Residential Mortgage
Conveyancing costs for mortgages and remortgages
Residential Remortgage
Our fees cover all of the work required to complete a re-mortgage of your home, including redeeming your existing mortgage and registering your new mortgage.
How long will my re-mortgage take?
How long it will take from you obtaining a new mortgage offer until the re-mortgage completes will depend on a number of factors. The average process takes between 4 – 6 weeks.
It can be quicker or slower, depending on how quickly we obtain copies of your new mortgage offer and redemption figures for your existing mortgage and whether or not there are any title issues.
What is the process?
The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we have listed the key stages. We do the following:
- Take your instructions and give you initial advice
- Send out our client care pack to you with initial forms for you to complete and return
- Obtain title information documents from the Land Registry
- Order Searches if this is required by your new lender
- Review and report to you the conditions of your new mortgage
- Obtain a redemption figure from your current lender
- Send paperwork out to you for signature
- Agree a completion date
- Prepare an invoice and completion statement
- Arrange for all monies needed to be received from the lender and you
- Discharge the old mortgage
- Deal with registration of the new mortgage
Our estimated fees assume that:
- 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
- There is only one mortgage to redeem
- The transaction is concluded in a timely manner and no unforeseen complications 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
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursement on your behalf to ensure a smoother process. The disbursements quoted are on the basis that only one will be required. If more than one document needs to be obtained from the Land Registry these will incur additional costs.
Anticipated Disbursements
- Notice of Charge fee (if the property is mortgaged) – this is charged by the landlord and/or management company under the terms of a lease. Often the fee is between £100.00–£250.00 plus VAT
- Certificate of Compliance fee – to be confirmed upon receipt of the lease and can range between £100.00–£250.00 plus VAT
These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.
Additional disbursements will apply if indemnity insurance policies are required. A quote will be obtained once we identify the risk that needs to be indemnified.
Re-Mortgage Fee (Just Re-Mortgage)
| Property Value | Legal Fee | VAT | Land Reg Fee | Total | |
|---|---|---|---|---|---|
| £0 | £79,999 | £850 | £170 | £20 | £1,040 |
| £80,000 | £99,999 | £850 | £170 | £20 | £1,040 |
| £100,000 | £199,999 | £850 | £170 | £30 | £1,050 |
| £200,000 | £299,999 | £850 | £170 | £45 | £1,065 |
| £300,000 | £399,999 | £850 | £170 | £45 | £1,065 |
| £400,000 | £499,999 | £850 | £170 | £45 | £1,065 |
| £500,000 | £749,999 | £1,200 | £240 | £65 | £1,505 |
| £750,000 | £999,999 | £1,200 | £240 | £65 | £1,505 |
| £1,000,000 | £1,999,999 | £1,500 | £300 | £140 | £1,940 |
| £2,000,000 | £3,999,999 | £1,500 | £300 | £140 | £1,940 |
| £4,000,000 | £10,000,000 | £1,500 | £300 | £140 | £1,940 |
Re-Mortgage Fee (With a Transfer Included)
| Property Value | Legal Fee | VAT | Land Reg Fee | Total | |
|---|---|---|---|---|---|
| £0 | £79,999 | £1,050 | £210 | £20 | £1,280 |
| £80,000 | £99,999 | £1,050 | £210 | £20 | £1,280 |
| £100,000 | £199,999 | £1,050 | £210 | £30 | £1,290 |
| £200,000 | £299,999 | £1,050 | £210 | £45 | £1,305 |
| £300,000 | £399,999 | £1,050 | £210 | £45 | £1,305 |
| £400,000 | £499,999 | £1,050 | £210 | £45 | £1,305 |
| £500,000 | £749,999 | £1,400 | £280 | £65 | £1,745 |
| £750,000 | £999,999 | £1,400 | £280 | £65 | £1,745 |
| £1,000,000 | £1,999,999 | £1,700 | £340 | £140 | £2,180 |
| £2,000,000 | £3,999,999 | £1,700 | £340 | £140 | £2,180 |
| £4,000,000 | £10,000,000 | £1,700 | £340 | £140 | £2,180 |
Standard Additional Fees (Re-Mortgage)
| Additional Fee Name | Fee | VAT | Total |
|---|---|---|---|
| ID Checks (per client) | £30 | £6 | £36 |
| Mortgage Fee | £150 | £30 | £180 |
| SDLT Return Fee (if applicable) | £75 | £15 | £90 |
| Mortgage Redemption Fee (if required) | £30 | £6 | £36 |
| Land Registry OS1 (per search) | £7 | £0 | £7 |
| Bankruptcy Check (per search) | £6 | £0 | £6 |
| Search Insurance (approx) | £180 | £0 | £0 |
| Search Insurance Admin Fee | £40.00 | £8 | £48 |
| Totals | £518 | £65 | £403 |
Regulatory Information
BJ McKenna & Co Solicitors is authorised and regulated by the Solicitors Regulation Authority (SRA No. 570089). We adhere to the SRA Standards and Regulations which can be viewed on the SRA website.
McHale Group Affiliation
Since joining the McHale Group in 2022, BJ McKenna & Co Solicitors has enhanced its service offerings while maintaining the personal touch and local expertise our clients value. This partnership allows us to provide expanded resources and expertise across a wider range of legal services.
If you have any questions about our Residential Mortgage services or would like more information, please contact us.