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A remortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser who can go through the options with you and make sure you get the right deal for what you want to achieve.
There are many reasons you may wish to remortgage such as:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- To raise money to carry out home improvements
- To convert your existing mortgage to a buy to let in order to purchase another property whilst retaining your existing property
- To raise a cash lump sum by releasing equity from your home
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
We have an experienced team who understand how the banks, building societies and mortgage lenders work. Our approach is a simple, we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with matters on your behalf.
We will endeavour to explain the process as clearly as possible. Our team are made up of highly qualified Solicitors who have the legal and technical knowledge and experience to resolve any issues as they arise in a professional and efficient manner.
We also recognise that communication is key, especially where there are complex issues to deal with, so will ensure you are always kept up-to-date and get answers to your questions.
The solicitor handling your matter will make sure that they are available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We know property is often the biggest investment you have, so we want to offer a reliable, first-class service to protect that investment, while giving you value for money with no hidden fees.
The majority of our work stems from repeat business from existing clients, recommendations from our clients and new business generated from our long-standing relationships with local estate agents.
We are proud to hold CQS Accreditation, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
The fees involved in any transaction are important and we review our fees on a regular basis. At the start of the transaction we will provide you with a bespoke costs estimate based on the circumstances of your transaction which will include details of all legal costs, VAT and any known disbursements. This is not a fixed fee. If during the transaction there is a new development, we will discuss the change in fees with you and agree a way forward. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided. Usually we will only deviate from our initial costs estimate if the matter becomes protracted or there are unforeseen circumstances that were not evident at the start of the transaction.
In the event that there are any disbursements for which we cannot have a definitive figure at the outset we will endeavour to use our experience to provide you with a realistic estimate.
The level of fees will depend on various factors, including the required timescale (please note we can work to tight deadlines if required) the value and whether the transaction involves freehold or leasehold property. Typically, our fees will fall within a range of £600.00 plus VAT to £1,000.00 plus VAT per property transaction.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
HM Land Registry Fee
£20.00 to £125.00 depending on the value and nature of the transaction
Search Fees (including mapping fee)
£101.00 approximately for London Borough of Richmond – the fee may differ slightly for other local authorities.
The approximate cost is usually £100.00 -£250.00 including VAT
OS1 priority Land Registry search
£3.00 per title
Bankruptcy Search Fee
£2.00 per name
Additional Disbursements – usually for Leasehold Properties
Notice of Transfer and Charge*
£50.00 plus VAT - £250.00 plus VAT per notice on average – depending on nature of property and the identity of the Freeholder
Certificate of Compliance Fee ( if required due to restriction on title)*
Usually £50.00 plus VAT- £100.00 plus VAT
*We will update you on specific fees upon receipt and review of the lease. These fees vary from property to property and can on occasions be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
What is included?
- Taking your instructions and giving initial advice based on the information you have provided
- Explaining the conveyancing process and what is required from you
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Checking the mortgage offer conditions
- Discussing with you the conditions of the mortgage offer
- Preparing for completion including requesting funds from the lender/you
- Obtaining pre-completion searches
- Requesting final redemption statement
- Apply to land registry for registration of the new mortgage
We are unable to advise you on the financial implications of the mortgage and would suggest that you contact your broker or lender directly about the formula under which interest is calculated.
Our advice is limited to the legal aspect of the loan and does not include advice on whether the product you have chosen, is suitable for your needs.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If crucial documents, we have previously requested from you have not been provided to us
- If you require completion of the remortgage in less than 4 weeks.
- If the remortgage involves the grant of a new lease or a Deed of Variation or a lease extension.
- If all parties to the transaction are not co-operative and there is an unreasonable delay from third parties providing documentation
- If indemnity policies are required, which may require additional work and disbursements in respect of the policy premium.
Additional work arising as a result of any of these factors is charged at the hourly rate of the acting solicitor.
Our Property Team
- Nicole Green is a Partner and our Head of Residential Property. Nicole has over 10 years’ experience of residential property matters. Her hourly rate is £250.00 plus VAT.
- Parveen Abbas is a Partner. Parveen has over 12 years’ experience of residential property matters. Her hourly rate is £225.00 plus VAT.
- Henna Lynch is a partner with over 12 years’ residential property experience. Her hourly rate is £225.00 plus VAT.
- Sadia Patankar is another very experienced solicitor with over 10 years’ experience in commercial property and residential property matters. Her hourly rate is £250.00 plus VAT.
We review our hourly rates at the end of March each year.
A typical remortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
Meet the team at Perry Hay
You can contact our team for expert legal advice.
For further information or to speak to one of our experts please call us on 020 8940 8115
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