Personal Law > Residential property > Mortgages/Remortgages

Mortgages/Remortgages

A remortgage is the process of switching your existing mortgage to a new deal, either with your current lender or a different lender.

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Costs

Our costs* for a re-mortgage range from £500 to £1000 plus VAT (charged at 20%) and will be dependent on property value, the complexity of the transaction and which lender is involved.

We can give you a full quote once we have details of the transaction and property. Some lenders for example require full searches and a full report to them before they will release any funds, whilst other lenders simply require you to confirm that you are happy that their security is protected.

In some circumstances your mortgage lender may require a full search package to be carried out instead of us being able to proceed with the no search indemnity insurance mentioned above. If a full search package is required this will be in the region of £250. We will advise you of this once we know who your mortgage lender will be. These fees assume the property is in the correct names and no transfer is required.

*Our Fees assume that:

  1. This is a standard transaction and 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.

  2. The transaction is concluded in a timely manner and no unforeseen complications arise.

  3. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

  4. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

If the property is Leasehold, there will also be Lease requirements to satisfy. Notice of charge will need to be served on the Landlord and there may be other requirements listed in the Lease.

We can give full details of these and the costs involved once we have sight of the Lease.

Stages of the Process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However below we have listed some key stages.

  • Take your instructions and give you initial advice

  • Check finances are in place to fund the re-mortgage and contact the lenders solicitors if needed

  • Receive the mortgage funds and pay off any existing mortgage

  • Carry out searches if required

  • Check the Lease and requirements if required

  • Go through the conditions of your mortgage offer

  • Advise you on joint ownership if required

  • Obtain pre-completion searches

  • Agree a completion date (the date that the new lenders charge will begin)

  • Arrange for all monies needed to be received from the lender and you

  • Complete the re-mortgage

After completion

  • Deal with the application for registration of the new mortgage at the Land Registry

  • Deal with any Leasehold requirements including serving notice on the Landlord

How long will my Re-Mortgage take?

This type of transaction usually takes 4-10 weeks to complete. However, we must be satisfied with the title, any searches, the Leasehold requirements, and any lender requirements.

It can be quicker or slower, depending on the lender and the property title. For example some lenders require full official searches which can take up to 6 weeks and some require an indemnity policy to cover searches which can be put in place immediately.

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