Mortgages and Remortgage Fees
Our fees depending on your situation
Our Commercial and Residential Property team is well known and respected for its expertise, knowledge and experience in buying and selling residential property. We understand that what our clients want is excellent advice, dedicated and easy-to-contact solicitors. One of our great strengths is to move a sale or purchase through quickly where necessary, and we have a proven ability to act on urgent deadlines getting the best outcomes for our clients.
The team is led by Mark Parnall, a Property Solicitor.
Ben Mitchell is a solicitor with in-depth knowledge and experience in commercial and residential property. He qualified in 2018 and has an hourly rate of £218 plus VAT.
Claire Wicks is a Chartered Legal Executive. She joined Parnalls Solicitors in 2010 and qualified in 2018, and has an hourly rate of £185 plus VAT.
Stephen Evans is a property and planning solicitor with in-depth knowledge and experience in commercial and residential property. He qualified in 1976 and has an hourly rate of £285 plus VAT.
Wendy Meneer, Megan Ridgman and Xoe Manning are assistants to the Commercial and Residential Property team with an hourly rate of £125 plus VAT.
Alice Crosby is a Trainee Solicitor in the Commercial and Residential Property Department team with an hourly rate of £126 plus VAT.
Brook Moore is an assistant to the Commercial and Residential Property team with an hourly rate of £125 plus VAT.
Mortgages and Remortgage Fees
Our fees cover the work required to mortgage your new home or refinance an existing residential mortgage, including dealing with registration at the Land Registry.
Please note that our fees for a new mortgage when we are also acting on the purchase are set out in our Estimated Residential Property Purchase Fees.
Conveyancer’s Fees and Disbursements
There is a legal fee which is dependent on the value of the property.
Mortgage New Home (when we are not also acting on the purchase)
| Transaction Value | Estimated Conveyancing | VAT Cost |
|---|---|---|
| Over £600,000 | Costs on request | |
| £350,001 – £600,000 | £795 | £159 |
| Up to £350,000 | £595 | £119 |
Refinance existing mortgage
| Transaction Value | Estimated Conveyancing | VAT Cost |
|---|---|---|
| Over £600,000 | Costs on request | |
| £350,001 – £600,000 | £850 | £170 |
| Up to £350,000 | £650 | £130 |
Disbursements
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.
Your new lender may require searches, insurance against adverse search results, or neither. These are dependent on location, size and nature of the property and a specific estimate will be given on request.
All search fees are subject to VAT.
Example Search fees:
£502.16 (assuming the Property is in Cornwall) to include all usual searches, lender requirement checks, and a Report on Title.
HM Land Registry fee (assuming a whole registered title):
- £0 to £100,000: £20
- £100,001 to £200,000: £30
- £200,001 to £500,000: £45
- £500,001 to £1,000,000: £65
- Over £1,000,000: £140
We charge a telegraphic transfer fee of £31.68 inc VAT for remitting monies.
Stages of the process
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below we have suggested some key stages. These include taking your instructions*, checking the existing mortgage and contacting the lender for a redemption statement*, carrying out searches and other enquiries to satisfy the lender’s requirements*, reporting to you and obtaining signatures~, certifying title to the lender and requesting funds~, completing the mortgage, and arranging for all monies needed to redeem the existing lender and transferring the balance to you or a related purchase.
Ordinarily the elements with an * above take place in the first 2 – 3 weeks, the elements with a ~ in the following weeks, and the other elements towards the end of the process.
For more information on these services, call 01566 772375, send an email to enquiries@parnalls.com or click here