Site menu:

Illustrative quote

  • sale price: 180 000
  • (house -long leasehold / freehold)
  • fees                    395
  • (fixed)
  • including redeeming mortgage
  • vat:                    79

*****************

purchase price:
                   245 000
(house - long leasehold / freehold)

fees                   495
fixed fee, that is
including SDLT
(stamp duty form)
including acting for Lender
including postage & telephone calls
including buying in joint names
including indemnity insurance
including I.D. check

vat                     99

stamp duty        ?%

HM Land Registry135

electronic transfer
of funds              25

various searches- depending on your postcode:

local authority    
HMLR searches
Water & drainage
coal mining         
environmental     
chancel check    
brine search
tin mining search



****************

Please telephone 0161 866 8999
for your free quote

RESIDENTIAL PROPERTY - Remortgage of a freehold / leasehold residential property

  
We handle a substantial caseload and have a vast experience in handling large value and complex property transactions.
 
We do not pay any estate agents or other introducers any commission and so are able to remain highly competitive on price and remain truly independent for your best interests.

We really enjoy our remortgage work as we are not waiting for anyone else. The timescale is generally within our control and we can move fast.

 
Fees for a remortgage a freehold / leasehold property:

Legal fees for the Remortgage.  These are usually 395 (fixed fee) for a remortgage of a house or flat where the new loan is up to 500 000 (five hundred thousand pounds).  Thereafter it is usually 0.08% of the new loan amount.  For example, for a new loan amount of 750 000 our fees will usually be 600.
   
VAT:  Vat is charged on our legal fees.  The current rate is 20%. For example vat on 395 is 79.

Electronic money transfer fee:  We normally charge 25 inclusive of vat.
 
HM Land Registry documents.  Office copies, plans, conveyances, transfers, deeds & agreements are normally 3 each. We  normally estimate 15 for these.

 
HM Land Registry fees for registering the new mortgage lender
These depend on the new mortgage loan amount and if the property is already registered at HM Land Registry under its own individual separate title number.   Most are registered in this way so to keep the fee structure simple they are:

Loan amount (reduced scale for remortgages):
0 to 100 000 - HMLR fee is 20
100 001 to 200 000 - HMLR fee is 30
200 001 to 500 000 - HMLR fee is 40
500 001 to 1 000 000 - HMLR fee is 60
1 000 001 and over - HMLR fee is 125
 

 
SearchesThe searches that are needed depend on the post code of the Property.  The figures for local authority searches are vat inclusive.

We are based in Manchester and the usual searches we carry out are with the following local authorities.  We only carry out official searches in accordance with best practice and not personal searches.
Manchester City Council - 74
Trafford Borough Council - 84
Stockport Borough Council - 144
Salford City Council - 159

Other councils we have dealt with include:
Barnet - 241
Barnsley - 90
Basildon - 169
Bassetlaw - 103
Blackpool - 164
Bolton - 152
Burnley - 160
Bury - 157
Cambridge - 172
Cheshire East - 85
Cheshire West - 90
Conwy - 101
Dudley - 92
Gwynedd - 134
Hackney - 147
Harrow - 261
Havering - 102
High Peak - 94
Hillingdon - 66
Kirklees  - 82
Lancaster - 106
Leeds - 62
Leicester - 88
Liverpool - 75
Mole Valley - 256
Newham - 163
Oldham - 115
Preston - 116
Rochdale - 158
Rossendale - 92
Sheffield - 90
Tameside - 67
Wakefield - 44
Wallsall - 151
Warrington - 171
Westminster  - 174
Wigan - 197
Wyre - 112
Yorkshire East Riding - 150
 
 
Environmental & Water Drainage searches combined are usually 138 for our local areas,   Trafford, Manchester, Stockport & Salford. 
Coal mining search, if needed, is 41.  [The coal search allows you to carry out a free preliminary check to see if the full search is needed].
We can sometimes use the searches you obtained when you purchased the property or obtain indemnity insurance against the searches.
 
 
Other common issues which can cause a delay and impact on the fees
(a) if legal title is defective or part of the property is unregistered
(b) if we discover building regulations or planning permission has not been obtained.
(c) if the property your buying is tenanted and you are buying it with a buy to let mortgage.
 

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.


Estimated total for a standard straight forward remortgage where the new loan amount is 250 000 in Manchester
Our fees: 395 (fixed fee)
vat: 79
HM Land Registry documents: 15
HM Land Registry registration fee: 40
Electronic transfer of funds 25 (x 2) Usually two are needed. One to repay any old mortgage and one to send the balance to the client.
Estimated total: 579 + any searches / search indemnity @ ???.

We do not ask for any funds on account for a remortgage. 


 
Stages of a remortgage process

Summary of the steps to be taken by the Solicitor.

(a) Solicitors obtain the Property Title Deeds. 

(b) Solicitors obtain the Mortgage Offer.

(c) Solicitors submit the appropriate searches.

(d) Solicitors obtain a redemption statement for the old mortgage, if applicable

(e) Solicitors prepare the Mortgage Deed, if applicable

(f) Solicitor to report to the clients

(g) Solicitors submit the certificate of title and requests the mortgage advance

(h) Solicitors attend to pre-completion matters.

(i) Clients provide Solicitors with balance funds if Mortgage is being reduced

(j) Completion day:  The Solicitors redeem any old Mortgage and account to the clients for the balance.

(k) Solicitors attend to the Registration formalities.





 CONTACT US - click here

  

Team Leaders
M. Afzal. Senior Partner
Qualified as a Solicitor in 1991
Over 27 years experience
   
T. Hussain. Partner
Qualified as a Solicitor in 1998
Over 20 years experience



Additional Information:

Earlier edition 2018