Freehold re-mortgage

Re-mortgage (which term applies even if there is no existing mortgage) of a freehold residential property

Fees

Our fees for a freehold residential property re-mortgage are set out in the Fee Schedule and cover the essential conveyancing steps that will need to be taken on a typical leasehold residential property re-mortgage by a single natural person.

Our fees as set out in the Fee Schedule include all of the items specified in the Schedule of Services. If you proceed to instruct us, this will be the scope of work that will be set out in our letter of engagement.

Our fees assume that:

a. this is a standard transaction, concluded in a timely manner and that no unforeseen, unusual or additional matters arise, for example a defect in title which requires remedying, or the preparation of additional documents ancillary to the main transaction;

b. the transaction involves only registered land;

c. all parties to the transaction are UK based, are co-operative and there is no unreasonable delay from third parties providing documentation.

Additional fees will apply for any unforeseen, unusual or additional elements required in the transaction. We have specified the more common elements which are likely to arise in the Table of Supplemental Fees and for which we have been able to allocate an additional fixed charge.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

We use a National Land Information Service licensed supplier to obtain our search results from a wide range of sources (local authorities, water authorities and others). A fee is payable (plus VAT) each time we use this service which we will add to the search costs payable by you.

We set out below the estimated search costs (inclusive of VAT) which are likely to arise on a standard transaction, assuming that basic searches are undertaken, with the higher cost applied where there is a range of costs, as follows:

Local authority search: £480

Drainage and Water search: £75

Chancel check: £26

Envirosearch residential: £63

Land Registry title, plan and lease: £9

Land Registry Index map: £5

Mapping charge: £10

Pre-completion searches: £5

Total: £673

Disbursements will also include a fee payable to the Land Registry for the registration of the mortgage after completion. Land Registry fees are based on a scale relevant to the value of the property and type of registration required. We have included the relevant scale fee in our Fee Schedule for that value of property assuming a simple electronic application for registering a mortgage.

There are certain disbursements which may need to be incurred which will be unknown at the outset of a transaction and which cannot be estimated in advance. These include (without limitation), additional title documents that are required, travel and courier charges, search fees specific to the property or the location of the property, and fees payable to a local authority for the provision of planning information and documents.

TLT Schedule of Services - residential freehold re-mortgage

• Receiving your instructions, carrying out a conflict check, preparing and sending to you our standard letter of engagement, opening a file and receiving from you your identification documents to satisfy our anti-money laundering obligations;

   

• If your lender is to be separately represented making initial contact with the lender's solicitors and ascertaining their requirements in the transaction;

• Submitting standard property searches, applying to third parties for copy documents if needed;

• Reviewing search results;

• Reviewing any existing tenancy agreements subject to which the Property will be mortgaged;

• Reporting to you on any identified defects or issues;

• Reviewing your mortgage offer, checking any unusual conditions with you, reporting to your lender (or to your lender's solicitors) any matters which need to be referred to them under the UK Finance Mortgage Lenders' Handbook;

• Preparing and submitting certificate of title to your lender (or your lender's solicitors), dealing with their pre-completion requirements, finalising net mortgage advance and requesting and receiving your mortgage advance;

• Considering the requirements for redemption and discharge of any existing mortgage(s) and obtaining the necessary undertakings/releases;

• Carrying out pre-completion searches;

• Completing and registering the mortgage at the Land Registry (and Companies House if relevant) and dealing with other routine post completion matters;

• Reporting to you once registration is completed and accounting to you for any surplus monies on account.

TLT Fee Schedule – residential freehold re-mortgage

The fees¹  specified in this table are all exclusive of VAT and disbursements.

Table of Supplemental fees

The fees specified in this table are all exclusive of VAT and disbursements.