Davies Bays & Co trading as

John Bays & Co Solicitors

Incorporating Windsor & Co and Denis Mann Bays & Co

240A High Road, Wood Green, London N22 8HH
DX 35653 WOOD GREEN 1
TEL: 020 8881 3609
FAX: 020 8889 2855
EMAIL: law@johnbays.co.uk for enquiry purposes only.

We do not accept service by email.

Re- mortgage cases (freehold or leasehold properties)


We offer a high quality, personal service. Our legal fees for acting for you in a re-mortgage of your existing property will be approximately £750.00 - £850.00 plus VAT depending on the particular circumstances of your matter.  VAT is charged at the current rate of 20%.
Our fee covers the following work:-

  • Taking your instructions and agreeing to act on behalf of the lender (or where a lender is represented by their own solicitors, to deal with the lender’s solicitors’ requirements) and completing our client care documentation and due diligence
  • Investigating of the legal title to the property on behalf of you and the lender
  • Carrying out various searches (see further details below) in respect of the property. Obtaining the search results will generally take approximately   no more than two weeks
  • Reporting to you, and your lender or their solicitors where appropriate, on any issues with the title and any other relevant matters
  • Advising you on the provisions of your mortgage offer
  • Bringing to your attention any matters mentioned by the lenders’ valuer in his/her report if made available to us
  • Liaising with your existing lenders (details to be provided by you) to obtain a redemption statement and dealing with removal of their charge from Land Registry records on completion of this matter
  • Arranging for you to sign the mortgage deed in readiness for completion
  • Once everything is in order the completion date (the day on which you can obtain draw down of the mortgage funds) will depend on your requirements and also upon the amount of notice that your lenders will require for drawdown of the mortgage funds  
  • Drawing down mortgage funds and redeeming your existing mortgage as appropriate
  • After the matter completes, we will submit an application to the land registry in order to register the new charge against the title to your property  
  • Where the property is leasehold, we will need to obtain up to date service charge, buildings insurance and ground rent information and any outstanding amounts will need to be settled on or before completion
  • Where the property is leasehold we will need to serve a notice of the change of mortgage on the freeholder, or the management company appointed under the lease

We reserve the right to increase our fee for any unforeseen work (i.e. work which is over and above what we would normally expect to be included in a standard transaction of this nature). This may include the following:

  • Where our investigation of title or examination of searches reveals an issue which requires additional work to resolve. This may include having to deal with a restriction on the title or lease, or an entry on a local authority search which may need to be brought to your lender’s attention.
  • When the property is registered in the name of a company, and the directors of the company are required to provide personal guarantees as additional security for the mortgage.
  • Where the mortgage is a commercial loan
  • Where the property is subject to an existing tenancy agreement
  • When the mortgage offer contains more than the usual amount of conditions, which we are required to then comply with before drawing down the mortgage funds.
  • If it becomes necessary to proceed on an urgent and expedited basis
  • It is assumed that no indemnity policies are required. Additional disbursements may apply if indemnity policies are required

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry Fees. We handle payment of the disbursements on your behalf to ensure a smoother process.
The following disbursements may apply to your re-mortgage. Please note that these are costs which are payable to third parties and which are in addition to our fees.

The following disbursements are likely to apply:

  • Local Authority Search fees  - Approximately £200.00 *
  • Drainage and Water Search fees – currently £56.00*
  • Environmental Search fees – currently £58.80
  • Land Registry searches  - £6.00
  • Land Registry Priority Searches  -£3.00
  • Bankruptcy searches - £2.00 per person
  • Anti-Money Laundering check - £9.00 per person
  • Land registration fees  - Between £40.00 - £120.00 depending on the value of the property
  • Bank charges for sending monies by Chaps payment - £15.00 plus VAT per payment
  • Landlord/freeholders’ re-mortgage pack fee (for leasehold properties only) – £200.00 approximately
  • Notice of Charge fee (for leasehold properties only) – This fee is usually set out in the lease itself but varies from £50.00 - £150.00

*In some cases (and if it is acceptable to your lender) we may be able to take out a search indemnity policy instead of obtaining an up to date local authority search and drainage and water search  for a fee which is dependent on the value of the property and usually in the region of £40.00 -£100.00)


Payment on account: we will request a payment on account at the outset of the transaction, currently £500.00.


EXAMPLE OF A FREEHOLD PROPERTY RE-MORTGAGE : For the re-mortgage of an existing freehold house with a  value of £460,000.00 in the London borough of Enfield our fees and disbursements would be as follows:

Legal Fees:  £750.00
VAT       £150.00
£900.00
Disbursements 
Local Authority Search: £ 237.00*
Drainage and Water Search: £   56.00*
Environmental Search: £58.80
Land Registration fee: £40.00
Land Registry Priority Search fee: £3.00
Bank charge for telegraphic transfer (inc VAT) £18.00
Bankruptcy Search fee (per name): £2.00
Anti Money Laundering Check fee (per name): £9.00 £423.80
£1,323.80
 


*In some cases (and if it is acceptable to your lender) we may be able to take out a search indemnity policy instead of obtaining an up to date local authority search and drainage and water search for a fee which is dependent on the value of the property and usually in the region of £40.00- £100.00)


EXAMPLE OF A LEASEHOLD RE-MORTGAGE : For the re-mortgage of an existing leasehold flat with a  value of £460,000.00 in the London Borough of Enfield our fees and disbursements would be as follows:

Legal Fees:  £750.00
VAT       £150.00  
ADD  
£900.00
Disbursements 
Local Authority Search: £ 237.00*
Drainage and Water Search: £   56.00*
Environmental Search: £58.80
Notice of Charge Fee(estimated)
Payable to Freeholder £50.00
Re-Mortgage Pack fee (if applicable)
(estimated) payable to Freeholder £200.00
Land Registration fee: £40.00
Land Registry Priority Search fee: £3.00
Bank charge for telegraphic transfer (inc VAT) £18.00
Bankruptcy Search fee (per name): £2.00
Anti Money Laundering Check fee (per name): £9.00
£673.80
£1,573.80
 


*In some cases(and if it is acceptable to your lender) we may be able to take out a search indemnity policy instead of obtaining an up to date local authority search and drainage and water search.


Remortgage not proceeding: If, for any reason, we are unable to complete the re-mortgage of your property, we will make a charge which will be a proportion of the fixed fee quoted relative to the time spent. Re-mortgages that fail to complete often involve as much work as those which reach completion. Any charge made will not exceed the amount of the fixed fee we have given.

 

Please note that the examples above are for guidance only. We will always provide you with individual costs information and a copy of our terms and conditions of business.

 

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The partners in Davies Bays & Co are John Bays, Riyad McDoom, Naomi Bays and Michael Christopher. We are authorised and regulated by the Solicitors’ Regulation Authority No. 070397  www.sra.org.uk