2024-12-11
From December 9th 2024, HM Land Registry announced a fee increase, which has affected all of our products. But, it has had the most impact on our Fixed and Flexible Remortgage products.
This has led to a change in our packages and we have set out all of the changes below...
Fixed Price Remortgage changes
As part of the changes, we have updated the name and pricing of our services.
The former Fixed Price Remortgage will now be known as the ‘Fixed Price Legals.’
The price of our packages will cover the Fixed Price Legal fee, Electronic ID and VAT only. Please note that each case will incur some additional disbursements that will be added to the overall cost of the legal work.
To provide transparency between you and your clients, we have compiled a list of standard disbursements that will be added on top of the Fixed Price Legal price:
- HMLR Registration Fee
- Search Indemnity Fee*
- Bankruptcy Search
- Land Registry official copies
- HMLR Search fee
- Telegraphic Transfer fee
- VAT on TT fee
Please note these costs will also be shown on the instruction PDF.
Revised Fixed Price Legals products
Here are the prices of the revised Fixed Price Legals products:
- £175 Fixed Price Legals
- £225 Fixed Price Legals
- £275 Fixed Price Legals
- £375 Fixed Price Legals
- £475 Fixed Price Legals
- £575 Fixed Price Legals
To support our changes to Fixed Price Legals, we have also increased the supplier fee to ensure we maintain our high-quality service with the changing industry standards.
Referral fees on the Fixed Price Legals
Additionally, we’re simplifying our referral fee tiered system to be a flat rate across all products. This will make it easier for you to understand your earnings based on the packages you use.
- £175 product - £40 Referral Fee
- £225 product - £60 Referral Fee
- £275 product - £90 Referral Fee
- £375 product - £140 Referral Fee
- £475 product - £200 Referral Fee
- £575 product - £280 Referral Fee
Flexible Remortgage Changes
Regarding the Land Registry fee increase and its impact on our Flexible Remortgage products, the only thing that will be updated is the price of our packages which will be increasing by £20 per product, see below:
- £245 product will now be £265
- £295 product will now be £315
- £345 product will now be £365
- £395 product will now be £415
- £445 product will now be £465
- £495 product will now be £515
We will be sharing our updated ‘Remortgage Options’ comparison in the coming days, so you can see which Remortgage product is best for your client.
*Please note that a small number of lenders do not accept search indemnity insurance and may insist on full searches being carried out, which would be at an additional cost.
If you have any further questions, please do get in touch with a member of the SortRefer team, who will be happy to help!
Telephone: 03334564567
Email: enquiries@sortrefer.co.uk
