searches and check these;
- review replies given to enquiries in connection with the property;
- for a leasehold property, review the lease, freehold title, and management information;
- obtain an initial redemption figure if there is an existing mortgage;
- consider our instructions from your lender and advise you on your mortgage offer;
- set up completion and send the certificate of title to the lender;
- obtain a firm redemption figure at the completion date;
- prepare a completion statement and obtain any balance monies required;
- carry out Land Registry and Land Charges Registry searches;
- complete the re-mortgage and account to you for any balance monies;
- redeem the existing mortgage and obtain evidence of discharge;
- give any notice of charge required under your lease; and
- register the mortgage at the Land Registry.
How long can you expect this to take?
The average time frame is between 3 and 5 weeks.