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Sale of a Residential Freehold Property – Range of Fees

Below you will find various pieces of information about what you can expect to pay if you instruct us to act for you on the sale of your property and what factors might affect the price that you then pay.  Should you choose to instruct us, a tailored estimate of price will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable, which will be charged at the prevailing rate at the time that your sale completes.

Freehold Sale Costs

Amount (excluding any VAT applicable)

Our Legal Fees

Range from £400.00 to £1450.00(plus VAT)

Sale Price of the Property

Our Legal Fees (excluding VAT)

Up to £100,000

£400 to £700

£100,000 - £250,000

£550 to £750

£250,000 - £375,000

£700 to £900

£375,000 - £500,000

£850 to £1,000

£500,000 - £750,000

£1,050 to £1,200

£750,000 - £1million

£1,300 to £1,450

£1million and upwards

£1,450

Bank Transfer Fee (per mortgage repaid)

£30.00 - £49.00 (plus VAT)

Electronic Identity Check (per name checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses

 

Land Registry Documents (Register and Title Plan, £3 per document)

£6.00 (plus VAT)

 

 




What is included in this price and what factors may affect the price that you have to pay?

The above range of figures are based on the sale of an existing residential freehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and assuming there is a mortgage on the property to a traditional high street mortgage lender. Most freehold property sales in England and Wales will fall within this category. The fees include the following work:

Setting up your file;

  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out;
  • Obtaining the title documents from HM Land Registry;
  • Obtaining statements from your mortgage lender(s) to repay your mortgage;
  • Checking the title documents and other standard documentation that we receive from you in respect of the sale;
  • Drafting a contract and preparing the pack to send to the buyer’s legal representatives;
  • Dealing with any enquiries from the buyer’s legal representative and liaising with you where necessary;
  • Sending the contract and transfer deed and any other necessary documents to you to sign;
  • Exchanging contracts;
  • Obtaining final statements from your mortgage lender(s);
  • Completing your sale;
  • Repaying your mortgage;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated.

Additional work may need to be carried out on your sale which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible.  Examples of situations that might lead to an increase in costs include:

  • If the property is leasehold (separate pricing);
  • If the property is freehold but there are estate maintenance charges to pay;
  • You are selling a share in a property jointly owned by a housing association (shared ownership);           
  • The property hasn’t been registered at Land Registry;
  • You are repaying a mortgage that’s with a non- high street lender;        
  • There are problems with the title deeds;
  • You are selling the property subject to a tenancy;
  • We have to pay a referral fee to the professional who referred you to us            .

 

How long will the sale of your freehold property take?


How long it will legally take to sell your freehold property, so from your sale being agreed and accepting the buyer’s offer until you receive the sale proceeds, depends on various factors. The average sale process in England and Wales ordinarily takes from around 10 to 12 weeks.

It can be quicker or slower, depending on the parties in the chain and the number of parties in the chain. For example, if you are selling to a first time buyer who has a mortgage in principle, it could take from around 5 to 6 weeks for the sale to complete. However, if there are several transactions in the chain, this can take significantly longer, between 3 and 4 months. In such a situation, additional charges may apply.


How long will the sale of your freehold property take?


How long it will legally take to sell your freehold property, so from your sale being agreed and accepting the buyer’s offer until you receive the sale proceeds, depends on various factors. The average sale process in England and Wales ordinarily takes from around 10 to 12 weeks.

It can be quicker or slower, depending on the parties in the chain and the number of parties in the chain. For example, if you are selling to a first time buyer who has a mortgage in principle, it could take from around 5 to 6 weeks for the sale to complete. However, if there are several transactions in the chain, this can take significantly longer, between 3 and 4 months. In such a situation, additional charges may apply.


