Average Fee for Residential Mortgage/ Remortgage

How our charges are calculated

Our fees are based on the hourly rate of £350 + VAT at 20% per hour and the work will be handled by a qualified solicitor, who is both experienced and especially practised in conveyancing matters. Or by a trainee solicitor under the supervision of a qualified solicitor.

They cover all of the work required to complete the purchase of your new property, including dealing with registration at the Land Registry. However, our fees assume:

• 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:
• the transaction is concluded in a timely manner and no unforeseen complication arise
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Additional fees:

Conveyancers fees

Our legal fees do not include fees for a conveyancer if the transaction requires one.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land
Registry fees. We handle the initial payment of the disbursements on your behalf to ensure a
smoother process. Examples of typical disbursements and their estimated costs are:
Search Fees – Depend on the location of the property but can range from £400 – £500 (+VAT (at 20%)
likely to be £80 – £100)
HM Land Registry Fee Depends on the value of the transaction but can be between £20 –
£500 for a more accurate figure you can visit https://www.gov.uk/guidance/hm-landregistry-registration-services-fees

Priority search – £3.00 (+ VAT (at 20%))

Bankruptcy search – £2.00 per person (+VAT (at 20%))

The Process:

The precise stages involved in the re-mortgage of a residential property vary according to the
circumstances but generally include the following:

• Taking your instructions and giving you initial advice
• Liaise with you in satisfying any conditions of the mortgage offer
• Carry out searches
• Agree completion date
• Request redemption statement from any existing lenders
• Redeem any existing mortgages and account to you with the balance sale proceeds
• Pay any brokers fees

How long the transaction will take:

The time for each individual transaction depends on factors such as what bank you are receiving the
mortgage from, or what the terms of the mortgage offer are. However, typically the process can
take up to 8 weeks.

*VAT – The current rate of VAT is 20%. This means that an hourly rate of £350 plus VAT will mean a total fee, inclusive of VAT, of £420. VAT rates vary from time to time. We are required to charge the applicable VAT at the time the work undertaken.