Residential Remortgages -The Process and Costs
Timescales: How long will my remortgage take?
A remortgage usually completes in 4-6 weeks but this can vary.
The Typical Stages of a Residential Property Remortgage
- We will take your instructions and provide initial advice to you
- Request Redemption Statement(s) from your Lender(s)
- Obtain and review Land Registry documents
- For Leasehold properties, we will check provisions contained in the lease
- We will review the mortgage offer and report our advice to you
- Request final redemption statement(s) from existing Lender(s)
- Request the mortgage advance from your new Lender
- Deal with Registration of the new mortgage
How much will it cost?
To obtain costs information specific to your transaction, please call us and we can provide this instantly.
We offer fixed fees meaning that you know from the outset what the total cost will be. There are various factors that we will need to discuss with you to enable us to confirm what that fee will be but on average our fee for a remortgage is £575 + VAT. This includes all the work outlined under the typical stages above, relating to one First Charge.
We will charge £30 + VAT for each electronic bank transfer that we make on your behalf but only one transfer is usually required.
We will charge £50 + VAT for the legal work in dealing with removing any additional charges/mortgages from the title. The removal of each charge will also usually incur a charge of £30 + VAT to complete an electronic bank transfer.
There are charges, known as disbursements, as part of the purchase that are payable by you but that we handle for you. These include:
Local Search Fee or Search Indemnity: £50 (average)
A Land Registry fee to register the mortgage. Details can be found by clicking here
Bankruptcy Search, Land Registry Search and Copy Land Registry Documents: £20.20
Total Remortgage Costs are usually in the region of £860.
Important: Excluded Services
We do not advise on tax matters but we can recommend specialist tax advisers if you wish.
No Sale, No Fee
We offer a ‘no sale, no fee’ service. This means that if the matter does not complete for any reason, you will not have to pay our costs for completing the work. You will, however, have to pay any disbursements paid on your behalf. Any monies paid on account of our costs shall be refunded to you less the value of any disbursements incurred.
On some transactions, we pay a referral fee to an introducer. This may be your Estate Agent or Financial Adviser. That fee which on average is £100 will not be charged to you and will be payable by Waldrons. Any advice we give you in relation to your property transaction will be independent and you are free to voice questions on all aspects of the transaction. Any information disclosed by you to us will not be disclosed to a third party without your permission.