Our prices for mortgages and remortgages

Our prices for mortgages and remortgages

Thank you for looking at our conveyancing services.

Our efficient team will get you moving quickly with the minimum of fuss, while making sure that you are fully protected. We know you will want to know what is happening every step of the way, so we pride ourselves on being approachable and keeping you informed.

We have over 70 years’ experience of serving the local community. Our property team is headed by David Fraser, who has lived and worked in Abergavenny for over 20 years.

We know how important it is that you know what to expect, so here we explain more about the process and the likely costs of dealing with a mortgage or remortgage of a residential property. We recognise that everybody’s needs are different, and circumstances can change unexpectedly, so we will always discuss the costs of your individual case at the outset. We will also update you regularly on your costs and if our initial estimate needs revising.

Please complete our enquiry form or call us on 01873 852535 for a personalised quotation.

1. What will we do for you?

We will let you have a breakdown of what our fees include, when we provide you with a quote. It may include some or all of the following matters:

  • acting on behalf of you and your lender;
  • reviewing the legal title to the property;
  • undertaking searches and raising enquiries of the managing agent and/or freeholder if the property is leasehold, or freehold but served by a management company;
  • reviewing your mortgage offer and reporting to you on any special conditions;
  • attending on you to sign the legal charge (mortgage deed) and ensuring that you are comfortable with the nature and effect of entering into the mortgage;
  • reporting to your lender on their standard form of certificate of title;
  • undertaking pre-completion searches at HM Land Registry;
  • accounting to you with a completion statement;
  • redeeming your existing mortgage;
  • registering the new mortgage with HM Land Registry.

2. How much will it cost?

We do not want you to have any unwanted surprises during the course of your transaction so we will give you an estimate of likely costs and disbursements before you decide to instruct us.

Broadly speaking, we will agree a fixed fee with you but if your matter is more complex or it is difficult to know what will be involved, we may charge you for the time spent. We reserve the right to increase our charges if a matter becomes particularly complicated or time consuming.

We know that every transaction is unique, so we will keep you informed if we identify any additional work which will need to be done in order to successfully conclude your matter.

2.1. Fixed fees

Most solicitors charge a fee proportionate to the value of the funding, so the fee you will pay depends on how much you are borrowing, together with a number of factors including the complexity of the title, who your lender is and what they instruct us to do for them.

Our fees range from £440.00 plus VAT for a freehold property securing a mortgage of £100,000, to £1,000.00 plus VAT for a freehold property securing a mortgage of £500,000.

Example quote for a freehold mortgage of £250,000 on the whole of a property that is already registered with the Land Registry:

  • Legal fee £610.00
  • VAT £122.00
  • Official copies £7.20

    (£3.60 per document inclusive of VAT)

  • Electronic transfer fee £24.00

    (inclusive of VAT)

  • HM Land Registry fee £45.00
  • HM Land Registry final searches £6.00

    (£3.60 (inclusive of VAT) per Official Search AND £2.40 (inclusive of VAT) per borrower)

  • Estimated total* £814.20

*Searches may be required by your lender. These costs are not fixed. Each search provider will charge a fee for their service and each local authority, water authority (etc.) will have their own fee scale. On average, the searches you will require cost between £175.00 and £250.00. This is assuming you only require the basic Local Search, Drainage Search and (if appropriate) Coal Search.

Any variation is accounted for on your completion statement during the course of the transaction. Some searches are subject to VAT.

2.2. Fee based on the time spent

It may be necessary to agree an hourly rate with you, if it is not possible to give you an accurate estimate of the likely costs involved with your sale.

Hourly rates are based on the qualification and experience of your legal representative. These rates are currently:

  • Partner/Solicitor £195.00 per hour
  • Paralegal/Trainee Solicitor/Clerk £110.00 per hour

All professional costs, whether fixed fee or hourly rate, are subject to VAT.

2.3. What factors could increase the costs?

We want to ensure you only pay for the service you receive, so, as an example, a straightforward transaction involving a freehold property and a standard mortgage will cost less than a complex leasehold property being mortgaged to a lender who requires us to undertake much more detailed reporting on their behalf.

 

Some factors which could typically increase the cost of the service you require are:

 

  • if the legal title is defective;
  • if the title is unregistered;
  • if there is a management company that we need to engage with to ensure compliance with any regulations which may apply;
  • if we need to obtain a certificate of compliance for a restriction on the title;
  • if the property is subject to a rent or estate charge;
  • if we discover that the correct consents have not been obtained for alteration works;
  • if you are redeeming a help to buy loan;
  • if your mortgage lender asks us to comply with additional requirements other than submitting a standard certificate of title on completion;
  • if documents or information are requested from you or any other party, which requires our work to be duplicated;
  • if you are mortgaging only part of your property;
  • if you require much more than the usual time to be spent on your case.

2.4. Costs payable to other organisations (disbursements)

Disbursements are charges levied by third parties which apply to your transaction, and which we will pay on your behalf. These costs are fixed by the third-party supplier and we cannot influence them.

Which disbursements may apply to my mortgage?
HM Land Registry fees

We will need to obtain official copies of each title document relating to your property. These documents generally cost £3.60 (inclusive of VAT) each.

Please refer to HM Land Registry for relevant rates for registration fees.

The Land Registry fees for registration of the property are not subject to VAT but all other Land Registry fees are.

Searches

Your lender may require a full set of searches to be undertaken. These costs are not fixed. Each search provider will charge a fee for their service and each local authority, water authority (etc.) will have their own fee scale. On average, the searches you will require cost between £175.00 and £250.00. It may be that the lender does not require searches but will accept search indemnity insurance.

Any variation is accounted for on your completion statement during the course of the transaction.
Some searches are subject to VAT.

Electronic transfer fee

The charge levied by the practice (which includes the cost payable by us to the bank) is £24.00 inclusive of VAT. It will be required when we are redeeming your existing mortgage or returning any net proceeds to you on completion.

3. Is there anything that is not covered?

It is important to note that the information above relates to residential conveyancing for individuals who are mortgaging their own property. If any of the circumstances below apply, it is likely to involve additional work, or you may require advice from another department within the practice:

  • if you require a transfer of equity as part of the transaction;
  • if the property is a buy-to-let;
  • if you own the property in a limited company or a partnership;
  • for Help to Buy loans.

4. How long will it take?

Generally speaking our work should take between two and four weeks to complete but this depends on many factors, including the speed of your searches, mortgage offer and the co-operation of all parties.

5. What are the key stages of the process?

If you are at the end of your fixed rate with your current lender and wish to switch to a more favourable rate with a different lender, or decide to extract some equity from your property, you may decide to remortgage.

You should take advice from a suitably qualified advisor before proceeding to ensure the product you choose meets your individual needs.

Once we have received your new mortgage offer, we will investigate title to your property to ensure that it complies with your new lender’s requirements. We may need to carry out searches and investigations and if you already have a mortgage secured against your property, we will make contact with the current lender to obtain a redemption figure.

On the day of completion, we will obtain the advance from your new lender, pay off your existing lender and deal with registration formalities at HM Land Registry to secure the new charge against your property.

6. Supervision

All our staff are supervised by the partners. David Fraser has particular responsibility for our property team. For more information, including details of qualifications and experience of our team, please visit Our Team page.