Remortgage Disbursements explained
Land Registry charges, search fees...
Sale and Purchase Disbursements may differ.
What are these charges? How much are they likely to be and to whom paid?
Insurance
There is a choice between performing a comprehensive set of searches on the property or taking out an insurance policy which would cover any problems the searches would have uncovered. It is far cheaper to take out the insurance and probably more sensible because, by definition, you already own the property so it is too late to do anything about any problems there may be anyway!
This insurance now includes Chancel repair liability and we've halved the price!!!!
Likely premium based on the amount of mortgage advance:
| not exceeding £250,000.00 |
- |
£12.50 |
| over £250,000.00 but not exceeding £500,000.00 |
- |
£20.00 |
| over £500,000.00 but not exceeding £750,000.00 |
- |
£30.00 |
| over £750,000.00 but not exceeding limit of indemnity of £1,000,000.00 |
- |
£40.00 |
Land Registry fees
This is a fee payable to the Land Registry (the Government) to change their documentation referring to who the new lender is over the remortgaged property, or to provide copy documents. The registration fee depends on the amount of money being borrowed:
| Up to £100,000 |
- |
£40.00 |
| £100,001 to £200,000 |
- |
£50.00 |
| £200,001 to £500,000 |
- |
£70.00 |
| £500,001 to £1,000,000 |
- |
£100.00 |
| £1,000,001 and over |
- |
£200.00 |
| Official copy documents |
- |
£12.00 |
The majority of land in England and Wales is now registered at the Land Registry. If your property remains unregistered our panel solicitors will have to pass on the higher cost for first registration charged by the Government.
Sometimes freeholders charge a fee for registering the charge in their books too. It is a lender's requirement that this is done whether or not there is an obligation about it in the lease. The fee will depend on the age of the lease. For old leases the fee may still be expressed in shillings whereas uptodate documents may stipulate a registration fee of £50 or so per document.
Search fees
The following searches must be done before any lender will release money:-
| Bankruptcy |
- |
£2.00 per borrowers name |
| Land Registry, to check nothing has been registered against the title since it was last updated |
- |
£6.00 per title |
TT (telegraphic transfer) Fees
The balance of any money can be sent to your account within 24 working hours of completion by telegraphic transfer, or by a cheque (with the normal delays involved with the postal service and cheque clearance), if you prefer.
