Residential Property Mortgage Advice and Fees

Introduction:

This text provides an overview of the fees associated with obtaining a mortgage or remortgage for a residential property. It is important to note that the fees mentioned are indicative and may vary depending on the specific situation.

Our Fees Assume That:

The text states that provided there are no unforeseen complications, the mortgage process should be completed in a timely manner. It is important that all parties involved cooperate fully, and necessary documentation from third parties is provided promptly, without causing any unreasonable delays.

Disbursements:

Disbursements are expenses associated with the mortgage process that must be paid to third parties, such as fees for Land Registry services. The text notes that the law firm will take care of the disbursement payments on the client's behalf. Additionally, the text mentions that a comprehensive breakdown of all disbursements will be provided in an official quote.

How Long Will My Mortgage Application Take?

The text notes that the process of obtaining a mortgage or remortgage will typically take 18 to 40 days on average. However, the specific time frame can vary depending on the situation.

Stages of the Process:

The text outlines the essential stages involved in applying for a mortgage for a residential property. These include advising the client on joint or shared ownership, sending the final mortgage deed for signature, receiving and advising on contract documents, advising on the mortgage offer and its conditions, providing advice on all documents and information received, taking the client's instructions and giving initial advice, undertaking regulatory checks, and registering the charge on the property.

Other Factors:

The text notes that there are other factors to take into account that could impact the amount of legal fees incurred. These include mortgaging under the help-to-buy scheme, mortgaging property under the right-to-buy scheme, multiple owners, and shared ownership schemes. The text also reminds the client that ground rent and service charges are applicable throughout the duration of their ownership of the property.

Questions?

We inviting our clients to contact the law firm via email at info@templecorporate.com with any queries regarding their services or fees.