Key Stages in the Sale Process


The exact stages involved in the sale of a residential property vary according to the individual specific circumstances.  However, the following are the key stages of a typical transaction:

 

  • Accept your instructions and provide you with initial advice;
  • Obtain copies of the title deeds;
  • Obtain amount owing statements from your mortgage lender(s) and check that the sale proceeds will be sufficient to allow the sale to proceed;
  • Prepare contract documents and send them to the buyer’s legal representative;
  • Deal with any enquiries raised by the buyer's legal representative;
  • Send final contract to you for signature;
  • Agree a completion date (the date on which you will receive the balance of monies from the sale proceeds);
  • Exchange contracts and notify you;
  • Complete the sale;
  • Pay off your existing mortgage and obtain discharge documents from the lender;
  • Forward the post completion paperwork to the buyer’s legal representative.


Purchase of a Residential Freehold Property – Range of Fees

Back to top

Below you will find various pieces of information about what you can expect to pay if you instruct us to act for you on the purchase of your freehold property and what factors might affect the price that you then pay. Should you choose to instruct us, a tailored estimate of price will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable, which will be charged at the prevailing rate at the time that your purchase completes.

Freehold Purchase Costs

Amount (excluding any VAT applicable)

Our Legal Fees

Range from £450.00 and £1500.00 (plus VAT)

Purchase Price of the Property

Our Legal Fees (excluding VAT)

Up to £100,000

£450 to £750

£100,000 - £250,000

£600 to £800

£250,000 - £375,000

£750 to £950

£375,000 - £500,000

£900 to £1050

£500,000 - £750,000

£1,100 to £1,250

£750,000 - £1million

£1,350 to £1,500

£1million and upwards

£1,500

Bank Transfer Fee

£30.00 - £49.00 (plus VAT)

Electronic Identity Check (per name checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses*

 

Lawyer Check Search

£10.00 (plus VAT)

Land Registry Search Costs (OS1)

£3.00 (plus VAT)

Bankruptcy Search Costs (per name searched)

£2.00 (plus VAT)

 

 


* ‘not listed in these expenses or included in our legal fees is:

  • The HM Land Registry Registration Fee, which is based on the purchase price of the property
  • Conveyancing Search Costs, the cost of which varies depending on the search and provider.



Stamp Duty Land Tax / Land Transaction Tax

In addition to the above costs, you may also have to pay Stamp Duty Land Tax on your purchase or if the property which you are buying is in Wales, Land Transaction Tax. You can work out what you will need to pay in respect of such tax using one of the following links: Tax Calculator (England) or Tax Calculator (Wales)

Your specific circumstances and those of the individual transaction may alter the amount of tax that you have to pay. Once we have all the necessary information from you, we will be able to make a calculation and let you know the likely amount owed in respect of stamp duty land tax.  The amount will be based on the relevant tax rates in force on the day of completion of your purchase (rates do change from time to time, particularly following the budget in October / November each year).

What’s included in this price and what factors might affect what you have to pay?

The above range of figures are based of the purchase of an existing residential freehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and with the help of a mortgage from a traditional high street mortgage lender. Most property purchases in England and Wales will fall within this category. The fees include the following work:

  • Setting up your file;
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out;
  • Checking the title deeds and other standard documentation that we receive from the seller’s legal representative;
  • Ordering any necessary searches and checking the results;
  • Clearing up any discrepancies or ambiguities in the information from the seller’s legal representative and obtaining any missing information;
  • Reporting our findings to you and preparing paperwork for you to sign;
  • Liaising with your mortgage lender and ensuring any conditions attached to the release of the mortgage money are satisfied;
  • Exchanging contracts;
  • Completing your purchase;
  • Submitting a Stamp Duty Land Tax / Land Transaction Tax return on your behalf;
  • Ensuring your purchase is registered with HM Land Registry;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated throughout as appropriate.

Additional work may need to be carried out on your purchase which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible. Examples of situations that might lead to an increase in costs include:

  • If the property is leasehold (separate pricing);
  • If the property is freehold but there are estate maintenance charges to pay;
  • If you are buying in a company name;   
  • You are buying a share in a property jointly owned by a housing association (shared ownership);           
  • The property is newly built;      
  • The property hasn’t been registered at Land Registry;
  • You are taking a mortgage from a non- high street lender;          
  • There are problems with the title deeds;
  • You are buying the property to let;
  • You are using the Government’s Help to Buy equity loan scheme;
  • You are using a Help to Buy ISA/Lifetime ISA bonus;
  • We have to pay a referral fee to the professional who referred you to us            .

