GROWER FREEMAN FEES GUIDE FOR RESIDENTIAL MORTGAGE & RE-MORTGAGE

This guide is not intended for business clients.

We set out below a guide to the fees and expenses you can expect to incur in a typical residential transaction involving a sale, purchase, mortgage and re-mortgage. At Grower Freeman we recognise that every client has individual needs and each transaction will be different and our fees will be tailored to the transaction in question and discussed with you during our initial consultation.  Should any issues arise resulting in an increase in our fees you will be informed accordingly.  Please contact us to discuss the specifics of your transaction and your requirements and in order to receive an accurate estimate.

The typical fee assumes no unforeseen matters or complications and that all parties to the transaction co-operate and that there are no defects in title.  It also assumes that where there is a loan to purchase the property that we will be acting for the lender and that the lender will not be separately represented.

Please refer to our website for qualifications and experience of the fee earner dealing with your transaction.

RESIDENTIAL MORTGAGE AND RE-MORTGAGE COSTS (up to £1,000,000)

FREEHOLD LEASEHOLD
Our Legal Fees (Average)

 

£1,500 + VAT £1,500 + VAT
Our fees for Lawyer Checker (if applicable) £10 + VAT £10 + VAT

 

Our admin fee for money transfer £50 + VAT £50 + VAT

 

Search Pack*

(Local/Drainage/Environmental/Chancel)

£300-£450 + VAT £300-£450 + VAT
Land Registry fees for copy title* £3.00 per title £3.00 per title

 

Land Registry fee (electronic submission)*

See: https://www.gov.uk/guidance/hm-land-registry-registration-services-fees for more information

£20-£270 £20-£270

 

Land Registry pre completion search* £3 £3

 

Bankruptcy Search* £2 per borrower £2 per borrower

 

Landlord’s registration fee for registering the mortgage** N/A £50-£100
Managing Agent’s fee N/A £250-£400 + VAT

 

 *  These expenses are payable to a third party. They vary from property to property and may be significantly more than estimated above. Once we are in full receipt of your documents a more accurate estimate can be provided.

**  These fees vary and can on occasion be significantly different to the ranges given above.  Once we are in receipt of your documentation, we can advise accurately on these

How long will the transaction take?

The precise speed of the transaction will depend upon a number of factors including, where applicable:

  • Your speed in providing us with suitable and sufficient ID and proof of address documents, sufficient proof of source of wealth and funds.
  • Existence of buyer’s mortgage offer and instructions to act from buyer’s lender.
  • Whether sale / purchase dependent on simultaneous purchase / sale of any other property.
  • Availability of full pre-contract package from seller with all relevant title documents and planning documents.
  • Both parties’ speed in providing replies / instructions to their conveyancers.
  • Speed of obtaining search results from local authorities.
  • Existence of title defects.
  • Existence of physical defects / breaches of planning permission/listed building or building control.
  • Where applicable, the speed of managing agent in providing full management pack and responding to any queries / requests for consent to the sale.
  • Where applicable, the speed of obtaining any consent of the Landlord.

Stages of the process

  • Investigation of title according to instructions from your new bank including obtaining all new searches and replies to enquiries if required.
  • If leasehold, obtaining any necessary consents from the landlord.
  • Liaising with your existing lender to remove their mortgage from your title.
  • Applying to the Land Registry to register the mortgage of the new lender against your title.

Matters that could affect the fees

  • Unusual timings
  • Tax advice
  • Preparation of a lock out / exclusivity agreement
  • Listed buildings requiring planning review and advice
  • Refurbished properties that may require planning and construction review and advice
  • Company involvement (additional searches a Companies House / company resolutions)
  • Government Help to Buy Scheme requirements
  • Lender separately represented by other solicitors
  • Value of the property
  • Non-standard requirements relating to any consent required by any Landlord

However, we can provide assistance in relation to any or all of these matters if so required. Please contact us and we can provide further information about our fees.