REMORTGAGE COSTS OF A LEASEHOLD RESIDENTIAL PROPERTY EXPLAINED

Our fees cover all of the work* required to complete the remortgage of your leasehold property.

Conveyancer’s fees and disbursements

Below is a range of the fees and disbursements that we may typically charge for a remortgage:

  • Legal fees: £450 to £1,000* plus VAT (depending upon the value of the property, the complexity of the case and the office used)
  • Electronic money transfer fee: £30 plus VAT
  • VAT payable: between £96 and £206
  • Estimated total: between a subtotal of £576 – £1,236

Disbursements

These 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.
You will have to pay:

  • Freehold Office Copy Entries: £6.00
  • Leasehold Office Copy Entries: £6.00
  • Official Copy Lease: £3.00 (not always required)

There are certain disbursements which will be set out in the individual lease relating to the property, for example, you may need consent to register the new mortgage at the Land Registry or to notify the Landlord of the new mortgage. These fees vary from property to property and can on occasion be significantly more than the ranges given below. We can give you an accurate figure once we have sight of your specific documents. Please note that these fees are not charged by us but by the Landlord or Managing Agents of the leasehold property. Examples include:

  • Notice of Charge fee which is often between £50 and £250
  • Certificate of Compliance fee – to be confirmed upon receipt of the lease, but can range between £50 and £250

Below is a specific example of a remortgage quotation of a leasehold property with a mortgage of £200,000, and dealing with our Coventry office:

Leasehold remortgage at: £200,000.00
Telegraphic Transfer Fee plus vat £30.00
Land Registry Title Deeds (FREEHOLD & LEASEHOLD) £12.00
OFFICE COPY LEASE 3.00
Legal Fees plus vat £550.00
Total Cost £595.00
Plus VAT £116.00
Total including VAT £711.00

 

There will also be the following additional disbursements to consider (charged by the Landlord/Managing Agents:)

Leasehold example disbursements:
Notice Fee £50.00
Certificate of compliance fee £60.00
Total example disbursements £110.00

 

*Our fees above assume that:

  1. it 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. this is the remortgage of an existing lease and is not the grant of a new lease
  3. the transaction is concluded in a timely manner and no unforeseen complications arise
  4. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
  5. no indemnity policies are required (additional disbursements may apply if indemnity policies are required)
  • the legal fees for properties worth in excess of £1m are to be determined on a case by case basis and you will need to call our offices for a quotation
  • we will always supply you with a quotation and agree a fee with you before commencing work
  • if additional fees are to be charged details will be provided if and when they arise and we will agree any additional legal fees with you first

Please call our offices for a Conveyancing quote on 0800 158 5592