Our fee covers the work required to complete the mortgage or remortgage of a residential property, including redeeming any current mortgage and dealing with registration of your new mortgage at HM Land Registry.
Our fee will depend on the value of the property, whether the property is a leasehold or a freehold property and the complexity of your particular transaction.
|Up to £250,000
||£650 plus VAT (£780 in total)
|£250,001 – £499,999
||£750 plus VAT (£900 in total)
|£500,000 – £999,999
||£850 plus VAT (£1,020 in total)
|£1,000,000 – £1,499,999
||£995 plus VAT (£1,194 in total)
|£1,500,000 – £2,000,000
||£1,350 plus VAT (£1,620 in total)
||Please call to discuss further
If the property is Leasehold there will be a further fee of £100 plus VAT (£120 in total)
If you are doing a transfer of equity at the same time, there will be a further fee of £150 plus VAT (£180 in total)
|Transfer of Equity
|Up to £250,000 freehold
||£550 plus VAT (£660 in total)
|Above £250,001 freehold
||£650 plus VAT (£780 in total)
||£795 plus VAT (£954 in total)
|If the property includes a remortgage, add £150 plus VAT (£180 in total)
What may impact on the level of fees?
Factors which could affect the overall costs include:
- If the property includes a Transfer of Equity (ie to transfer the property into different names)
- If the title of the property you are mortgaging is not already registered at HM Land Registry
- You are mortgaging or re-mortgaging an investment property which is subject to a tenancy agreement which we will review and advise your lender about
There are some factors which will not be known until after the transaction commences which means that extra work is required. We will advise you about any additional fees if and when such issues arise. However, the matters listed below are some of the situations that may arise for which additional fees will apply:
- There is a defect in title, for example, the whole or part of the title has a possessory title or a title based on adverse possession, or the title does not have necessary rights of way, and requires us to prepare a statutory declaration (it is also likely that indemnity insurance will be required: £150 plus VAT (£180 in total)
- There is a Transfer of Equity and the lease or other provision in the title documents requires you to enter into a deed of covenant: £100 plus VAT (£120 in total)
- There is a Transfer of Equity and a separate Declaration of Trust is required: £250 plus VAT (£300 in total)
In the vast majority of cases we will provide you with a fixed fee based on the above ranges once we have spoken to you and gathered all necessary information. Where we are unable to offer you a fixed fee we will provide you with a fee estimate based on the time we believe your mortgage/remortgage will take. Our hourly rates range from £140 to £205 plus VAT (£168 to £246 in total) based on the level of qualification and experience. Your work will be allocated to the most cost effective team member with the appropriate experience.
Disbursements are costs related to your transaction that are payable to third parties. We handle the payment of the disbursements on your behalf. Disbursements may include the following:
- Search fees: £300 to £350 (inclusive of VAT). We will ask you to pay £350 to us on account of searches at the start of the transaction
- HM Land Registry registration fee: this is charged on the HM Land Registry fee scales https://www.gov.uk/guidance/hm-land-registry-registration-services-fees
- If the property is leasehold, there are likely to be fees payable to the Landlord/Management Company to register your new mortgage with them and to comply with any requirements in the lease, for example, if there is a Transfer of Equity to enter into a Deed of Covenant. These fees will not be known until the transaction progresses but generally range from £50 to £300 plus VAT (£60 to £360 in total)
- If applicable, lenders’ panel administration fee: £10 plus VAT (£12 in total)
- Electronic money transfer fee: £25 plus VAT (£30 in total) for each transfer
Stamp Duty Land Tax (SDLT)
Where there is a Transfer of Equity, SDLT may be payable if one party already owns another residential property, or if the amount of the mortgage debt to be taken on by either the incoming party or a remaining owner is more than £125,000.00
Key stages – what will Raworths do for you?
Our fees are designed to reflect the average conveyancing transaction and do not take account of unexpected difficulties or more complex issues which may arise. Conveyancing is not always straightforward, but in general, this is what we will do during a typical mortgage/re-mortgage of a residential property:
- Take your detailed instructions and provide initial advice
- Verify your identity for money laundering requirements and check finances in place to make up any shortfall in mortgage funds and
- Review the title documentation and other property information provided. If a leasehold property, this should include service charge accounts and other estate management information
- If the property is leasehold, review the lease under which the property is held
- Carry out searches
- Obtain further planning documentation, if required
- Raise enquiries with you about anything which requires clarification or any information or documents which are missing or incomplete
- If applicable, prepare Transfer of Equity Deed
- Review your mortgage offer, check any conditions with you and ensure your lender’s requirements can be carried out
- If applicable, obtain a redemption statement from your current lender
- Send the Mortgage Deed (and, if applicable, any Transfer of Equity) to you for signature
- Agree completion date
- Provide a certificate of title in respect of the property to your lender and request your mortgage advance
- Prepare a completion statement and obtain from you any additional money needed to complete your mortgage or re-mortgage and pay HM Land Registry fees
- Carry out pre-completion searches at HM Land Registry and HM Land Charges Department
- Deal with completion of the mortgage or re-mortgage (and any Transfer of Equity)
- If applicable, redeem your current mortgage
- Apply to register your new mortgage (and any Transfer of Equity) at HM Land Registry
- If a leasehold property, comply with registration requirements contained in the lease which might include serving Notice of Mortgage on the Landlord/Management Company or, if there is a Transfer of Equity, enter into a Deed of Covenant
- Report to you and your lender once registration has been completed
How long will my mortgage or remortgage take?
The time taken from receipt of your mortgage offer until completion of your mortgage will depend on a number of factors. The average transaction takes between 4-6 weeks. It can be quicker or slower, depending on the particular circumstances of your transaction.
Our Residential Property team
Our Residential Property Team is led by Kelly Buckle-Fleming and the team comprises Deborah Myerson and Tracy McKenna. Click on their names for links to view the team’s profiles.