A fair and transparent approach
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The Lending department is instructed by lenders to assist with the conveyancing matter on either a Separate Representation or Dual Representation basis. Our fees are structured centrally by the lender and these are, in most cases, available on the lender’s website and via the mortgage intermediary.
We split our work so that specialist people work on various areas of the transaction, as well as people who are used to working alongside particular lenders. Our Onboarding team will be the first people you encounter and they will be introduced to you at the outset. The advice on the matter will always be supervised by a specialist lending solicitor and their details can be found here.
How long will my transaction take?
How long it will take to complete your transaction will depend on a number of factors. The average process takes between 4-8 weeks for a remortgage, and 16-20 weeks for a purchase (this department does not handle sales). It can be quicker or slower depending on the requirements of the seller, chain, lender and the complexity of the matter.
In the interests of price transparency, we will give you a fixed estimate of costs for conveyancing the outset of the transaction. The fee tables for each of our lender clients are available here.
Where your lender is not shown, then our standard Residential Conveyancing fee scales apply. These can be found here.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees in respect of title information or in respect of obtaining other information needed to provide to the new lender, searches and bank transfer fees. We handle the payment of the disbursements on your behalf to ensure a smoother process but may require money to be paid to us in advance from you in order to do so.
The Land Registry application fees vary according to the value of the property. The Land Registry website provides registration fees information at www.gov.uk/topic/land-registration/data. We will advise you what your registration fee is based on your purchase price.
The amount payable to HMRC will vary according to the purchase price of your property, who is buying the property and whether you own property already. We will advise you what your tax due is based on your purchase price and other circumstances. There is also a SDLT calculator available on the HMRC website: www.tax.service.gov.uk/calculate-stamp-duty-land-tax
FACTORS THAT MAY INCREASE YOUR COSTS
Sometimes, additional work is required that cannot be known at the outset. For example, if a lease extension is required, if alterations have been made to the property without the necessary consents, if parties do not have the necessary paperwork or funding, if indemnity insurance is required. This will impact on the time spent and overall cost. If this is the case, we will let you know as soon as we become aware of it.
We are members of The Law Society accredited Conveyancing Quality Scheme (CQS).
STAGES OF THE PROCESS: REMORTGAGE
The stages involved in your re-mortgage vary according to the circumstances. However, below are some key stages to your re-mortgage that may take place:
- Writing to the existing mortgage lender to request a redemption statement (this shows how much of your current mortgage is owing)
- Obtaining up to date title entries from the Land Registry, and carrying out searches
- Reviewing your title and the searches
- If your property is leasehold we will contact your freeholder or managing agent to tackle required queries
- Review the mortgage offer, advise you on the terms and check the net mortgage advance is enough to redeem your current mortgage
- Request a final redemption statement from your existing mortgage lender
- Carry out searches on your title prior to completion to ensure no notices have been recorded
- Request your new mortgage lender to send us monies to complete your re-mortgage
- Redeem (pay off) your existing mortgage
- Register the new mortgage against the title to your property.
STAGES OF THE PROCESS: PURCHASE
The stages involved in the purchase of a residential property vary according to the circumstances. However, below are some key stages to your purchase that may take place:
- Take your instructions and give you initial advice
- Receive and advise on title and the transaction documents
- Carry out searches
- Obtain further planning and other documentation, if required
- Make enquiries of seller's solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send agreed contract to you for signature
- Agree transfer
- Advise you on joint ownership
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for all monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry.
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