If the property is leasehold then this may also delay the process depending on how long it takes the landlord to respond to the enquiries we send to them.
Stages of the process
The precise stages involved in the remortgage of a property vary according to the circumstances. However, the below details will give you an idea of the key stages:
- Take your instructions and give you initial advice
- Contact landlord/managing agent and arrange for them to complete an enquiries form
- Carry out searches if necessary or arrange search indemnity insurance
- Give you advice on all documents and information received from your lender
- Go through conditions of mortgage offer with you
- Send final Mortgage Deed to you for signature
- Agree completion date
- Arrange for all monies needed to be received from lender
- Complete remortgage
- Deal with payment of any notice fees payable to landlord/managing agent
- Deal with application for registration at Land Registry
Guide to our fees
Our fees cover all of the work required to complete the remortgage of your property, including dealing with registration at the Land Registry.
(Please note: VAT is payable on our fees and the search fees at a rate of 20%)
£850.00 if loan value is between £750,001 – £1,000,000
£950.00 if loan value is between £1,000,001 – £1,500,000
(add £100 to the above fees if the property is leasehold)
It may be possible to use search indemnity insurance instead of searches, subject to your lender agreeing, in which case searches will not be necessary. An indemnity policy can easily be arranged at a considerably reduced cost depending on the value of the loan.
HM Land Registry fee
- 0 to £100,000: £20
- £100,001 to £200,000: £30
- £200,001 to £500,000: £40
- £500,001 to £1,000,000: £60
- £1,000,001 to £1,500,000: £125
Electronic money transfer fee
If the property is a leasehold flat then there are certain disbursements which will be set out in the individual lease relating to the property.
The disbursements that we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the terms of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Notice of Charge fee: This fee is set out in the lease. Often the fee is between £40 – £60.
Please note: 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.
Penman Sedgwick's opening hours:
Monday to Friday, 9.00am – 5.30pm