A remortgage is the process a homeowner will go through to transfer their mortgage from one lender to another. This can often be to secure a better rate or more flexibility on their mortgage or at a time when the homeowner needs to raise additional money against their property and needs to look at alternative lenders in order to secure the relevant level of borrowing. The complete description of the re-mortgage process can be found in the link at the foot of this page, but once you have received your personalised quotation you will see the list of costs (disbursements) associated with the re-mortgage in addition to the conveyancer’s fee. Some of these disbursements are listed below:
Bankruptcy Search – This search is used to establish any bankruptcies which have been lodged in the preceding few years against the name being searched on, and also whether there are any bankruptcies pending.
Bank Transfer Fee – This is a way of transferring money between a lender, solicitor and client, instantly. For a re-mortgage, it will be used to repay your old lender by transferring the money drawn down from your new lender, and if required, transfer any capital raised to your bank account.
Office Copies – This is an application to the Land Registry for a copy of the register it holds for a given property and shows who has registered an interest in the property and any legal charges or mortgages held against it.
Coal & Brine Mining Search – If an area has previously had active coal mining, or even still mines for coal, it is necessary to have a coal mining search which will be carried out by the Coal Authority. This is done to ensure that the property is not affected now, or is not likely to be affected in the future by such things as old mine shafts or pollution. This search also includes the brine search (which largely affects properties in parts of Cheshire).
Tin Mining Search – This kind of search is mainly required in SW England in Cornwall, and some parts of Devon and Somerset. There is very little active mining left now in this area, but it is necessary to check for old mine shafts and so on which could affect a property (e.g. subsidence).