Fees - Mortgages

Introduction

Our Legal Fees cover all of the work required to complete the legal advice required to mortgage or re-mortgage your property.

Legal Fees and Disbursements

Legal Fees is the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion

• Our average standard legal fee for a residential mortgage / re-mortgage application is £650 – £750 + VAT (£780 – £864 inc VAT).
• Below we detail what services are covered in our standard fee.
• Should your instructions require us to take your matter out of the fixed fee rate (see below for what our fixed fee covers) we will charge an hourly rate of £150 – £260 + VAT (£180 – £312 inc VAT) which will depend on the experience and qualification of the case handler as follows: –
  • Partner – £260 + VAT (£312 inc VAT)
  • Solicitor £230 + VAT (£264 – £276 inc VAT
  • Paralegal £125 + VAT (£150 inc VAT)
• We will charge the sum of £40 + VAT (a total of £48.00 Inc. VAT) for Electronic money transfers.
• If re-mortgaging as a corporate vehicle there is an additional charge of £450 plus VAT.

If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.

Our Fee Assumes That:

1. this is a standard transaction and that no unforeseen matters arise.
2. the transaction is concluded in a timely manner and no unforeseen complications arise.
3. all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

Disbursements and Other Costs

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

You will be provided with a full list of disbursements in our formal quotation.  If you need to incur any further disbursements during your case, you will be notified in advance of the reason and the amount.

Typical disbursements are:

• Priority fees £3
• Bankruptcy search fees £2
• Office copies of title deeds £3 per deed
• Search fees* will vary from council to council but would approximately cost £300 to supply the following reports:
  • Local land charges search
  • Enquiries of the local authority
  • Environment search
  • Planning Search
  • Chancel repair liability indemnity; and
  • Water and Drainage search
• HM Land Registry fee. The fees chargeable by the land registry can be found here https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

* your lender may agree to waive the requirement for searches and proceed with a search indemnity policy which would cost substantially less than the searches. We can obtain a cost once we have details of your transaction.

How long will my Mortgage Application take?

The average mortgage or re-mortgage will take between 4-8 weeks.

Stages of the Process

The precise stages involved in the mortgage application of a residential property vary according to the circumstances.

We have set out the key stages of a standard transaction: –

• Taking your instructions and giving you initial advice.
• Undertaking regulatory checks.
• Receiving and advising on contract documents.
• Advising the mortgage offer and its conditions.
• Giving you advice on all documents and information received.
• Advising you on joint or shared ownership where applicable
• Sending final mortgage deed to you for signature.
• Registering the Charge on the property.

Other Factors

Other Factors to consider which may affect your legal fees: –

• Multiple owners.
• Shared ownership scheme.
• Mortgaging where there is a help to buy scheme, and whether it is an equity loan or ISA.
• Mortgaging property under right to buy

These fees vary from property to property and can, on occasion, be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as we receive this information.

Fee Earners

The following fee earners handle Mortgage and Re-Mortgage matters:

1. Kavita Goyal is a Partner and Qualified Solicitor. Kavita qualified in 2016 and specialises in all areas of Property Law.
2. Sidra Rehman is Qualified Solicitor who is supervised by Kavita Goyal. Sidra qualified in 2016 and specialises in all areas of Property Law.
3. George Symeonides is Trainee Solicitor who is supervised by Kavita Goyal.

Questions

If you have any questions relating to our services and our fees, please contact us on 0208 175 6733 or email us at enquiries@crownlawsolicitors.com