Remortgaging is when you replace your current mortgage deal with another. This can be as simple as changing the terms of your existing mortgage with your current lender (which lenders sometimes offer at the expiry of your current fixed interest period) or it can mean changing lenders all together.
The reasons that people tend to remortgage are varied, but common reasons are:
- A lender is offering a better deal;
- You have experienced a change of circumstances (such as a divorce or a bereavement); or
- You would like to release equity in the property
Very often, when you are remortgaging to the same lender, there are very few formalities and some lenders will give you a new deal without the involvement of a solicitor.
If you are switching lenders, the requirements are likely to be more stringent and the process will in many ways feel similar to when you first purchased the property. For example, the lender will require a valuation, searches and will expect your solicitor to undertake adequate due diligence on the property to ensure its suitability as security for their loan.
Early Repayment Charges – Avoid the Trap!
If you are thinking of re-mortgaging do watch out for the “Early Repayment Charge” trap. It is extremely common for your existing lender to charge a considerable fee if you leave your mortgage before the expiry of the initial fixed-interest period. You should check your existing Mortgage Offer to ensure that you will not be caught by the early repayment charge and if you will, think very carefully about whether a remortgage is the right thing for you. If your reason for remortgages is to release equity, there may be other financial products available to you (such as Second Charge Mortgages) that may be more suitable. Though you should always the advice of a properly qualified financial adviser before making your decision.
No matter what your motivation is for remortgaging, it is important that you have the right solicitor in your corner.
Residential Remortgage Pricing
Up to £500,000
£500 INCLUSIVE OF VAT
Attwells have produced a special promotional fee for its re-mortgage service so as to ensure that its price equals the £500 cashback provided by most lenders for their solicitors fees.
This special offer enables our clients to use their mortgage cashback to pay their legal fees.
The price that you have been quoted to carry out your re-mortgage transaction is a fixed price to carry out a standard re-mortgage which has no added elements such as a redemption of a help to buy mortgage, a management company or additional legal work that you would like us to undertake on your behalf such as a Declaration of Trust.
What’s excluded from the price?
For a list of additional legal service and costs that you may be charged in association with your transaction please see our menu of additional fees bellows. The price that you have been quoted covers the cost of redeeming one existing mortgage and securing the mortgage of your new lender.
Land Registry fee
£20 electronic /£40 postal
£30 electronic /£60 postal
£500,001 - £1,000,000
£60 electronic/ £80 postal
£1,000,001 and above
£125 electronic /£250 postal
- Bank Telegraphic transfer fee £40 plus vat per transfer
- Land registry final searches £20 plus VAT
- Local search indemnity insurance £40-£200 depending on the re-mortgage value
- Indemnity arrangement fee £50 plus VAT
Additional mortgage redemptions £95 plus vat (only one mortgage redemption is included within your fix fee if you have a second or additional charges on the property then this fee is per charge)
There, however, may be disbursements that we are not currently aware of for example if your property is leasehold property it will be necessary to ask your freeholder to complete a LPE1 form on your behalf which provides a pack of information in relation to the service charges, planned works, building insurance and the freeholder post completion requirements until we have contacted them we have no way of telling what this fee may be but typically it will be in the region of £150-£350
If you are purchasing a leasehold property there will be various fees that will be payable of completion to the freeholder, we will not know what these fees are until such a time as the sellers solicitors have provided the above LPE1 form, typically you may have to pay for:-
- Notice of transfer and charge ranging from £75-£150 per notice.
How long will it take?
The average re-mortgage takes 3-4 weeks to concluded after your new mortgage offer has been issued.
Leasehold transactions typically take 2-3 weeks longer due the information that has to be collected from the Freeholder or Managing agent.
When do I pay?
Attwells solicitors will ask you for a payment on account to cover any third party disbursements to cover the cost of your searches or a copy of your title documents this will be up to £50 unless there are fees payable in advance to your freeholder for any information that we require from them.
Attwells legal fees will only become payable upon successfully completing your re-mortgage.
Who will be responsible for my work?
Attwells have a large property team with a wealth of experience, our property team includes Solicitors, Legal Executives, Licenced Conveyancers, Trainee Solicitors, Paralegals and administration staff who may all undertake work on your behalf. All work undertaken by unqualified staff is supervised by either a Solicitor, Legal Executive or Licenced Conveyancer.
How to instruct Attwells
If you wish to instruct Attwells then please contact our New Business Team who will be happy to send you our welcome pack, this pack includes all of the necessary forms that you will need to complete and return to use together with our identification requirements. Our FAQ’s provides helpful information to assist our you can contact our team firstname.lastname@example.org.
Why choose Attwells...
For Our Speed and Diligence: In a competitive market the speed and diligence of your lawyer is key. With Attwells, you can rest assured that no matter what the transaction entails, your lawyers will be proactive in pushing your matter forward to an efficient and satisfactory conclusion.
For Our Competitive Fixed Fees: Attwells offer competitive fixed fees on all of our Property Finance services, so that from day one, you will know how much your legal costs will affect your bottom line. This is all part of our commitment to transparent and fair pricing
For Our Proactive Communication: Is there anything more frustrating than not knowing the status of your matter? Or worse still, not being able to get in contact with your lawyer for an answer? At Attwells we understand that communication with the client is critical, which is why we will give you regular updates without being prompted. You will always be given the direct line to your lawyer, so you can spend your day on what you want, rather than waiting on hold.
We use cutting edge Case Management Software to ensure that staff absences (either through holiday or unplanned) are always covered by colleagues within the department, so you can be sure that your matter will not be delayed by matters outside of your control.
For Our Expertise: We have completed hundreds of Second Charge Mortgages over the years so we can say with some confidence that your matter is unlikely to be anything we haven’t seen and dealt with many, many times before.