Remortgaging your property can be a wise financial move, allowing you to secure a better deal, release equity, or consolidate debt.
During this process, one vital element is obtaining remortgage conveyancing quotes, as it ensures that the legal aspects of the remortgage transaction are dealt with cost effectively.
To enable you to compare quotes, in this article, we will outline the key components that should be included in remortgage conveyancing quotes.
The quickest way to get your first remortgage conveyancing quote is via our online conveyancing calculator.
Remortgage conveyancing
When it comes to remortgage conveyancing quotes, there are factors that you must consider and be aware of when undergoing a remortgage namely.
- Legal Fees: The legal fees charged by the conveyancing solicitor are a significant part of the quote.
- Disbursements: Disbursements are out-of-pocket expenses incurred by the solicitor on your behalf, such as Land Registry fees, search fees, and bank transfer charges.
- Stamp Duty Land Tax (SDLT): If there are any SDLT implications related to your remortgage, the conveyancing quote should address this.
- VAT: Value Added Tax (VAT) is often applied to legal services, including conveyancing.
- Third-Party Costs: Sometimes, third-party services are necessary, such as property searches, which are essential for assessing the property’s status.
- Timescales: A clear estimate of how long the conveyancing process will take should be provided in the quote.
- Communication and Updates: Understanding how and when you will receive updates on the progress of your remortgage is crucial.
- Professional Indemnity Insurance: Ensure that your conveyancing solicitor has professional indemnity insurance to safeguard your interests in the unlikely event of an error or negligence.
- Additional Costs and Contingencies: While no one wishes for complications, it’s wise to have an understanding of potential additional costs should unexpected issues arise during the remortgage process. This should be covered in the quote to prepare for any contingencies.
Obtaining a comprehensive remortgage conveyancing quote is a critical step in your financial planning. It not only allows you to budget effectively but also ensures that you receive professional legal support throughout the remortgage process. By reviewing quotes with attention to these key elements, you can make an informed decision about the conveyancing services that best meet your needs, ultimately facilitating a smooth and successful remortgage experience.
Conveyancing is rarely a fast-paced process; that is why we at Starck Uberoi Solicitors have developed an Online Conveyancing Quote Calculator to save our clients’ time. With just a few clicks, you can receive a full breakdown of our fees. If you decide to start your remortgage conveyancing with us, you start the process simply by clicking an accept button on the conveyancing quote page. Working with us, is really that simple.
Breakdown of remortgage Conveyancing Fees
To understand the potential fees you might face when remortgaging, here is a list of the fees we charge. (NOTE: It is important that you are aware that these fees can change depending on your circumstance and this list can be used as a rough estimate of the fees involved):
Legal Fees:
- Legal Fees = £550.00 including VAT
Additional Fees:
- Telegraphic Transfer Fee = £30.00 including VAT
- Limited Company Fee = £275.00 including VAT (only relevant to Limited Company remortgage)
Disbursements:
- No Search Indemnity (est.) = £20.00
- Infotrack- Source of Funds = £9.60
- Land Registry OS1 = £8.80
- Bankruptcy Search = £7.80
- Land Registry Plan = £8.80
Admin Fee for LR Registration:
- ECOS- Electronic Onboarding = £14.40
- AML Fraud Prevention Check Service = £41.40 including VAT
- Official Copy Register = £8.80
- MRO1- Companies House Registration = £21.00
- AML Fraud Prevention Company Check Service = £41.94 including VAT
- Land Registry Fee = £45.00 (dependent on the loan amount)
These costs above are the sort of costs you can expect when remortgaging with Starck Uberoi Solicitors. These costs can change with each case and so it would be best for you to get in touch with one of our Remortgage Solicitors today.
Remortgaging Solicitors
When looking to remortgage your property, you will often require the service of a remortgage solicitor or a licensed conveyancer that is approved and regulated to handle your remortgaging process. We at Starck Uberoi solicitors are part of the conveyancing panels for major high street lenders such as Barclays, Halifax, HSBC, Nationwide, NatWest, and Santander. To see the full list of lenders we are registered to, please click here Mortgage Lender Panels | Starck Uberoi Solicitors.
To find out more about whether you need a solicitor to remortgage, read our blog: Do you need a solicitor to remortgage.
Limited Company Remortgage
Remortgaging in a limited company if often used as a way to remortgage through a limited company rather than in your own name. If you were to remortgage using a limited company, note that there is a fee of £240.00 including VAT that we charge. You will need a solicitor to remortgage your property held in a limited company and we will be able to assist since we are on the panel of most limited company buy to let lenders including;
- State Bank of India
- Kensington Mortgages
- MOLO
- The Mortgage Lender
- Foundation Home Loans
- CHL Mortgages
- Hampshire Trust Bank
- The Mortgage Works
- Aldermore
- Together Finance
- Paragon
- The Nottingham Building Society
- Skipton Building Society
For more about remortgaging in a limited company, read our blog here: The Buy to Let Remortgage Process
Why Instruct Starck Uberoi Solicitors?
Our Conveyancing team have received Law Society accreditation for consistently providing excellent conveyancing services for a great number of clients. We are also on the lender panels of trusted conveyancing solicitors for all major lenders including Barclays, Halifax, HSBC, NatWest, Nationwide and Santander, plus a large list of other institutional lenders. This means we are trusted by these lenders to act on behalf of both buyer and seller, as we have a history of providing reliable and efficient conveyancing services.
Our conveyancing department is headed by partners of the firm Raminder Uberoi and Regina Bannigan, who share over 35 years’ experience in property matters. The pair work closely with our conveyancing solicitors to ensure our high standard of service is upheld with every transaction we assist with.
To book an appointment with our conveyancing solicitors, please call 020 8840 6640 or email solicitors@starckuberoi.co.uk. Our offices are located in Brentford, Ealing, London Belgravia and Canterbury, all within easy access by train and bus. Our partner, Raminder Singh Uberoi, can also provide a Notary Public service at all of our London offices.
FAQs
Why should I remortgage my property?
There could be many reasons why you may want to remortgage. This could be because:
- Your current deal is ending
- You might qualify for a better rate
- The value of your home is higher
- Your personal circumstances have changed
No matter the reason, get in touch with our Remortgage Solicitors to understand how we can help you.
How long does a remortgage take?
Typically, remortgaging will take around 4 to 8 weeks. This timescale can vary depending on your circumstances and any unexpected complications that may arise.
Do I need a solicitor to remortgage with the same lender?
You may not need a solicitor for remortgaging with the same lender in cases where you’re getting an advance on your existing mortgage or you’re getting a ‘product transfer’.
For more about whether you need a solicitor to remortgage, read our blog here: Do you need a solicitor to remortgage
Do I need a solicitor to remortgage with a different lender?
Remortgaging with a different lender will require a solicitor. This is because, remortgaging with a different lender, involves your current mortgage being paid off in full and being replaced with another, new mortgage. A solicitor can deal with the formalities of this change.
How long do conveyancing searches take?
Conveyancing searches can take between 2 to 6 weeks on average. These searches are arranged by our conveyancing solicitors and provide essential information in regards to the property and the area the property is situated in.
