This is where the property owner wishes to mortgage their property or change mortgage providers.
Our fees for this will usually be based upon the value of the property and these start at £500 plus VAT (which on £500 is £100), together with the relevant Land Registry fee payable on registration of the updated ownership.
It may also be necessary to obtain up-to-date copies of the title at £7 plus VAT of £1.40 and undertake searches for the benefit of the lender, which are usually in the region of £300 inclusive of VAT.
It is often the case that a property owner with an existing mortgage will look to explore alternative funding. This can be due to several factors, for example, market conditions, such as lower interest rates offered by another provider or the coming to the end of an existing mortgage term.
In such cases, the existing mortgage will usually be paid off, and the new mortgage will be registered against the title to the property or, in some circumstances, the new mortgage will be a second registered mortgage on the property title, and the existing mortgage will remain as a first registered mortgage.
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There are other circumstances in which a re-mortgage arises, for example of which are:
We can assist with all of these scenarios and would be happy to discuss your particular requirements.
In most cases where the new mortgage provider is a bank or building society, the new mortgage provider will also instruct us to act for them, and we will need to examine the title and consider appropriate searches in the same way as when a property is purchased.
As an alternative in some cases, it may be possible to take out Title Indemnity Insurance. This is the purchase of an insurance policy for a one-off payment, which covers the risk of a claim arising from there being anything adverse about the property that a full examination of the title and searches would have brought to light if they had been carried out.
The use of such a policy will really be determined by the mortgage provider's requirements.
In cases where the mortgage provider is not a bank or building society, it is usually good practice for the mortgage provider to have separate legal advice.
We can consider this point further with you before commencing any work on your matter if it is applicable to your transaction.
In all cases where the mortgage is to be secured against the property it will be necessary for a mortgage deed to be signed and registered against the title to the property at the Land Registry.
If there is an existing mortgage which needs to be redeemed, it will also be necessary to deal with the formalities of this, including liaising with the existing mortgage provider for an accurate redemption figure.
Again, we would be happy to consider the particular mechanics of the transaction prior to accepting any instructions.
Our fees for this will usually be based upon the value of the property, and these start at £500 plus VAT (which on £500 is £100), together with the relevant Land Registry fee payable on registration of the updated ownership. It may also be necessary to obtain up-to-date copies of the title at £7 plus VAT of £1.40. In addition, it may also be necessary to carry out searches for the benefit of any bank or building society with costs in the region of £300 inclusive of VAT, Land Charges searches which are £6.00 each plus VAT of £1.20 and a Land Registry search giving priority to the mortgage provider for registration for £7.00 plus VAT of £1.40.
Our charges for dealing with the redemption of an existing mortgage are between £50 plus VAT (which on £50 is £10) and £100 plus VAT (which on £100 is £20), and the fee for the bank transfer of £15.00 plus VAT of £3.00.
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