Fees – Mortgage of a freehold residential property

Our fees cover all of the work* required to complete the mortgage of your freehold residential property, including dealing with registration at the Land Registry.

Conveyancer’s fees

	Estimated Fee	VAT	Total
Mortgage of a freehold property	£600	£120	£720

Disbursements

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.

The usual disbursements on a mortgage are:

• Search fees £450 approx (including VAT)
• HM Land Registry Fee (this is based on the price paid at the time of completion of the purchase) see https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
• Electronic Money Transfer Fee £48 (including VAT)

These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

Here is an example of the costs involved in a new mortgage at £250,000:

• Legal Fee £720 (including VAT)
• Search Fees £450
• HM Land Registry Fee £40
• Electronic Money Transfer Fee £48 (including VAT)

Estimated total Fees and Disbursements: £1258

How long will my mortgage take?

How long it will take for a mortgage to complete will depend on a number of factors.  The average process takes between 6 and 12 weeks.

It can be quicker or slower, depending on the speed of any lenders, any freehold requirements and the speed/approach of any other parties involved in the transaction.

Stages of the process

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

• Take your instructions and send our initial documentation to you to complete and return.
• Obtain appropriate identification documents from you.
• Obtain title documents from the Land Registry.
• Obtain an information pack from your freeholders (if required).
• Review any mortgage offer and comply with any lender requirements.
• Obtain any required searches.
• Draft the required Transfer and Mortgage documents.
• Circulate all documents for signature by all parties.
• Provide you with an itemised statement of the funds due back to you (or from you, as appropriate) on completion.
• Agree a completion date and finalise the completion accordingly.
• Deal with post completion formalities including repaying any existing charges and registering the transfer and/or remortgage 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.