Average Conveyancing Fees Remortgaging 2023

How much are the average conveyancing fees for Remortgaging in 2023?

The average total fee when remortgaging your property is £3,553. In addition, you may also have to pay a percentage of the property value when paying an early repayment charge. Your total remortgage fee will consist of solicitor fees, the cost of leaving your current mortgage, and the cost of receiving a new deal. If you wish to swap lenders before your current contract ends, you will likely have to pay a higher amount in fees. Some people wait until there are between three to six months left of their contract before they look for a new deal in order to avoid excessive fees. In this guide, we’ll be taking you through the various remortgage fees and costs that you need to be aware of.

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Compare Remortgage Conveyancing Quotes

Remortgage Amount
(£)
Legal Fee Disbursements,
Land Registry & Other Fees
VAT Total
(£)
£100,000 380.00 70.00 80.00 £530.00
£150,000 390.00 70.00 80.00 £540.00
£200,000 395.00 70.00 80.00 £545.00
£250,000 400.00 70.00 80.00 £550.00
£300,000 415.00 70.00 85.00 £570.00
£350,000 450.00 85.00 95.00 £630.00
£400,000 460.00 85.00 95.00 £640.00
£500,000 470.00 85.00 95.00 £650.00
£600,000 550.00 115.00 120.00 £785.00
£750,000 600.00 115.00 125.00 £840.00
£900,000 6250.00 115.00 130.00 £870.00
£1,000,000 700.00 120.00 135.00 £955.00

Typical conveyancing costs when buying a home?

Solicitors Fees for a Remortgage Solicitor fees come to an average total of £1,078 when remortgaging. Hiring a remortgage solicitor for a remortgage will provide a more efficient process. When you are going through the remortgaging process, you will need to make sure that you account for your solicitor fees. Your solicitor fees will be made up of legal fees and disbursements. The main solicitor fees are listed below:

Legal fees - £720 inc VAT Your solicitor's legal fees will ensure that all the correct documentation and paperwork are submitted. It will also ensure that your remortgaging process is more efficient. Legal fees can vary depending on a variety of factors with an average cost of £720, including VAT. When researching legal fee quotes, make sure that you check whether the cost includes VAT or not. If VAT is not included, the actual cost will be an additional 20%. Search fees - £290 Your solicitor will need to conduct conveyancing searches. A full search includes a Local Authority Search, Environmental Search, and Water & Drainage Search. The results of these searches will point to any defects that can affect your property. Not all lenders require searches to be conducted. However, this can be a precaution to determine whether the property's value is affected. Conveyancing search fees can be impacted by various factors. These include your location, property type, and whether the property is freehold or leasehold.

Electronic bank transfer fee - £40 If you are swapping lenders, then you may be subject to an electronic bank transfer fee. This ensures that your data is moved from one lender to the other efficiently.

Electronic ID check - £20 This is a verification process to ensure that the person applying for the remortgage is the correct person. This helps to prevent fraud from taking place.

Title deeds copy - £4 Your solicitor may need a copy of the title deeds for the application. This is one of the smaller costs in the solicitor fees. Land Registry fees - £4 Similar to the title deeds copy, your solicitor may also need to verify your property ownership with Land Registry. This is another small cost.

View our Fixed Fee Conveyancing, Cheap Conveyancing, Conveyancing Disbursements & Online Conveyancing.

Other potential conveyancing costs when buying

In addition to solicitor fees and other specific costs outlined earlier, there are a few additional expenses to consider when remortgaging your property:

Valuation or Survey Fees: As part of the remortgage process, your lender may require a valuation or survey to assess the current value and condition of your property. This helps them determine the loan-to-value ratio and the risk associated with the mortgage. The cost of these assessments can vary depending on the type of valuation or survey required and the size of the property.

Mortgage Arrangement or Product Fees: Some mortgage products or deals may come with arrangement fees charged by the lender. These fees are often payable upon completion and can vary in amount. It's important to carefully consider these fees when comparing different mortgage options, as they can significantly impact the overall cost of remortgaging.

Early Repayment Charges: If you're switching lenders or repaying your mortgage early, your current lender may charge an early repayment fee. This fee is typically a percentage of the remaining mortgage balance and is meant to compensate the lender for the interest they would have earned over the remaining term. It's important to review your current mortgage terms and conditions to understand any potential early repayment charges before proceeding with a remortgage.

Broker Fees: If you choose to work with a mortgage broker to help you navigate through the remortgaging process and find the best deal for your needs, they may charge a fee for their services. Broker fees can vary, so it's important to discuss and understand the cost structure with your broker before engaging their services.

Exit Fees: Some lenders may charge an exit fee when you repay or switch your mortgage. These fees are typically charged to cover administrative costs and can vary in amount. Check your current mortgage agreement or speak with your lender to determine if an exit fee will apply.

Insurance and Protection Products: As part of the remortgage process, your lender may require you to have certain insurance and protection products in place, such as buildings insurance or life insurance. The cost of these products will depend on factors such as the coverage level and your individual circumstances. It's important to consider these costs when budgeting for your remortgage.

When remortgaging, it's essential to have a thorough understanding of all potential costs involved. Work closely with your solicitor, mortgage advisor, and lenders to gather detailed information about these additional expenses. By accounting for these costs in your budgeting process, you can ensure a smoother and more financially sound remortgage experience.

 

Frequently Asked Questions.

Some of our commonly asked questions regarding the average conveyancing fees when remortgaging. If you can have queries or questions, please do not hesitate in contacting us.

A conveyancer will take care of all the legal aspects of buying or selling a property for you. A good one will keep you updated regularly and can answer any questions you have about the process.

A licensed conveyancer is a highly trained professional who focusing largely on helping people like you with residential property transactions. A solicitor, who is also a qualified lawyer, can offer full legal services such as handling divorce proceedings or taking someone to court.