How long will your freehold property purchase take?


How long it will legally take to buy the property, so from your offer being accepted until you can move in to the property, depends on a number of factors. The average process in England and Wales ordinarily takes between 10 to 12 weeks.

It can be quicker or slower, depending on the parties in the chain.  For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take from around 4 to 6 weeks.  

 

Key Stages in the Purchase of a Freehold Property


The exact stages involved in the purchase of a residential property vary according to the individual specific circumstances.  However, the following are the key stages of a typical transaction:

  • Accept your instructions and provide you with our initial advice;
  • Check finances are in place to fund your purchase and contact the lender's solicitors if needed;
  • Receive and advise on contract documents;
  • Carry out searches;
  • Obtain further planning documentation if required;
  • Make any necessary enquiries of seller's legal representative;
  • Give you advice on the documents and information received;
  • Review the conditions of your mortgage offer;
  • Send final contract to you for signature;
  • Agree a completion date (the date from which you legally own the property);
  • Exchange contracts and notify you;
  • Arrange for all monies needed to be received from your lender (and you)
  • Complete the purchase;
  • Deal with the payment of Stamp Duty/Land Tax as applicable;
  • Deal with the application for registration at Land Registry of your title to the property.


Sale of a Residential Leasehold Property – Range of Fees

Back to top

Below you will find various pieces of information about what you can expect to pay if you instruct us to act for you on the sale of your leasehold property and what factors might affect the price that you then pay. Should you choose to instruct us, a tailored estimate of price will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable and which will be charged at the prevailing rate at the time that your sale completes.

Leasehold Sale Costs

Amount (excluding any VAT applicable)

Our Legal Fees

Range from £550.00 to £1600.00 (plus VAT)

Sale Price of the Property

Our Legal Fees (excluding VAT)

Up to £100,000

£550 to £850

£100,000 - £250,000

£700 to £900

£250,000 - £375,000

£850 to £1,050

£375,000 - £500,000

£1,000 to £1,150

£500,000 - £750,000

£1,200 to £1,350

£750,000 - £1million

£1,450 to £1,600

£1million and upwards

£1,600

Bank Transfer Fee (per mortgage repaid)

£30.00 - £49.00 (plus VAT)

Electronic Identity Check (per name checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses

 

Land Registry Documents (Leasehold Register and Plan, Freehold Register and Plan, and Lease)

£15.00 plus VAT

(£3 per document plus VAT)

Landlord’s Information Pack

£100.00 - £300.00 (average cost)

 

 



 

What’s included in this price and what factors may affect the price that you have to pay?

The above range of figures are based on the sale of an existing residential leasehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and assuming there is a mortgage on the property to a traditional high street mortgage lender. Most leasehold property sales in England and Wales will fall within this category.  The fees include the following work:

  • Setting up your file;
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out;
  • Obtaining the title documents from HM Land Registry;
  • Obtaining statements from your mortgage lender(s) to repay your mortgage;
  • Checking the title documents and other standard documentation that we receive from you;
  • Obtaining information from your landlord that we anticipate the buyer’s legal representative will require;
  • Drafting a contract and preparing the pack to send to the buyer’s legal representative;
  • Dealing with any enquiries we receive from the buyer’s legal representative including liaising with you where necessary;
  • Sending the contract and transfer deed and any other necessary documents to you to sign;
  • Exchanging contracts;
  • Liaising with your landlord to obtain up to date rent and service charge statements;
  • Calculating the share of the rent and service charge for which your buyer should be liable and for which you are liable;
  • Obtaining final statements from your mortgage lender(s);
  • Completing your sale;
  • Repaying your mortgage;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated throughout as appropriate.

