Remortgage Pricing

Making the decision to remortgage your home can be just as life changing as buying your first property.

A remortgage 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 remortgage 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

Why Us

We have an experienced team who understand the process of re-mortgaging your property and how the banks, building societies and mortgage lenders work. Our approach is 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.

Tayntons Residential Property team are accredited members of The Law Society’s Conveyancing Quality Scheme – the mark of excellence for residential property solicitors. Our Residential Property team are highly skilled professionals and have over 130 years’ combined conveyancing experience between them.

Good communication is key to making the remortgaging process as simple and stress-free as possible for you. Our highly qualified team 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.

Pricing

We work on a fixed fee basis, so you will know exactly how much your remortgage is going to cost from the outset.

If during the transaction there are any new developments 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. This would typically occur if you changed your instructions, or your case involves an unforeseen complexity.

For an accurate quote for the cost of your remortgage, please use our remortgage calculator.

Our Fees

Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.

In order to provide you with the most accurate quote for your circumstances, we have a conveyancing quote calculator on our website which will provide you with our costs and any disbursements once you have entered the required information.

VAT, currently 20%, will be payable on all our fees and some disbursements, and we will clearly confirm which disbursements carry VAT in our quote generator and formal quotation or as we advise you to incur them.

Our average standard legal fee for a residential mortgage / re-mortgage application is £750.00 plus VAT (£900.00 Inc. VAT).

Below we detail what services are covered in our standard fee.

We will charge the sum of £40.00 plus VAT (a total of £48.00 Inc. VAT) for each electronic money transfer payment.

For all our clients, we are required by our regulator to undertake Client Due Diligence (CDD) which is made of up KYC (Know Your Client) and AML (Anti Money Laundering) details of which are contained within our terms of engagement which will be sent to you when instructing us.

In addition to our standard charges as referred to above, the firm will apply a CDD charge of:

• ID Check £20.00 plus VAT (£24.00) per person

Our Fee Assumes That:

• this is a standard transaction and that no unforeseen matters arise.
• the transaction is concluded in a timely manner and no unforeseen complications arise.
• all parties to the transaction are co-operative and there is no unreasonable delay from any parties providing documentation.

Disbursements

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. Our quote calculator will list any disbursements applicable to your matter when you generate a quote.

In order to provide you with the most accurate quote for your circumstances, we have a conveyancing quote calculator on our website which will provide you with our costs and any disbursements once you have entered the required information.

Exclusions

We do not undertake mortgage or tax advice. We would recommend you seek advice from an independent mortgage broker or financial adviser and would be happy to recommend  a local provider.

We do not carry out valuations on your home, this will be conducted by your new lender.

Other Factors

Other Factors to consider which may affect your legal fees: –

• Multiple owners.
• Shared ownership scheme.
• Mortgaging where there is a help to buy scheme, and whether it is an equity loan or ISA.
• Mortgaging property under right to buy.

These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Time Scales

A typical remortgage 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.

Key Milestones

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
• Undertaking regulatory checks.
• 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
• Searches
• Checking the mortgage offer
• Preparing for completion
• Requesting final redemption statement
• Requesting the mortgage advance
• Completion
• Registration

Who will advise you?

We allocate the most appropriate member of our Residential Property team to your transaction once you instruct us, taking into account the type of transaction, complexity and experience required and the workloads within the department.

You can see details on all members of our Residential Property team here. The team is supervised by Andrew Ollerenshaw.