Residential Property

Remortgage

What does Remortgage mean?

Remortgaging means moving your mortgage to a new lender while staying in the same property.

There are many reasons why owners of a property may wish to re-mortgage including the seeking of a better mortgage rate, especially when a fixed rate has come to an end, to raise funds to carry out work on your home, or to release equity so that the money tied up in your property can be used for another purpose.

Here at Laker Legal Solicitors our experienced conveyancing team can offer you a fixed fee from £850 plus VAT to carry out the legal work and advise throughout the process of a Remortgage.

We also charge for remitting funds by telegraphic transfer at £35 plus VAT for each transfer along with an identification check of £35.00 plus VAT per person.

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Those involved in your re-mortgage include the following:

Search fees: £190.00 including VAT
Land Registry Application Fees: These are fixed depending on the value of the Property and whether the property is registered or unregistered (these fees are not subject to VAT). There will also be fees for Bankruptcy (£2 plus VAT per individual) and Official Priority Searches (£3 plus VAT per search)

Leasehold Properties

The above fees and disbursements are based on a standard freehold mortgage. If you are remortgaging a leasehold property, we will charge an additional fee of £150 plus VAT in respect of the additional work involved.

In addition to the additional fees for acting on a leasehold mortgage there would be further anticipated disbursements* in respect of leasehold property:

There will be fees payable to your managing agent/landlord for providing replies to basic management enquiries. We will advise you of these as soon as we have this information but they are usually in the region of £100 – £200 plus VAT*

Notice of Charge fee* usually between £50 and £100 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.

You should also be aware that your ground rent and service charge will need to be paid up to date before completion of the re-mortgage.

What are the stages of the process of a Remortgage and how long will it take?

The precise stages involved in the Re-mortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:

  1. Take your instructions and give you initial advice
  2. We will obtain your mortgage offer and prepare a full report on its contents
  3. Obtain Mortgage Redemption Figure (if applicable)
  4. Carry out any searches required by your Lender
  5. Send mortgage Deed to you for signature
  6. Liaise with the Freeholder and Management Company to obtain any necessary consents (Leasehold only)
  7. Agree completion date
  8. Arrange for all monies needed to be received from lender
  9. Complete re-mortgage
  10. Deal with application for registration at Land Registry

How long it will take from receiving your mortgage offer to completion will depend on a number of factors. The average process takes between 4-8 weeks.

If you would like further information then please do not hesitate to get in contact with us.

Request a callback

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. By submitting this form you agree to our privacy policy.

    Testimonials

    What our clients say...

    I can highly recommend John Hirst at Laker Legal solicitors in Lancaster. He was superb from start to finish dealing with a very complex child arrangements case for me. A really decent guy and an excellent family law solicitor who genuinely cares about his clients. John was fully up to speed with my case at all times and we got the outcome we wanted.

    Mr B, Kendal

    Best conveyancing experience ever. After two supposedly good law firms failed to even do the basics post instruction, for nearly 8 weeks, Jess at Laker Legal took on the difficult challenge of overseeing my purchase and completion in record time. Always proactive, very knowledgeable of her subject and extremely good communicator. I never had to chase the firm for anything. They always answered my calls efficiently. I can't praise them enough. What a wonderful experience.

    I recommend Jess and would be very happy to use her again in the future.

    Mrs A, Lancaster.

    I used the services of Jess and the team at Laker Legal as a first time buyer looking for properties to buy, near and around Bath.

    Jess was fantastic, in her communication during the process as well as her knowledge and ability during the conveyancing process. She helped me make informed decisions and ultimately find and purchase a wonderful home near Bath. Jess is adept at spotting potential issues during a purchase that I believe others may not.

    She clearly excels at her craft and you will be in safe hands should you use her services too.

    Bath.

    A big ‘thank you’ Richard from Steve and myself. Your time and attention you gave to both of us was remarkable. I’ve had dealings with many solicitors over the years, but have never received this level of service as you gave.

    Mrs R – West Malling, Kent

    Jessica Blacow from Laker Legal Solicitors Lancaster pulled out every stop truly amazing lady / firm nothing was to much trouble I honestly felt like they was my friends not just a firm that wanted your money but a solicitor firm that cared with compassion I will use Laker Legal Solicitors Lancaster for all my needs in the future.

    Mr T, Lancaster

    I am very pleased with Laker Legal firm, my Solicitor John Hirst, was extremely helpful throughout the drawing of my prenuptial agreement. A very professional and knowledgeable approach yet warm,and friendly enough to feel comfortable with in a situation that can be quite uncanny to discuss or uneasy as per say. Thankyou again!

    Mrs V – London

    A devastating event brought us to call on Laker Legal. We were put in touch with Mr John Hirst, and from the first moment we spoke to him we knew everything was going to be ok. Mr John Hirst, was always on the end of the Phone or Email, Kept in touch with us 100% of the time, and the support we received took so much pain off our family. All i can say is Thank you so much for everything you did for us.

    Ms P - Maidstone

    Thank you so much Richard, you have been so kind and patient with me when I have been at about the lowest point of my life after losing my wife, I can never thank you enough. I will also let my family know my wishes that Laker Legal Solicitors deal with my estate when that time comes.

    Mr Y, Addington, Kent.

    Thank you for all your help and support over the last 12 months. You and the team at Laker Legal have been fantastic.
    Sarah was lovely and really supportive yesterday.

    Ms. W of Leyland

    Our Team

    With over 100 years of experience in legal practice we are the solicitors for you.

    Legal Services You Can Trust