Remortgaging

RE-MORTGAGE OF A PROPERTY

Nicholls Solicitors fee £495.00 plus VAT (£594.00)
CHAPS banking fee (if applicable) £30.00 plus VAT (£36.00)
AML Anti-Money Laundering Fee: £30.00 plus VAT (£36.00)
HMLR Office Copies £10.00 plus VAT (£12.00)
Search Fees £145.00 plus VAT (£174.00)
Administration Fee £10.00 plus VAT (£12.00)
Land Registry registration fees: £20.00

STAGE 1: We aim to deal with in the first week following instructions

The first stage is for us to get basic information from prospective clients, such as their name, address, date of birth and national insurance number together with the full address of the property the subject of the transaction.

We must then verify a client’s identification. We ask for sight of a current Driving Licence and Passport and evidence of their home address such as a utility bill or bank statement. In order to comply with our anti-money laundering obligations and to ensure that we are compliant with Law Society and Solicitors Regulation Authority rules and regulations we reserve the right to conduct a check on identity via electronic means. 

 

We will order a copy of the official Land registry title and if there are any charges registered against the property we will ascertain from the client if this is to be redeemed upon completion of the re-mortgage or if in fact the re-mortgage is the addition of a second charge. If the charge is to be redeemed, we will request a redemption statement from the relevant lender.

 

We advise the client that we need to do the usual searches, these are;

  • A local search. This is made with the local authority. It gives information about any plans to build roads near bye, planning matters etc
  • A water and drainage search. These give details about the water supply & sewage.
  • An Environmental Search. This examines flood risks and contaminated land issues.
  • A Chancel liability search. This identifies if there is a liability to pay repairs to the local Church. It is possible and stems from a law Centuries old.

STAGE 2: We hope this will happen in the second to fourth week following being instructed

We would hope to receive the results of searches during this period and will review these.

We would also hope to receive a mortgage offer which we will review and report to the client on the terms and conditions of this, and the redemption statement previously ordered (if applicable).

 

STAGE 3: We hope this will happen in the fifth to seventh week of being instructed

We will report to the client on the result of searches and the mortgage offer. Subject to being ready we will ask the client to sign the mortgage deed.

Subject to the client’s agreement we will set a completion date, and if necessary, order a redemption statement for this date.

Prior to the completion date we will ask the client for any extra money required to complete the re-mortgage. This will include Land registry fees and our fees.

We will ask a mortgage company to send us the funds.

On the completion date we will redeem any charges were necessary and send any monies to the client (if applicable).

 

STAGE 4: We aim to do this within 7 days after completion

We will apply to register the new charge on the property with HM Land Registry. This may take several weeks or months to be completed by HM Land Registry. Upon completion of this we will send the client a certificate recording the new charge.

 

Contact Patrick Nicholls on 0161 980 6099
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