We invite you to use our quotation system, because it will take account of your status – e.g. a first time buyer, a residential sale or purchase, an investment sale or purchase and the other disbursements which are occasioned by such transaction

We will charge Value Added Tax at the current rate which is shown on the calculator at the current rate of 20%  The calculator will reflect any changes in both stamp duty land tax and the Value Added Tax Rate from time to time

Remortgaging

We have to undertake money laundering requirements, and the cost of these is £6 per person

If you are remortgaging the costs will reflect the amount that you are borrowing and the responsibility involved.

There may be stamp duty land tax payable, and this will depend upon the amount of the mortgage which is in existence at the date of the transaction.  Therefore we will request information from you as to the amount of your current mortgage.

In most cases we will have to provide searches and these will be charged at cost.  Currently £250 inclusive of VAT

We will also incur land registry fees of £6, or £12 if a leasehold property and a further £6 for the copy of the lease.  If there is a lease extension involved there may be a further charge for the copy of the document £6

There will be land registry fee for the official search prior to completion £3 and the bankruptcy search which is a cost of £2 per name

We repay the existing mortgage by a chaps payment, rather than you incur additional interest for clearance of a cheque and the cost of preparing the chaps payment, and including the bank charge is £35 plus Value Added Tax £42.

The Land Registry fee will be charged on Scale 2 of the Land Registry based on the declared value of the property.  We will deal with the registration through the Land Registry which will save 50% of their standard fees.

In the case of a leasehold property there will also be a charge made by the landlord for registration of the interest of the lender and this will vary between £70 and £100 plus VAT usually.  It will be charged at the cost raised by the landlord or the landlord’s agents.

In summary:-

Our fees will be dependent upon the amount of the remortgage involved plus Value Added Tax

The following disbursements:-

ID and money laundering charge for each party £6

Search fees £250 inclusive of VAT

Land registry fees for the freehold interest £6

Land registry fees for the leasehold interest £6

Land registry fees for the official search £3

Land charge registry bankruptcy search fees £2 per name

Land Registry fee to register the mortgage based on scale fee2  value declared but less 50% for registration on line

Preparation of a chaps payment £35 plus VAT

Landlord’s registration fees £70 to £100 plus VAT but as charged

The lender may make early repayment charges for the redemption of the existing charge, and we will review your mortgage to advise you concerning any penalties for repayment which may be incurred.  The lender will charge a sealing fee for redeeming the charge.

We will keep you advised throughout the transaction as to the progress we are making and also the time table involved.

The land registry are currently not working as quickly as they used to, and this may cause you some delay in registration of the new mortgage.

We will possibly incur a charge with the Lender Exchange on the new mortgage if the lender is using the Lender Exchange, and then a small charge made by them is an additional disbursement – approximately £19

Transfer of Equity

This may or may not involve a remortgage of the property.  The preparation of the transfer document, and the completion of registration will be charged at an hourly rate of £275 plus VAT per hour, and there will be land registry fees of £6 or £12 if leasehold, and a further £6 for the copy of the lease.  Usually the time expended is about one and a half hours.

The registration fee of the Land Registry is based on the declared value of the property and is charged on the scale 2 charge of the Land Registry.  We use the on line registration so the fee is reduced by 50%.   The landlord’s registration fee will be charged at cost and will vary between £70 and £100 plus VAT usually.  We will deal with the registration through the Land Registry will save 50% of their standard fees

Lease Extensions

The lease extension legislation may change, but at the moment, we do not know the terms of the proposed changes, only that the government proposes to introduce legislation in the near future to make extending the term of the lease easier and the cost of a lease extension more straightforward and certain.

Until then each transaction will either be negotiated by the landlord with the tenant or be dealt with by statute.

If there is negotiation directly which reaches agreement with the landlord the cost of preparing the lease extension will be as follows:-

Acting for the Landlord (may be a third party ) £900 plus Value Added Tax £1080.00

Acting for the Tenant £500 plus Value Added Tax £600

There are disbursements payable, and these are as follows:-

Money laundering and ID £6 per name, unless made for a related transaction

Land Registry fees for the leasehold title £6

Land Registry fees for the freehold title £6

Land Registry fees for the copy of the lease £6

Land Registry fee for the official search £3

Land charge bankruptcy fees (if appropriate) £2 per name

Land Registry fee based on the value declared on Scale 2  less 50% of the fee for registration organised on line

The Landlord may charge for their own advisors’ fees for valuation and work of a surveyor and the legal fees, and these would be quoted at the outset.

Lease Variations

The hourly rate is £275 plus VAT currently, and the cost will vary depending upon the complexity of the transaction, but we will provide you with such indicative charge before you instruct this firm

The disbursements will include

Money laundering and ID £6 per name, unless made for a related transaction

Land registry fee for the freehold title £6

Land registry fee for the leasehold title £6

Land registry fee for registration of such document

Land registry fees for the freehold interest £6

The Landlord may charge for their own advisors’ fees for valuation and work of a surveyor and the legal fees and these would be quoted at the outset

Right to Buy from the Council

Our quotation system can be used to ascertain the cost involved