FREEHOLD RE-MORTGAGE
EMW are pleased to offer a high quality conveyancing service to our clients. Each transaction is handled by a dedicated person with the necessary experience to see it through from beginning to end, together with a support team that will ensure you are provided with the information you need at the time you need it. Our fees information reflects the personal service we provide and is fully inclusive to include all elements of the work needed to complete your transaction to ensure full transparency. Unlike some firm’s there are no hidden charges. As part of your transaction we will incur third party costs on your behalf; we call these disbursements and they are charged in addition to our fees. Disbursements are things we have to incur as part of the transaction. An indication of the disbursements you would expect to incur on an average transaction is set out below.
A combination of the fees and disbursements quoted form the total fee you will be charged.
ESTIMATE OF HOW LONG IT USUALLY TAKES
We would usually expect a freehold re-mortgage to take 8-10 weeks from receipt of the mortgage offer from your mortgage lender. It is important to note that there are many things that can have an effect on the timescale of your property transaction. The progress depends on input from you, including providing funds on account promptly and meeting our ID requirements for new clients, the solicitors acting for other parties, mortgage lenders, estate agents and other third parties who may be or become involved. Some transactions happen more quickly than the timescales we have estimated above, whereas some can take longer.
Factors which can affect the time it takes to reach completion include:
- The length of the chain and how many other parties/properties are involved.
- Whether there are any issues with the property you are buying, selling or re-mortgaging.
- The time of year – the run up to the end of the tax year (the end of February to the first week of April) can become extremely busy, as can the run up to Christmas (mid-November to Christmas). It can also be difficult to agree completion dates over the school summer holidays as often parties involved in the transaction are away at different times.
If you have a specific timescale in mind, we will do our best to achieve it.
Estimate of average cost
| Value | Cost |
|---|---|
| up to £300,000.00 | £1,350.00(plus VAT @20%) |
| up to £500,000.00 | £1,500.00(plus VAT @20%) |
| up to £800,000.00 | £1,900.00(plus VAT @20%) |
| up to £1m | £2,100.00(plus VAT @20%) |
| over £1m | 0.30% of property value(plus VAT @20%) |
Assumptions
For a normal transaction of this type, with a cost estimate in this range, we have made the following assumptions:
- that this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
- that this is the re-mortgage of a whole of a title number and does not include any transfers of land
- that the transaction is concluded in a timely manner and no unforeseen complications arise
- that all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
- that no searches are required and your lender is content to proceed with search indemnity insurance
- that no additional indemnity policies are required save for search indemnity. Additional costs and disbursements may apply if indemnity policies are required
- that the property is not a listed building, does not have a Help to Buy or Housing Act Charge attached to it
- that all necessary planning permissions, building regulations approvals/completion certificates and restrictive covenant consents have been obtained
- that the property is not tenanted, that the mortgage will not be a buy-to-let mortgage and that we are not required to review any tenancy agreements
- that the property is not owned by and will not be re-mortgaged in the name of a limited company
Disbursements
Disbursements will be charged in addition to our fees. For this type of work, we expect the following disbursements to be incurred:
| Disbursements | Cost |
|---|---|
| Search indemnity insurance | £15.00 -£150.00 (depending on the value of the property) |
| Bankruptcy searches | £2.40 (inc of vat) per name searched |
| Land Registry priority searches | £3.60(inc of vat) per title number searched |
| Land Registry registration fee | This is calculated on the basis of the Land Registry Fee Scale and varies depending on the value of the property and the type of transaction |
| CHAPS/TT fee | £40.00(inc of vat) for each TT we send. This will be required to send the purchase money to your seller’s solicitors |
| Title documents | Approx £24.00(inc of vat) This vary depending on how many documents are registered on the property’s title register, but each document is usually £3.60 (inc of vat) |
Additional Information
If the work you need us to do for you does not fit into the normal range of service we have set out in this illustration, please speak to us and we will be happy to give you a full detailed scope of fees.
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