Additional work may need to be carried out on your sale which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay.  If any such additional costs arise we will tell you about them as soon as possible.  Examples of situations that might lead to an increase in costs include:

  • You are selling a share in a property jointly owned by a housing association (shared ownership);           
  • The property hasn’t been registered at Land Registry;
  • You are repaying a mortgage that’s with a non- high street lender;        
  • There are problems with the title deeds;
  • You are selling the property subject to a tenancy;
  • The term of the lease has to be extended as part of the transaction;
  • Your lease requires you to obtain a licence from your landlord before you sell the property;
  • We have to pay a referral fee to the professional who referred you to us     

How long will the sale of your leasehold property take?


How long it will legally take to sell your property, so from your sale being agreed until you receive the sale proceeds, depends on a number of factors. The average process in England and Wales ordinarily takes around 10 to 12 weeks.

It can be quicker or slower, depending on the parties in the chain and the number of parties in the chain.  For example, if you are selling to a first time buyer who has a mortgage in principle, it could take from around 4 to 6 weeks for the sale to complete. However, if you are selling a leasehold property that requires an extension of the lease, this can take significantly longer, from around 3 to 4 months. In such a situation, additional charges may apply.

 

Key Stages in the Sale Process


The exact stages involved in the sale of a residential leasehold property vary according to the individual specific circumstances.  However, the following are the key stages of a typical transaction:

 

  • Accept your instructions and provide you our initial advice;
  • Obtain copies of the title deeds;
  • Obtain amount owing statements from your mortgage lender(s) and check that the sale proceeds will be sufficient to allow the sale to proceed;
  • Prepare contract documents and send them to the buyer’s legal representative;
  • Deal with any enquiries raised by the buyer's legal representative;
  • Send final contract to you for signature;
  • Agree completion date ( the date on which you will receive the balance of monies from the sale proceeds);
  • Exchange contracts and notify you;
  • Complete the sale;
  • Pay off your existing mortgage and obtain discharge documents from the lender;
  • Forward the post completion paperwork to the buyer’s legal representative.


Purchase of a Residential Leasehold Property – Range of Fees

Back to top

Below you will find various pieces of information about what you can expect to pay if you instruct us to act for you on the purchase of a residential leasehold property and what factors might affect the price that you then pay. Should you choose to instruct us, a tailored estimate of price will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable and which will be charged at the prevailing rate at the time that your purchase completes.

Leasehold Purchase Costs

Amount (excluding any VAT applicable)

Our Legal Fees

Range from £600.00 and £1650.00 (plus VAT)

Purchase Price of the Property

Our Legal Fees(excludingVAT)

Up to£100,000

£600 to £900

£100,000 -£250,000

£750 to £950

£250,000 -£375,000

£900 to £1,150

£375,000 -£500,000

£1,050 to £1,200

£500,000 -£750,000

£1,250 to £1,400

£750,000 -£1million

£1,500 to £1,650

£1million andupwards

£1,650

Bank Transfer Fee

£30.00 - £49.00 (plus VAT)

Electronic Identity Check (per name checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses *

 

Lawyer Check Search

£10.00 (plus VAT)

Land Registry Search Costs (OS1)

£3.00 (plus VAT)

Bankruptcy Search Costs (per name searched)

£2.00 (plus VAT)

 

 

*’not list in these expenses or included in our legal fees is:
  • Conveyancing Search Costs, the cost of which varies depending on the search and provider.
  • The HM Land Registry Registration Fee, which is based on the purchase price of the property;
  • Charges ordinarily payable to the freeholder/landlord of the property – for example, the costs of notifying the landlord of the change of ownership of the property and getting any consents required. 


Stamp Duty Land Tax / Land Transaction Tax

In addition to the above costs, you may also have to pay Stamp Duty Land Tax on your purchase or if the property which you are buying is in Wales, Land Transaction Tax. You can work out what you will need to pay in respect of such tax using one of the following links: Tax Calculator (England) or Tax Calculator (Wales)

Your specific circumstances and those of the individual transaction may alter the amount of tax you that have to pay. Once we have all the necessary information from you, we will be able to make a calculation and let you know the likely amount owed in respect of stamp duty land tax.  The amount will be based on the rates in force on the day of completion of your purchase (rates do change from time to time, particularly following the budget in October / November each year).

