Transfer and Re-Mortgage
Our residential property team has over fifty years of collective experience in delivering high quality work in all matters relating to residential conveyancing. There a very few scenarios that will arise that someone will have not dealt with before and you can be assured that we will make the re-mortgage and/or transfer of your property as easy and stress free as it can be.
You will be allocated a designated member of the team who will have the responsibility for the day to day running of your re-mortgage/transfer. We have four members of the team who may work on your matter.
The team is made up of:
Diane Oliphant – Chartered Legal Executive and Head of Department
Chloe Spedding – Solicitor
Nigel Illman – Paralegal
Each of our fee-earners undertake regular training both in-house and external courses on conveyancing to ensure that they remain up to date with the law and conveyancing procedures. All members of the team are supervised. Full details of their supervisor is provided on your initial paperwork.
You can read more about each of our team members by clicking here.
Re-Mortgage of a Freehold Property
Our fees cover all of the usual the work required to complete the re-mortgage/transfer of your property. The precise stages involved in the re-mortgage and/or Transfer of a property vary according to the circumstances. However, key stages include
Taking your instructions and providing your with initial paperwork.
Make initial contact with the other parties solicitors.
Obtain your title deeds.
Submit Papers to the other parties solicitors.
Deal with any new mortgage companies requirements.
Review your finance i.e. mortgage balance.
Invite you into the office to discuss the re-mortgage/transfer, obtain your signatures to the legal documentation and discuss dates.
Set the matter up for completion (this is when you will receive a financial statement)
How long will my re-mortgage/transfer take?
We expect that the matter will take 4-8 weeks to complete as a standard timescale. However, we will endeavour to complete the matter as quickly as possible. This timescale is dependent upon a number of factors such as delays caused by the other parties solicitors, defects in the title to the property that need solving, how quickly you let us have the information requested and/or delays caused by third parties (such as the mortgage company) and of course your own requirements. Some matters are re-required to complete to strict timescales such as court orders and it is vital that you make us aware of these. Some matters have been completed in as quickly as 1 week. Others with more complex titles have been ongoing for in excess of 6 months.
Residential conveyancing work at Paisleys is generally undertaken on a fixed fee basis.
For information and to assist you in understanding how our fees are calculated please see below:-
Transfer Only – Legal fees £550.00 & £110.00 vat
Transfer & Remortgage – Legal Fees £650.00 & £130.00 vat
Transfer (Party Coming Off) – Legal Fees £500.00 & £100.00 vat
Plus disbursements listed below.
Disbursements are costs related to your matter that are payable to third parties, such as obtaining copies of documentation. We handle the payment of the disbursements on your behalf to ensure a smoother process. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the matter.
Telegraphic transfer fee £16.00*
HM Land Registry documentation fee : £6.00**
Identification Check (per person): £7.50
Solicitors Check £18.00**
The prices provided are indicative of the likely cost in a transaction or case and should not be taken as an absolute quote. You must still contact us to obtain a detailed estimate which takes into account the individual circumstances of your transaction.
Our fee assumes that this is a standard transaction and that no unforeseen matters arise including for example a defect in title which requires further works/investigations prior to completion or the preparation of additional documentation.
**There is a fee of £16.00 for each telegraphic transfer that we undertake. On a sale there is likely to be one to pay the mortgage monies to your existing lender. Should you choose to have any balance paid to you then you can incur an additional £16.00 or have the money sent to you via a free 3 working days transfer .
**Any additional documentation needed from HM Land Registry is charged at £3.00 per document.
Where a matter does not proceed to completion you may be billed for the work carried out on the abortive matter. This is based on the amount of time spent on your matter and calculated by the team members hourly rate. The abortive bill will never be higher than the fixed fee you have been provided (unless this has been discussed with you beforehand). The current hourly rates are below:
Diane Oliphant – £250.00 & £50.00 vat
Chloe Spedding – £220.00 & £44.00 vat
Nigel Illman – £220.00 & £44.00 vat
Other possible costs and disbursements
There could be additional fees payable to the management company for the supply of certain information and these vary from and are typically in the region £50 – £250.
There can quite often be payments due under the title deeds to third parties such as certificates for consents for works done, historical ground rents and/or even costs for consents to transfer the property. There are all confirmed on a case by case basis.
Quite often documentation is simply lost over time and companies will make charges for supply for copies. A prime example of this is for lost copies of planning permissions. The cost of these vary from council to council and are in the region of £20.00 per document.
Some mortgage companies will require us to carry out searches on the property those similar to when you purchased the property. We will only know this once we have received your offer of mortgage or written instructions from the mortgage company. If the searches are required they are in the region of £218.00.
Indemnity policies are fairly common in conveyancing matters and used to cover a wide variety of issues such as defects in the title, lack of planning/building regulations and issues from searches. Polices are obtained on a case by case basis and start from £14.00 and can run into the £1000’s. Every policy that may be needed is discussed with you prior to any financial costs being incurred.
If you are thinking of instructing Paisleys on your purchase then please do not hesitate to contact us for a free no obligation estimate via telephone on 01900 602235 or email us at firstname.lastname@example.org where we will be able to discuss the matter with you.