Mortgages and re-mortgages
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: £1,554 including VAT at 20% (Freehold), £1620 including VAT at 20% (Leasehold)
Average fee: £1,620 including VAT at 20%
Our fees are calculated based upon various factors that include the value of the mortgage, the complexity of the lender’s requirements and of matters that affect the property, the desired timescale for the transaction and capacity at the time of instruction. Please contact us so that we can provide an estimate of costs tailored to your intended transaction.
You can also expect to pay the following additional costs:
Our admin fee for customer due diligence: £24 (per client) including VAT at 20%
Electronic source of funds verification (if required): £12 including VAT at 20%
Estimated local search fee: £264 including VAT at 20% **
Drainage search fee (estimated): £93 including VAT at 20% **
Environmental search fee: £94 including VAT at 20% **
Land Registry fee for copy title: £16.80 including VAT at 20%
Land Registry registration submission fee: £6 including VAT at 20%
Land Charges Registry search fee per borrower: £7.20 including VAT at 20%
Land Registry search fee: £8.40 including VAT at 20%
Any fee (usually not exceeding £30) charged by the Land Registry for a copy document referred to in your title.
Landlord’s notice fee (estimated): £180 including VAT at 20%
Land registration fee*
Our money transfer fee to repay existing mortgage: £54.00 including VAT at 20%
Our money transfer fee to remit the net balance to you: £54.00 including VAT at 20%
* These are available to view on the Land Registry website which you can access by clicking here.
** Some lenders will require us to obtain these searches and some may not. We will confirm the position during the transaction.
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.
* Last updated November 2024
