It is that time of year again and BakerLaw has decided to get a Christmas tree with a cause. On Friday, 7 th December, our Associate and Head of the Private Client Department, Debbie Duggan headed out to the great outdoors in association with the...
Thank you for looking at our property services. Making the decision to re-mortgage your home can be just as life changing as buying your first property.
A re-mortgage is when you either renegotiate with your current lender or change the mortgage on your property to a new lender. It is important to speak to a mortgage adviser who can go through the options with you and make sure you get the right deal for what you want to achieve.
There are many reasons you may wish to re-mortgage such as:
- To reduce the interest rate on your mortgage
- To fix your monthly payments and protect against possible future rate rises
- To raise money to carry out home improvements
- To raise a cash lump sum by releasing equity from your home
- Change in personal circumstances such as a marriage or divorce
- To consolidate your debts
We have an experienced team who understand the stress involved in re-mortgaging your property, who know how the banks, building societies and mortgage lenders work. Our approach is a simple, we provide a first-class service from our expert team who make the difference by taking the stress away from you and dealing with matters on your behalf.
Good communication is key to making the remortgaging process as simple and stress-free as possible for you. Our team of highly qualified solicitors have the legal and technical “know how” to resolve any issues as they arise in a professional and efficient manner, while making sure everything you need to know is explained as clearly as possible.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. We not only want to provide that first-class service, but value for money and no hidden fees.
We are proud to hold Lexcel and Conveyancing Quality Scheme (CQS) Accreditations issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.
We work on a fixed fee basis, so you will know exactly how much your re-mortgage is going to cost from the outset.
If during the transaction there are any new development which could lead to an additional cost, we will discuss the change in fees with you at the earliest opportunity and agree a way forward.
Our fees are set out as:
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
ID Check per person
Land Registry Documents – per document
Land Registry Registration Fee – dependant on value of property
Between £20- £250
Between £20- £250
Land Registry Priority Search
Electronic money transfer fee (redeeming existing mortgage)
Local Authority Search (price depends on which Local Authority)
Between £125.00 - £350.00
VAT @ 20%
Environmental Search – only if lender requires
Drainage & Water Search – only if lender requires
Chancel Report – only if lender requires
The re-mortgage of a freehold property:
Our Fee - £500.00 + VAT (£100.00) = £600.00
- ID Check - £6.00 + VAT (£1.20) = £7.20
- Land Registry Priority Search Fee - £3.00 + VAT = £3.60
- Bankruptcy Search - £2.00 + VAT = £2.40
- Land Registry Registration Fee - £40.00
- Bank Charges (redeeming existing mortgage) - £30.00 + VAT (6.00) = £36.00
- Local Authority Search - £259.17 + VAT (£43.23) = £302.40
Our Fees & Disbursements Total = £991.60
We do not undertake mortgage or tax advice and we would recommend you seek advice from an independent mortgage broker or financial adviser.
We do not carry out valuations on your home, this will be conducted by your new lender.
A typical re-mortgage takes between 6 and 8 weeks, however it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Requesting the Title Deeds and Redemption Statement
- Obtaining Official Copies of the Title
- Checking the Title
- Checking Official Copies
- Leasehold properties will require the lease to be checked and enquiries made if relevant
- Checking the mortgage offer
- Preparing for completion
- Requesting final redemption statement
- Requesting the mortgage advance