Re-mortgages

You may decide to re-mortgage your property, to secure a better rate of mortgage borrowing or to release any equity in the property.

Alternatively, you may be looking to re-mortgage a property and change the type of mortgage secured against it in order to rent it out.

On the other hand, your property may be mortgage free and you now want to raise money by using the equity and securing mortgage borrowing against it.

Whatever the reason here at Butcher & Barlow we have the experience and expertise to act for you.

A new mortgage lender will usually require the title to the property to be investigated, in the same way it would if you were purchasing the property with the benefit of a mortgage. We will assess the requirements of the lender and advise you accordingly, ensuring that the process is completed in the more costs and time efficient manner.

Sometimes a re-mortgage may take place at the same time as a transfer of equity of the property and being a full service law firm, your dedicated conveyancer here at Butcher & Barlow will be your dedicated point of contact for both elements of the transaction.

Where the property being re-mortgaged is leasehold additional requirements need to be met. We have the knowledge and expertise to ensure that this is so and that the requirements under the lease and any restriction that may be on the legal title to the property are complied with.

Here at Butcher & Barlow we are members of all major mortgage lenders panels and have the expertise to deal with your re-mortgage matter swiftly and efficiently.  Please contact your local office to discuss your requirements and receive a quotation as to our fees for acting for you.

Residential conveyancing: Mortgages and Remortgages

The Solicitors Regulatory Authority, the body which regulates law firms, require us to provide you with information on our costs in relation to certain legal services which we provide.  This is so that you have the information you need to make an informed choice of legal service provider, and an understanding as to what the total cost of that service may be.

One such legal service is the sale, purchase and mortgage of residential property.

The fees which we charge for residential conveyancing depend on a wide variety of factors including but not limited to whether the transaction is a sale or purchase, where the property is, and whether it is a flat or a house.

We have provided information on the potential costs for sales, purchases and re-mortgages and listed the factors which may cause those costs to increase. However, fees will vary from property to property and can on occasion be significantly more than the ranges given.  We can give you an accurate figure once we have specific information about the property including having sight of the relevant documentation.

This page details our pricing structure for mortgages and remortgages.

If you are taking out a mortgage on your property or changing your existing mortgage lender, we can undertake the legal work on your behalf.  We will also, in most cases, be acting for your mortgage lender.

Legal Fees:

Mortgage amountFee Range excl VATFee Range incl VAT
Up to £500,000£395£474
Over £500,000£595£714

Disbursements: These are cost relating to your matter that are payable to 3rd parties

DisbursementCost excluding VATCost including VAT
Copies of the register of title and plan (per title number)£6.00£7.20
Copies of documents referred to in the register of title (per document)£3.00£3.60
Local Authority Search*
Drainage Search**
Environmental Search (based on a Groundsure Homebuyers Report)£49£58.80
Coal Mining Search

https://www2.groundstability.com/mining-reports-prices-2018/

 

From £34.33From £39.60
Cheshire Salt Search

https://www.groundsure.com/cheshire-salt-search

 

From £33From £39.60
Index Map Search£4.00£4.80
Land Registry Search£3.00£3.60
Bankruptcy Search per person£2.00£2.40
Land Registry Registration Feehttps://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-2-fees
Electronic ID check (where so required) (approx.)£6.25£7.50
Electronic Money Transfer Fee£30£36
Registration of a charge at Companies House  (needed where a company is re-mortgaging)£15

* Local Authority Searches: The price of a local authority search is set by the relevant local authority.  Fees can range from £75 – £200 plus VAT and we can give you a specific cost once we know which local authority the property falls within.

** Drainage Search: The price of a drainage search is set by the relevant service provider.  Fees range from £40 – £100 plus VAT and we can give you a specific cost once we know which provider services the property.

Your lender may accept a personal search bundle.  This includes the Local Authority Search, Environmental Search and relevant mining searches.  These bundles are often cheaper over all than the individual searches. We will advise you on whether this is an option once we know which lender your are using.

Alternatively, if you lender allows it ‘No Search Indemnity Insurance’ may be able to be implemented in place of the above searches (with the exception of the salt search which would still have to be carried out).  The cost of such insurance depends on the value of the property and will vary from insurer to insurer.  As an example a No Search Indemnity Insurance Policy covering Standard Conveyancing Searches for a property with a value of between £100,001 and £200,000 (lender only cover) is around £56.00.  Your local office will provide you with more details once your Lender is known..

Where the property is leasehold Notice Of Charge needs to be served under the terms of the lease.  The amount payable will be found in the lease.

Our fees assume that:

  • This a standard residential re-mortgage transaction and that no unforeseen matters will arise including for example (but not limited to) a defect in title which require remedying prior to completion of the mortgage or the preparation of additional documents ancillary to the main transaction.
  • That this is not a mortgage or a re-mortgage of a commercial or investment property.
  • That the transaction is in the name of an individual only and not a company. If you are mortgaging or re-mortgaging in the name of a company, please call your nearest office for a quotation.
  • That the transaction is not connected to or relating to any commercial transaction, for example but not limited to, a refinancing arrangement. If this is the case, please call our Gadbrook Park office for a quotation.
  • That the mortgage offer does not contain any additional terms as a result of, but not limited to, previous credit issues, being self employed and/or previously having defaulted on a loan.
  • The transaction is concluded in a timely manner and no unreasonable complications arise.
  • All parties in the transaction are cooperative and there is no unreasonable delay from third parties providing documentation.
  • No indemnity policies are required. Additional disbursements may be required if an indemnity policy is required.

Key Stages

How long your re-mortgage will take depends on a number of factors including what specific requirements the lender has, and whether any additional work needs to be undertaken to comply with the lenders mortgage conditions. An average re-mortgage will take between 4 and 6 weeks.  The chart below shows the standard procedure for a re-mortgage.  Our experienced Residential Property Team will talk you through the procedure and likely timescales in more detail once the specifics of the mortgage are known.

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The Residential Property Team

Meet our dedicated and proactive team of property specialists.

an image of Mike Bracegirdle, a Butcher & Barlow LLP employee

Mike Bracegirdle

Northwich - Gadbrook Park

an image of Joanne Barton, a Butcher & Barlow LLP employee

Joanne Barton

Bury - Head Office

an image of Sarah Askey, a Butcher & Barlow LLP employee

Sarah Askey

Frodsham

an image of Sue Curzon, a Butcher & Barlow LLP employee

Sue Curzon

Sandbach

re-mortgages image

Anita Gibbs

Bury - Head Office

an image of Tina Wingate, a Butcher & Barlow LLP employee

Tina Wingate

Northwich