What is included in this price and what factors might affect what you have to pay?

The above range of figures are based of the purchase of an existing residential leasehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and with the help of a mortgage from a traditional high street mortgage lender.   Most leasehold property purchases in England and Wales will fall within this category. The fees include the following work:

  • Setting up your file;
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out;
  • Checking the title deeds and other standard documentation that we receive from the seller’s legal representative;
  • Ordering any necessary searches and checking the results;
  • Clearing up any discrepancies or ambiguities in the information we receive from the seller’s legal representative and obtaining any missing information;
  • Reporting our findings to you and preparing paperwork for you to sign;
  • Liaising with your mortgage lender and ensuring any conditions attached to the release of the mortgage money are satisfied;
  • Exchanging contracts;
  • Completing your purchase;
  • Dealing with the freeholder’s change of ownership requirements;
  • Submitting a Stamp Duty Land Tax / Land Transaction Tax return on your behalf;
  • Ensuring your purchase is registered with HM Land Registry;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated throughout as appropriate.

Additional work may need to be carried out on your purchase which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon as possible.  Examples of situations that might lead to an increase in costs include:

  • If you are purchasing in a company name;          
  • You are purchasing a share in a property jointly owned by a housing association (shared ownership);  
  • The property is newly built;      
  • The property hasn’t been registered at Land Registry;
  • You are taking a mortgage from a non -high street lender;          
  • There are problems with the title deeds;
  • You are buying the property to let;
  • The term of the lease needs to be extended;
  • We need to prepare additional deeds as required by the landlord;
  • You are using the Government’s Help to Buy equity loan scheme;
  • You are using a Help to Buy ISA/Lifetime ISA bonus;
  • We have to pay a referral fee to the professional who referred you to us            .

How long will your leasehold property purchase take?


How long it will legally take to buy the property, so from your offer being accepted until you can move in to your property, depends on a number of factors. The average process takes between 10 to 12 weeks.

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take from around 4 to 6 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, from between 3 to 4 months. In such a situation, additional charges may apply.


Key Stages in the Purchase of a Residential Leasehold Property


The exact stages involved in the purchase of a residential leasehold property vary according to the individual specific circumstances.  However, the following are the key stages of a typical transaction:

  • Accept your instructions and provide you with our initial advice;
  • Check finances are in place to fund your purchase and contact lender's solicitors if needed;
  • Receive and advise on contract documents;
  • Carry out searches;
  • Obtain further planning documentation if required;
  • Make any necessary enquiries of seller's legal representative;
  • Give you advice on the documents and information received;
  • Review the conditions of your mortgage offer;
  • Send final contract to you for signature;
  • Agree a completion date (the date from which you legally own the property);
  • Exchange contracts and notify you;
  • Arrange for all monies needed to be received from your lender (and you);
  • Complete the purchase;
  • Deal with payment of Stamp Duty/Land Tax;
  • Deal with the application for registration at Land Registry of your title to the property. 

Re-mortgage of a Freehold Property – Range of Fees

Back to top

Below you will find various pieces of information about what you can expect to pay if you instruct us to act for you in respect of the re-mortgage of your freehold property and what factors might affect the price that you then pay.  Should you choose to instruct us, a tailored estimate will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable and which will be charged at the prevailing rate at the time that your re-mortgage completes.

Freehold Re-mortgage Costs

Amount (excluding any VAT applicable)

Our Legal Fees

Range from £150.00 and £550.00 (plus VAT)

Value of the Property

Our Legal Fees(excludingVAT)

Up to £250,000

£150 to £250

£250,000 -£500,000

£250 to £350

£500,000 -£750,000

£350 to £450

£750,000 -£1million

£450 to £550

£1million andupwards

£550

Bank Transfer Fee (per mortgage repaid)

£30.00 - £49.00 (plus VAT)

Electronic Identity Check (per named checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses *

 

Lawyer Check Search

£10.00 (plus VAT)

Land Registry Documents (estimate) (Register and Title Plan, £3 per document plus VAT)

£6 (plus VAT)

Land Registry Search Costs (OS1)

£3.00 (plus VAT)

Bankruptcy Search Costs (per name searched)

£2.00 (plus VAT)

 

 

 

* ‘not listed in these expenses or included in our legal fees is:

  • The HM Land Registry Registration Fee, which is based on the purchase price of the property;
  • A ‘No search’ insurance policy which some lenders may require, and the cost of which varies between insurer and the property in question.


