We appreciate property transactions can be a stressful time for you. Our Residential Property Lawyers are Solicitors with over 20 years qualified experience enabling us to offer you a bespoke property service. We encourage you to call into our offices which are centrally located in Cardiff to have an initial meeting with your Solicitor to discuss your requirements and the way we will work for you in your transaction. For more information on our team use the following link
https://www.mpgsolicitors.co.uk/our-team/
Remortgage
Our legal fees cover all of the work* required to complete the re mortgage of your property including payment of the sums owed to your lenders(s). VAT is charged on our legal fees at the current rate of 20%. Our legal fees are set out below
Disbursements – are costs related to your re mortgage that are payable to third parties, such as Land Registry office copy fee. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Electronic money transfer fee – is the fee paid for sending the funds, usually to your lender, on the day of completion via electronic transfer
Legal Fees
We set out below our legal fees for acting on a re mortgage which are based on the new sum being borrowed on a registered freehold property in England and Wales (*see below for circumstances where additional legal fees will apply). An estimate of the disbursements which are added to our Legal fees are set out below under the heading Disbursement. Our legal fees are:-
| Fees starting from | |
| Remortgages
£0-200,000 £200,001-500,000 £500,001-700,000 £700,001+ |
£450 (plus VAT £90) = £540 £500 (plus VAT £100) = £600 £550 (plus VAT £110) = £660 £600 (plus VAT £120) = £720 |
The following fee will also apply to all remortgage transactions:-
| Electronic Bank Transfer fee (per mortgage/charge) | £30 + VAT = £36 |
Disbursements (paid by us to third parties on all sales in addition to legal fees)
| Official Copies of the Register | £7.00 per document |
| Electronic ID Check | £6-£14.40 (per person) |
| Search fee | £400.00 (approximately) based on where the property is located (If your lender agrees indemnity insurance may be obtained instead of searches in which case the average cost for search indemnity insurance is £60 (depending on the value of the property) |
| Land Registry fees | will depend on the sum of the remortgage – see below link |
Land Registry link – https://www.gov.uk/government/collections/fees-hm-land-registry-guides
*ADDITIONAL LEGAL FEES
Our above legal fees are based on the remortgage transaction being a registered freehold property. If the transaction is not a registered freehold property or the transaction will require additional work we will charge additional legal fees. We set out below a sample of the additional fees which will be charged IN ADDITION to our legal fees set out above and would direct you to our supplementary charges on purchases for more detailed information :-
Supplementary Charge on Re Mortgage Transaction (all are PLUS VAT @ 20%)
| Leasehold property** no management company | £800 |
| Leasehold house | £300 |
| Leasehold – 1 management company | £800 |
| Leasehold – 2 management companies | £950 |
| Leasehold – England over 11 metres/high rise | £1,000 |
| Freehold with 1 management company | £300 |
| Freehold with 2 management companies | £400 |
| London Property | £200 |
| Shared Ownership | £400 |
| Shared Leasehold/Shared Equity | £400 |
| Part Exchange | £400 |
| Tenancy | £300 |
| Two or more mortgages/charges | £300 |
| Bankruptcy restrictions | £300 |
**Lease extensions – if a leasehold transaction requires a lease extension our legal fee will be based on whether you have agreed the lease extension with the freeholder or if you have not agreed the lease extension with the freeholder and Notice is required to be served on the freeholder under the relevant legislation. Our legal fees for acting on a lease extension will be calculated on an hourly rate of £200 plus vat. We set our below our average legal fees for acting on a lease extension (which will be additional to the legal fees for your remortgage):-
A Lease extension agreed with freeholder – £600.00 – £1,100.00 plus vat
Lease extension with Notice required to be served on the freeholder – £1,000.00 – £1,800.00 plus vat