Residential Property


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 £500 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 £25.00 plus VAT per person.


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: £170.00 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.

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