What’s included in this price and what factors might affect the price that you have to pay?

The above range of figures are based of the re-mortgage of an existing residential freehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and with a mortgage from a traditional high street mortgage lender. Most re-mortgages in England and Wales will fall within this category. Our fees include the following work:

  • Setting up your file;
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required by law to carry out;
  • Checking the title deeds;
  • Obtaining indemnity insurance in lieu of searches;
  • Preparing paperwork for you to sign;
  • Liaising with your mortgage lender and ensuring any conditions attached to the release of the mortgage money are satisfied;
  • Obtaining redemption statements in respect of any existing mortgages on the property;
  • Completing your re-mortgage;
  • Ensuring the re-mortgage is registered with HM Land Registry;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated throughout as appropriate. 

Additional work may need to be carried out on your re-mortgage which we are not aware of at the outset but which leads to an increase in our legal fees and/or the third party expenses which you will need to pay. If any such additional costs arise we will tell you about them as soon possible.   Examples of situations that might lead to an increase in costs include:

  • If the property is leasehold;
  • If the property is freehold but there are estate maintenance charges to pay;
  • If you are buying in a company name;   
  • You are re-mortgaging a share in a property jointly owned by a housing association (shared ownership);           
  • The property hasn’t previously been registered at Land Registry;
  • You are taking a mortgage from a non-high street lender;           
  • There are problems with the title deeds;
  • The property is currently let or you intend to let it;
  • We have to order conveyancing searches (if your lender does not accept insurance);
  • The legal owners of the property are different to those who are taking out the mortgage;
  • There is a mortgage on the property that you don’t intend to repay;
  • We have to pay a referral fee to the professional who referred you to us            .

How long will the re-mortgage of the freehold property take?


How long it will take from your new mortgage being agreed until you receive the proceeds will depend on a number of factors.  The average process ordinarily takes from 3 to 4 weeks.

It can be quicker or slower, depending on how long it takes for the formal mortgage offer to be issued by the lender and whether, for example, the property is freehold or leasehold.

Key Stages of the Re-Mortgage Process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. The following are the key stages of a typical transaction:

  • Take your instructions and give you initial advice
  • Obtain copies of the title deeds
  • Review the legal title
  • Obtain amount owing statements from your mortgage lender(s) and check that the new mortgage advance will be sufficient to repay all existing debts
  • Review the mortgage offer and deal with any special conditions
  • Send the mortgage deed to you for signature
  • Agree a completion date (date on which you will receive the re-mortgage proceeds)
  • Complete the re-mortgage
  • Pay off your existing mortgage and obtain discharge documents from the lender
  • Deal with application for registration at Land Registry

Re-mortgage of a Leasehold Property – Range of Fees 

Back to top

Below you will find various pieces of information about what can expect to pay if you instruct us to act for you in respect of the re-mortgage of your leasehold property and what factors might affect the price you then pay.  Should you choose to instruct us, a tailored estimate will be provided based on your particular circumstances and the transaction. The figures below do not include any VAT which may be applicable and which will be charged at the prevailing rate at the time that your re-mortgage completes.

