The Cost of Remortgaging Your Home
Homeowners choose to remortgage their homes for all kinds of reasons. Maybe you’re thinking about getting into the buy-to-let game, or perhaps you’ve got your eye on a second home.
It could also be a smart move to free up some of the equity in your current home or move your mortgage deal to one with a more attractive interest rate. Whatever your reason, the Residential Property team at Thompson Smith and Puxon can help support your remortgage.
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- Catherine Lawrence
- Chartered Legal Executive
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- Emma Town
- Conveyancer
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- Richard Broadhead
- Head of Residential Property
Your case will be handled by one of the Lawyers in our Residential Property team whose details can be found above. Team Leader, Richard Broadhead, supervises the work of all of the lawyers in the Residential Property Team.
How can we help you?
We have a wealth of experience in navigating the remortgaging process with precision, ensuring a swift and secure experience for you. From evaluating the specifics of your current mortgage, such as remaining payments and applicable fees, to handling the required documents and details for your new lender, our team is here to provide the support you need in remortgaging your home.
Our lawyers specialise in all areas related to remortgaging and prioritise your best interests throughout the process.
The cost of remortgaging your property
We believe in transparency and clarity when it comes to the costs associated with your residential property remortgage. We offer a fixed fee quote based on your unique situation, which encompasses all legal work necessary for remortgaging your property, whether it is freehold or leasehold. This quote will include VAT (at the standard rate of 20%) where applicable, and we will clearly communicate any costs that need to be settled in advance.
Our VAT inclusive fixed fees for a typical residential property re-mortgage range from £1,097 for a simple transaction to £3,026 for a complex one. Our average fixed fee between July 2023 and December 2023 was £1,291.
We are required by law to verify our client’s identity and also a number of other types of individual such as executors for example. We will charge £10 plus VAT (£12 in total) per individual / UK Company that we check. Where a company is located overseas the charge will be £35 plus VAT (£42 in total). More information on the types of individuals we are required to check can be found in our Terms of Business.
We will charge you a VAT inclusive Bank Telegraphic Transfer fee (TT), per transfer, of £36. For a re-mortgage there will usually be at least one charge when we repay the outstanding amount on your current mortgage.
Embarking on your remortgaging journey can feel daunting, but with our expert solicitors by your side, you can look forward to a process that is as streamlined and supportive as possible.
Key Information About Your Remortgage
We have made the following key assumptions about your purchase.
- Your transaction is standard and that no unforeseen matters or legal issues arise which must be resolved prior to exchange of contracts
- That you provide any documents that we request from you without any undue delays and that your transaction is completed in a timely manner
- That your property is registered at the Land Registry. The Land Registry is a Government department created in 1862 to register the ownership of land and property in England and Wales. There are currently more than 23 million titles documented. Useful if you would like to check property ownership, prove that you own a property or check whether your property is registered. Find out more information here
- That all of the necessary building regulations or planning permission have been obtained
- That there are no other unusual problems or complications
- That all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
If your re-mortgage becomes more complex, for any reason, we may need to revise the quote that we have given you.
The following do not form part of our standard legal service and would typically increase the cost of our service. We will let you know about any additional costs as soon as they become apparent. These include
- The need to rectify unusual or onerous defects in the leasehold or freehold title
- The need to prepare any documents that are not part of the main transaction
- The need for an indemnity policy, and any associated disbursements, which may be required in some non-routine circumstances
Our service does not include:
- Financial Advice, including the effect of a lifetime mortgage on your current circumstances or on your estate following death
We have listed the key stages that are included as standard in our legal fee for your re-mortgage here.
Frequently Asked Questions
If you’re staying with your current mortgage provider and simply changing your mortgage rate because your fixed term has ended, there’s no need for a solicitor. This is because the Land Registry’s records won’t need updating.
Changing your mortgage provider involves legal aspects, like ensuring the new mortgage is properly registered against the title of your property. A solicitor will manage these aspects to ensure everything is handled correctly.
Your solicitor will take care of various tasks including ID checks, anti-money laundering checks, reviewing your current mortgage, checking new mortgage terms, conducting property searches, preparing the new mortgage deed for signing, managing funds transfer upon completion, and registering the mortgage changes with the Land Registry.
While a remortgage is generally more straightforward than buying or selling, it usually takes about 4-8 weeks. The exact timing can vary based on your specific circumstances and the type of property involved.
It’s wise to begin exploring your options around 6 months before your current fixed term ends. This gives you ample time to understand the process and make informed decisions.
Contact our Solicitors in Colchester or Clacton
We’re here to help. Get in touch or contact one of our offices: