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A remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity.
At Elliot Mather, we know that you want to get things moving as soon as possible. That is why we aim to complete all standard remortgage work within fourteen working days of receiving your mortgage offer from your lender.
We provide a friendly personal service, and whilst we make use of all the latest technology you are always welcome to pop in to any of our offices – whichever is more convenient for you.
Obtain an instant quotation
Please use the form below to obtain an instant quotation for your remortgage.
For further information
Our fees cover all of the standard work required to complete the re-mortgage of your property, including dealing with registration at the Land Registry.
Our quotation includes:-
- Taking instructions.
- Obtaining the title deeds and documents from any mortgagee where applicable
- Obtaining Redemption figures for any secured loans where applicable
- Obtaining Official Copy of Register Entries from the Land Registry where the title is registered
- completing the transaction
- dealing with the registration formalities
- discharging any existing secured loans (unless the property is transferred subject to this or insufficient funds are held to discharge)
- Providing you with a copy of the title after completion of the registration formalities
Our Quotation does not include:-
- Remedying any defects in the title
- advising you upon the terms of the title
- Discharging unsecured Loans
- Providing any financial advice
- Providing any advice or recommendations on tax, community care or welfare benefits or matrimonial issues*
Our experienced team are here to ensure your transaction proceeds smoothly. All work is supervised by an experienced Partner. You can meet our Team here
How long will it take?
How long it will take from your mortgage application to completion will depend on a number of factors. The average process takes between 6 and 8 weeks.
It can be quicker or slower, depending on when the mortgage offer is received and whether the property is freehold or leasehold or if there are any title issues.
There are often many other factors outside of our control which affect how long it will take to complete. This means we cannot tell you exactly how long the transaction will take but we will keep you informed of progress at regular intervals.
Below are the typical stages of a remortgage transaction
TYPICAL PROCESS/STAGES FOR A REMORTGAGE
|1. Confirm initial Instructions||We will send you our terms of business for signature and need to verify your ID and gather initial information by sending you a questionnaire. We cannot undertake any further work until these are returned.|
|2. Request a Redemption figure for any existing mortgage and check the title||Upon receipt of the above documentation we will obtain a copy of your title from the Land Registry and check that this is acceptable to your mortgage lender. We will also request a settlement figure for any existing secured charge|
|3. Report on your Mortgage||When we receive your mortgage we will review the same and check for any conditions we need to deal with and send you a report.|
|4. Send the documents to you for your execution||When we receive your mortgage we will send you the mortgage deed to sign and return and also let you have a provisional completion statement showing any monies due back to you or due from you|
|5. Set up your matter for completion||When we received the signed mortgage deed we will then set your file up for completion.|
|6. Complete your matter||We will complete your matter and pay off any existing secured mortgage|
|7. Deal with any registration/post completion formalities||We will submit an application to the Land Registry to update the mortgage at the Land Registry|
How much will it cost?
Each case and circumstances are different and it is impossible to provide an average cost. Our fees are generally calculated with reference to the amount of the mortgage but generally our standard fee scale ranges from £125.00 plus vat to £1000.00 plus vat. You can obtain a more accurate estimate by using our online quote facility here.
If the transaction aborts before the matter has completed we will charge you for the work we have undertaken to that point. Again every case is different and its hard to say what charge will be applied as the depends upon the work undertaken at that stage but as a general indication
|Initial Instructions||£75 + VAT|
|Mortgage documents Received||£125 + VAT|
|Documentation prepared / Searches received||£150 + VAT|
|Documentation Signed||£175 + VAT|
|Pre-Post Completion||Full Estimate of Costs quoted above|
|Stage||Percentage of fees charged|
|Initial instructions received and title check made||25% of legal fees quoted|
|Mortgage documents received||50% of legal fees quoted|
|Documentation signed||75% of legal fees quoted|
|Pre-Post completion||Full Estimate of costs Quoted above|
|In addition there may be supplemental legal costs, to be added to the fees mentioned above.|
Examples of these are as follows (the list is not exhaustive): Additional Items
|Indicative Additional Costs Payable|
|Help To Buy charge or second charge to redeem||£175.00 plus vat|
|Restriction on title to deal with||£200.00 plus vat|
|Deed of Postponement||£200.00 plus vat|
|Leasehold Property||£200.00 plus vat|
In addition we will incur disbursements on your behalf. 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.
Please note that VAT is payable on our costs and on some disbursements. In addition we also charge a bank transfer fee for sending money through the electronic bank system.
Disbursements may include the following:
- Local Authority search
- Drainage search
- Environmental and flood search
- Chancel Repair indemnity policy
- Mining search
- Search insurance
- Land Registry searches
- Land Registration fee **
**Details of the Land Registry fees payable van be viewed at https://www.gov.uk/guidance/hm-land-registry-registration-services-fees.
In order to calculate the total costs associated with the transaction you will need to add the legal costs together with the VAT, any disbursements (and where applicable the VAT on these items).
You may also have third party fees to pay eg a Broker fee, Valuation fee leasehold or freehold management pack fee notice fee
Our fee assumes that:
- That the property is registered with the Land Registry
- That our investigations do not reveal any unexpected legal issues which must be resolved prior to completion
- That you are having only one mortgage (and the lender is a member of the Council of Mortgage Lenders) and the remaining purchase funds are being provided by you
- That you are buying the property for your own occupation, it is more than 10 years old and no alterations have been made to the property
- That there are no other unusual problems or complications
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Elliot Mather LLP maintains professional indemnity insurance in accordance with the rules of the Solicitors Regulation Authority. Details of the insurers and the territorial coverage of the policy are available for inspection at our offices.
Registered Office: St. Mary's Court, St. Mary's Gate, Chesterfield, Derbyshire, England, S41 7TD
VAT Number: 126 3019 03
Regulatory Notice: Elliot Mather LLP is a limited liability partnership. Partnership number OC321320.
Authorised and regulated by The Solicitors' Regulation Authority. To view code of conduct visit www.sra.org.uk/code-of-conduct.page