Pricing – Mortgage or re-mortgage of a residential property

Prices

Please note that there will be two elements to the prices as set out below:

  1. Fees charged by Hutchinson & Buchanan; and
  2. Fees payable to third parties.

Please ensure that you consider both parts to our price information.

 

Fees charged by Hutchinson & Buchanan

Fee                                                         Actual                                   VAT                                        Total     

Legal fee *                                             £350.00                                 £70.00                                   £420.00

Bank telegraphic transfer fee             £12.00                                   £2.40                                      £14.40

 

SUBTOTAL         £434.40

*basis of charging = fixed fee for mortgage or re-mortgage up to £300,000.00

 

Fees payable to third parties (‘Disbursements’)

 

Fee                                                                         Average fee ** (Including VAT)                                     

Local Authority Search (Harrogate)                  £103.90

Drainage & Water Search (Yorkshire)             £54.99

Environmental Search                                        £61.20

Coal                                                                       £46.00

Chancel                                                                 £24.00

** The number and nature of searches that you will require may vary depending on the property and/or any mortgage lender.

 

Actual fee

Official Search                                                      £3.00 + VAT per title

Bankruptcy Search                                              £2.00 + VAT per person

Land Registry fee                                                 Dependent on property value and property type as follows:

 

Value of property Apply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered title Apply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered title
£0.00 to £80,000.00 £20.00 £40.00
£80,001.00 to £100,000.00 £40.00 £80.00
£100,001.00 to £200,000.00 £95.00 £190.00
£200,001.00 to £500,000.00 £135.00 £270.00
£500,001.00 to £1,000,000.00 £270.00 £540.00
£1,000,001.00 and over £455.00 £910.00

 

 

 

Work included and key stages

The precise work and stages involved in the mortgage or remortgage of a residential property vary according to the circumstances. However, we have set out the key stages involved in a typical mortgage/ remortgage transaction:

  • Take your instructions and give you initial advice.
  • Obtaining your title deeds.
  • Checking the title of your property.
  • Carrying out searches if required by your lender.
  • Acting on your mortgage lender’s instructions.
  • Explaining the terms of your mortgage to you.
  • Preparing the mortgage and other documents and obtaining your signature to them where appropriate.
  • Reporting to the mortgage company and obtaining the mortgage advance.
  • Completing the remortgage. This is the date when the old mortgage will be repaid and the new mortgage will commence.
  • Registering the transaction with the Land Registry.
  • Forwarding the title documents to the mortgage company and accounting to you for any money held on your behalf.

 

Services excluded

Our service will not include any of the following:

  • Advice on the value of the property.
  • Advice on the suitability of your mortgage or any other financial arrangements.
  • A physical inspection of the property.
  • Advice on any search result findings that identify contaminated land, fracking sites or other environmental issues.
  • Advice on tax (other than SDLT) or other accounting matters.

 

Approximate/ average timescales

The length of time that it will take to complete your mortgage or remortgage will depend on a number of factors. However, the average process takes between 2-4 weeks from receipt of mortgage offer.

It can be quicker or slower depending on the parties in the chain and the efficiency of third parties involved in the mortgage or remortgage such as your lender, search providers and the relevant local authority to conduct your local search if required.

 

Factors that could increase costs

In some circumstances we may increase our fees to account for additional time, work or skill required to meet your instructions. Examples include:

  • If your lender makes detailed instructions requiring us to deal with matters other than those relating to the title to the property.
  • If your lender instructs another conveyancer to act for them.
  • If the lender requires anything other than a simple certificate of title (a simple certificate of title is standard with most lenders) in order to send the mortgage funds to our firm.
  • If a trust document is required.
  • If you require a lifetime mortgage.
  • If there is a defect in the property title which requires remedying prior to completion.

Our team         

Our residential conveyancing team includes:

Andrew Hutchinson – Solicitor & Senior Partner

Richard Storey – Solicitor & Partner

Audrey Clark – Conveyancer

Regardless of who works on your matter, they will be supervised by Andrew Hutchinson – Solicitor & Senior Partner