Our fees and disbursements
We do not operate a standard fixed price for all residential property transactions and instead we quote for individual matters on a case by case basis. This is because each case is different which means that there is no such thing as a “standard” case.
We are able to give an indication of our fees for certain re-mortgages. The level of fees that we would charge will depend on the facts of each particular transaction. We will assign fee earners to a transaction based on the availability of different members of our team, the appropriate level of qualification of fee earner for the transaction and your requests or wishes.
In calculating our fees we will have regard to the time spent on the transaction and the hourly rates of the member of the team who will deal with it. We will provide you with an estimate of the likely overall costs at the start of the transaction.
Our fees to complete the mortgage of your property, including dealing with registration at the Land Registry are as follows.
| Value of Property | Lower Range | Higher Range |
|---|---|---|
| £0 – £1,500,000 | £2,250 + VAT (£2,700) | £2,950 + VAT (£3,540) |
| £1,500,000 – £3,000,000 | £2,950 + VAT (£3,540) | £4,200 + VAT (£5,040) |
| £3,000,000 – £10,000,000+ | £4,200 + VAT (£5,040) | £7,000+ + VAT (£8,400+) |
- Additional fees for photocopying and scanning will vary and often are between £20 and £40
- All fees are exclusive of VAT which will be charged, where appropriate, at the prevailing rates (currently 20%)
Our estimated fees are based on certain assumptions including:
- you are based in the UK
- no unforeseen matters arise including for example a defect in title which requires perfecting prior to completion or the preparation of additional documents ancillary to the main transaction
- no unforeseen complication arises
- the transaction is not being purchased with the assistance of Help to Buy scheme
- there is no unreasonable delay from third parties providing documentation
- the bank is a member of the UK Finance Mortgage Lenders and its instructions to us and its requirements are standard
- the bank is taking a first charge over the property and there are no second charges or deeds of priority to deal with
- consent to the new mortgage is not required from a third party
- the property has a single Land Registry registered title which is not unusually complex
- the transaction does not involve any unregistered land
- the property does not involve any agricultural land
- the property is your primary residence
Where any of the assumptions above do not apply the fees set out in the table could be affected and may increase in which case we shall inform you as soon as possible.
Anti-money laundering
We may charge for carrying out the CDD and other anti-money laundering measures in respect to a matter. In case of aspects arising under paragraph 5.1 of our standard Terms of Engagement we expect such charges to be as follows:
1. £75 per UK individual;
2. £100 per UK company or trust;
3. £150 per non-UK individual;
4. £150 per non-UK company or trust.
Further charges may become necessary should matters arise under paragraphs 5.2 of our Terms of Engagement and/or need to be updated/repeated through the duration of our business relationship.
Abortive work
If the re-mortgage does not proceed, we will charge a proportion of our fee commensurate with the work carried out.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out below. This list is not exhaustive and other disbursements may apply depending on the nature of the transaction:
- Search fees: estimated at £400 and £850 (the cost will depend on the search providers and the particular local authority where the Property is situate)
- Landlords fee for a management pack: the fee is usually between £200 and £500
- Electronic money transfer fee: £25 for each transfer
- Land Registry fees: registration fees as noted below and fees for downloading title documents from the Land Registry
- Notice of Charge fee (if the property is leasehold) – the fee is usually between £60 and £100
All disbursements are exclusive of VAT which will be charged, where appropriate, at the prevailing rate (currently 20%)
Land Registry Fees
This depends on the value of your property and included circumstances. You can calculate the amount you will need to pay by using Scale 2 at HMRC’s website.
Transaction Stages
The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. Some of the key stages include:
- Initial: take your instructions and give you initial advice; satisfy Law Society statutory requirements and regulations for client identification;
- Pre-completion: review all title and supporting documentation including (for leasehold property) management information; commission and review the results of property searches; consider the bank’s instructions and legal requirements for making the loan; advice on conditions of mortgage offer and send you the mortgage deed for signature; obtain redemption statement from outgoing lender (if any); report to the bank and complete the bank’s certificate of title with funds request; carry out pre-completion searches;
- Post-completion: repay existing mortgage to the outgoing lender (if any); register the new charge at Land Registry; for leasehold property serve notice of charge to landlord; notify you on completion of the registration.
How long will my re-mortgage take?
The average process from the mortgage offer being issued and receipt of the bank’s instructions takes between 3 to 4 weeks.
