Cost illustration – remortgage

To this end we have set out below details of how this firms fees are calculated and how and disbursements (expenses) consequential on such a transaction are calculated by the different service providers.

Because each house is unique and as each persons circumstances are similarly unique it is not possible here to provide you with a precise total here as to the costs that will be incurred on each individual transaction.  A clear written and comprehensive statement as to the anticipated cost of each transaction will be provided to you ahead of your instructions being received.  Such statement will not be changed by this firm although the total figure may change should one of the service provides change their rates of charges.

Such things can and do happen and are outside this firms control.  Such examples are where the Government change the rates of Stamp Duty Land Tax payable or where the Government changes the rates at which Vat Value Added Tax) is payable.  Such changes are beyond this firms control and additional costs will be passed onto you.

Stamp Duty Land Tax would not ordinarily be payable on a remortgage transaction. Stamp Duty Land Tax will only become payable if we carry out additional work for you, such as a transfer of equity.

In order to assist you we have set out below the anticipated costs we would anticipate being charges in the following transactions;

Remortgage of a residential property

Our fees cover all of the work* required to complete the remortgage of your property, including dealing with registration of your new mortgage at the Land Registry and dealing with the repayment of your existing mortgage.

In order to assist you we have set out below the fees that we would expect to charge on a remortgage transaction with borrowing of £250,000.00 based on the following assumptions:-

1. That your new lender accepts Search Indemnity Insurance.
2. That there are no second charges registered against your property and you have no additional borrowing that will need to be repaid or a matrimonial charge or bankruptcy order registered against your property.
3. That any funds required to complete (if any) are coming from your own account.
4. That you are an individual and remortgaging the property in your sole name.

Fees and disbursements

• Fixed Legal fee £495 plus Vat – Current VAT rates
• Local Search fees – please see the current fees here – Local authority search fees (Bournemouth) , Drainage and water search fees (Bournemouth)
• HM Land Registry fee – please see the current HM Land Registry fees here – HM Land Registry: Registration services fees
• Electronic money transfer fee £39 Plus Vat (such sum includes an administration fee)
• VAT payable – please see the current Vat rates here – Current VAT rates

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.

Total Costs – All of the firms clients receive a clear written statement as to the total cost of the transaction at the time of instructing Matthew & Matthew .  This costs statement will be tailored to your individual remortgage.

Estimated Grand Total : £763.00 including VAT and disbursements but excluding Stamp Duty Land Tax.

How long will my remortgage take?

How long it will take from your mortgage offer being received until the remortgage completes will depend on a number of factors. The average process takes between 4 to 6 weeks.

It can be quicker or slower, depending on the lenders requirements.

Regardless of the time taken to complete your transaction this firms fees will not change unless your instructions change which require us to carry out additional work on your behalf.  Should such an event happen you will be provided with a written statement as to how much that additional work will cost at the time the instructions are given.

Stages of the process

The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to consider:

• Take your instructions and give you initial advice
• Check finances are in place to fund mortgage and contact lender’s solicitors if needed
• Receive and advise on new mortgage offer
• Carry out searches if required or obtain quotation for search indemnity insurance
• Obtain further documentation if required
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send Mortgage Deed to you for signature
• Obtain pre-completion searches
• Agree completion date (date from which you receive mortgage funds from your new lender)
• Arrange for all monies needed to be received from lender and you
• Send you a statement explaining what monies are required from you and when if applicable
• Complete remortgage
• Deal with repayment of existing mortgage
• Deal with application for registration at the Land Registry

* Our fee assumes that:

1. this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
2. the transaction is concluded in a timely manner and no unforeseen complication arise
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
4. no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.