Remortgage Costs Reference

We recommend that you print this help screen as it contains important information relevant to your re-mortgage.

Local Authority Search

Whilst you obviously know the property which is being re-mortgaged, your new Lender is unfamiliar with it and will insist that a Local Authority search be undertaken to ensure there is nothing which may cause them to question their decision to lend to you.  This will cost £95.00 for properties in Warwick, Rugby or Stratford upon Avon Districts and £105.00 for properties anywhere else.  In some circumstances indemnity insurance can be purchased which covers your lender if a search is not being done.  We can advise you of the costs for this if it is relevant.

Final Searches

Land Registry and Land Charges (Bankruptcy) searches are done just prior to completion to protect you and your mortgage lender.  They check that nothing has changed in connection with the property or yourself.  The Land Registry search costs £4.00, and the Bankruptcy search costs £2.00 for each name on the new mortgage.

Other Costs

In order to redeem your mortgage with your old Lender and minimise any liability you may have to interest we will send redemption monies to your Lender by telegraphic transfer on the day of completion. A bank charge of £29.38 is levied for this facility.

In some circumstances, up-to-date official copies of the Land Registry entries are required.  These will cost £8.00

Land Registry Fees

This fee is paid to the Land Registry to remove your old mortgage from their registers, and replace it with your new mortgage.

Amount of new mortgage               Fee payable to HM Land Registry

Under £100,000                              £40.00

£100,001 - £200,000                      £50.00

£200,001 - £500,000                      £70.00

£500,001 - £1,000,000                   £100.00

Over £1,000,001                             £200.00

Solicitor's Costs

These can vary from firm to firm, and from region to region.  We would recommend that you contact us to obtain a personal quotation based on your circumstances.  The quotation which you will be given is an estimate although we would only expect them to be higher in very unusual situations. We will advise you if such circumstances should arise and do our best to let you know what the costs may be.  At completion we will ask you to let us have sufficient funds to repay the existing mortgage (once your new mortgage is taken into account), and pay the Land Registry fees and our own costs and VAT. We reserve the right not to complete if any funds remain unpaid prior to completion.

Do we charge even when the transaction falls through?

We believe that offering a  "no sale-no fee" policy actually harms the transactions which do proceed, as we would have to raise our fees to cover costs.  We believe that the fairest way to deal with fees when the transaction doesn't complete for any reason is to make a small charge for the work which we have already done.  This will not be more than 65% of the original quotation, and we would hope to come to an arrangement which you are happy with.  We will also have to charge you for any searches or other disbursements which have been incurred.