Leasehold Re-mortgage Costs

Amount (excluding any VAT applicable)

Our basic legal fee

Range from £250.00 and £650.00 (plus VAT)

Value of the Property

Our Fees (excluding VAT)

Up to £250,000

£250 to £350

£250,000 - £500,000

£350 to £450

£500,000 - £750,000

£450 to £550

£750,000 - £1million

£550 to £650

£1million and upwards

£650

Bank Transfer Fee (per mortgage repaid)

£30.00 - £49.00 plus VAT

Electronic Identity Check (per name checked)

£10.00 - £17.00 (plus VAT)

 

 

Anticipated Expenses *

 

Land Registry Documents (Leasehold Register and Plan, Freehold Register and Plan, Lease)

£15.00 (plus VAT)

(£3 plus VAT per document)

Land Registry Search Costs (OS1)

£3.00 (plus VAT)

Bankruptcy Search Costs (per name searched)

£2.00 (plus VAT)

 

 

* ‘not listed in these expenses or included in our legal fees is:

  • The HM Land Registry Registration Fee, which is based on the purchase price of the property;
  • A ‘No search’ insurance policy which some lenders may require, and the cost of which varies between insurer and the property in question.
  • Charges ordinarily payable to the freeholder/landlord of the property – for example, the costs of notifying the landlord of the new mortgage and getting any consents required.


What is included in this price and what factors might affect the price that you have to pay?

The above range of are based of the re-mortgage of an existing residential leasehold property by one or more individuals (as opposed to a company or business partnership) with a title which is already registered at HM Land Registry and with a mortgage from a traditional high street mortgage lender. Most re-mortgages of leasehold property in England and Wales will fall within this category. Our fees include the following work:

  • Setting up your file;
  • Checking and processing your instructions including carrying out the identity and anti-money laundering checks that we are required to carry out by law;
  • Checking the title deeds;
  • Obtaining indemnity insurance in lieu of searches;
  • Liaising with your landlord to obtain information about maintenance, service charges, insurance etc.;
  • Preparing paperwork for you to sign;
  • Liaising with your mortgage lender and ensuring any conditions attached to the release of the mortgage money are satisfied;
  • Obtaining redemption statements in respect of any existing mortgages on the property;
  • Completing your re-mortgage;
  • Ensuring the re-mortgage is registered with HM Land Registry;
  • Closing and storing your file in accordance with our data retention policy;
  • Keeping you and any relevant third parties updated throughout as appropriate.

Additional work may need to be carried out on your re-mortgage which we are not aware of at the outset but which leads to an increase in our fees and/or the third party expenses you have to pay. If any such additional costs arise we will tell you about them as soon as possible.  Examples of situations that might lead to an increase in costs include:

  • If the property is in or is being transferred to a company name;               
  • You are re-mortgaging a share in a property jointly owned by a housing association (shared ownership);           
  • The property hasn’t previously been registered at Land Registry;
  • You are taking a mortgage from a non- high street lender;          
  • There are problems with the title deeds;
  • The property is currently let or you intend to let it;
  • We have to order conveyancing searches (if your lender does not accept insurance);
  • The legal owners of the property are different to those who are taking out the mortgage;
  • There is a mortgage on the property that you don’t intend to repay;
  • We have to pay a referral fee to the professional who referred you to us            

How long will the re-mortgage of the leasehold property take?

How long it will take from your mortgage being agreed until you receive the proceeds will depend on a number of factors. The average process takes between 3 to 4 weeks.

It can be quicker or slower, depending on how long it takes for the formal mortgage offer to be issued and whether for example the property is freehold or leasehold. If you are re-mortgaging a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months.  In such a situation, additional charges may apply.

Key Stages of the Re-mortgage Process


The exact stages involved in the re-mortgage of a residential leasehold property vary according to the individual specific circumstances.  However, the following are the key stages of a typical re-mortgage:


  • Take your instructions and give you initial advice;
  • Obtain copies of the title deeds;
  • Review the legal title;
  • Obtain amount owing statements from your mortgage lender(s) and check that the new mortgage advance will be sufficient to repay all existing debts;
  • Review the mortgage offer and deal with any special conditions;
  • Send the mortgage deed to you for signature;
  • Agree a completion date (date on which you will receive the re-mortgage proceeds);
  • Complete the re-mortgage;
  • Pay off your existing mortgage and obtain discharge documents from the lender;
  • Deal with the application for registration at Land Registry.