Legal Fee Information for Mortgages & Re-mortgage and Equity Release (Lifetime mortgages) for Residential Property
Our Legal Fees cover all the work required to complete the legal advice required to mortgage or re-mortgage your property.
Legal Fees and Disbursements
Legal Fees are the amount you will be required to pay for all the work performed by us in actioning your instructions, from commencement of your case to conclusion.
- Our average standard legal fees for a residential re-mortgage application are £450 – £650 + VAT (£540 – £720 Inc. VAT). And for an equity release £700- £1,000 +VAT (£840 – £1,200 Inc. VAT) depending on the value of the property and complexity of mortgage position.
- We will charge the sum of £35 + VAT (£42 Inc. VAT) for Electronic money transfers.
- VAT will be payable on our fees and most disbursements and we will clearly confirm which disbursements carry VAT in our formal quotation or as we advise you to incur them.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This will typically occur if you change your instructions or your case involves an unforeseen complexity.
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 third parties providing documentation.
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.
You will be provided with a full list of disbursements in our formal quotation. If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.
How long will my Mortgage Application take?
The average mortgage or re-mortgage will take between 6-8 weeks.
Stages of the Process
The precise stages involved in the mortgage application of a residential property vary according to the circumstances.
We have set out the key stages of a standard transaction: –
- Taking your instructions and giving you initial advice.
- Undertaking regulatory checks.
- Advising upon the mortgage offer and its conditions.
- Giving you advice on all documents and information received.
- Advising you on joint or shared ownership.
- Sending final mortgage deed to you for signature.
- Discharging any existing charge or charges
- Registering the Charge on the property.
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.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
The following fee earners handle Residential Property matters:
Christopher Chandler is a director and Senior Qualified Solicitor with over 40 years PQE. Christopher qualified as a Solicitor in the 1970s and has expertise all areas of residential and commercial conveyancing matters.
Diana Davis is a Director at Chandler Ray Solicitors and Senior Qualified Solicitor with over 30 years PQE. She qualified as a solicitor in 1984 and joined Chandler Ray in 1998. She has substantial experience of the full range of property and land transactions, both in price range and complexity
Rosie Bamford is a senior qualified solicitor with almost 10 years PQE. Rosie qualified in 2011 and has expertise all areas of residential and commercial property conveyancing matters.
If you have any questions relating to our services and our fees, please call us on 01280 814040 or email firstname.lastname@example.org