Our service to You: Remortgage

WHAT IS INCLUDED?
Where you have contacted New Business, your enquiry will be dealt with efficiently and with regard to any time limits.

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
You may be asked to pay a retainer of £120 to reserve a booking within our system. This is a not an additional payment but an upfront payment to your fees

WHAT IS INCLUDED?
You will receive a quotation for the legal work which you have discussed and which is being progressed at that time

SPECIFICALLY EXCLUDED
The quotation will not cover any matter not provided for in the "Included Activity" section

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
We will ask you for various pieces of information - These are required to deal with regulatory requirements, to deal with any stipulations of your lender, to allow us to process the transaction and to comply with service standards sought by Law Society of Scotland and the Scottish Legal Complaints Commission

SPECIFICALLY EXCLUDED
If you cannot provide the information in the form requested, additional work is created for which we will charge a further fee. That fee will be based on the additional time expended at a rate of £150 per hour expended excluding VAT (£180 per hour inclusing VAT)

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Solicitors are very heavily regulated by the various financial regulators and the Law Society of Scotland. Particularly since the financial crisis one of the areas where we are required to make all sorts of checks relates to the identification of all clients and sometimes others, in order to facilitate transactions. You will be contacted by our dedicated identification team who will request the necessary information from you.

SPECIFICALLY EXCLUDED
We understand that you have completed numerous identification checks before getting to this stage however, solicitors are required to complete their own identification checks and this is imposed on us by our regulator. We also understand that property transactions can involve a number of complex financial elements such as gifted deposits and gifts from overseas. In company transactions there may also be director loans or inter-company agreements If the identification team identify your transaction as requiring additional identification checks, there will be further fees incurred depending on the level and complexity of the additional checks involved. You will receive a quote for these additional checks prior to the work being carried out.

ADDITIONAL INFORMATION
Please read the section Extended ID and Source of Funds Checks at
https://www.mmilegal.com/extended-id-and-sof

WHAT IS INCLUDED?
Solicitors are very heavily regulated by the various financial regulators and the Law Society of Scotland. Particularly since the financial crisis one of the areas where we are required to make all sorts of checks relates to the identification of all clients and sometimes others and the source of funds to facilitate transactions. You will be contacted by our dedicated source of funds team who will request the necessary information from you.

SPECIFICALLY EXCLUDED
We understand that you have completed numerous financial checks before getting to this stage however, solicitors are required to complete their own financial checks and this is imposed on us by our regulator. We also understand that property transactions can involve a number of complex financial elements such as gifted deposits, director loans, inter-company agreements and gifts from overseas. If the source of funds team identify your transaction as requiring additional compliance checks, there will be an additional fee incurred depending on the level and complexity of the additional checks involved.

ADDITIONAL INFORMATION
Please read the section Extended ID and Source of Funds Checks at
https://www.mmilegal.com/extended-id-and-sof

You will receive a quote for additional checks not covered in the page above prior to the work being carried out.

WHAT IS INCLUDED?
The MMiAuthority is a document signed by you that authorises McVey & Murricane to sign various documentation relating to your transaction on your behalf. In order to be valid, it must be signed in the presence of a witness. The witness can be anyone over the age of sixteen who has no involvement in the transaction (i.e. a friend, neighbour or colleague). It should not be witnessed by a spouse or family member. The full name of the witness must be narrated on the document (i.e. no initials for forenames or middle names). We will also require the address of the witness.

SPECIFICALLY EXCLUDED
MMi Authority cannot be used if you are transacting in the name of a Limited Company/ a Limited Liability Partnership or in a trustee or executry capacity. We can offer a separate authorisation document to deal with the limited company types of cases which will be drafted by one of our specialist solicitors. As this falls outwith our standard service, the cost of drafting this document would be £120+VAT.(£144)

ADDITIONAL INFORMATION
One of the ways that MMI/McVey and Murricane are forging a ‘new way’ in conveyancing to match the time in which we live is by utilising our system that allows you to move forward at pace without having to interrupt your day, taking time off work to visit our offices. This also means that our Specialist Solicitors enable your transaction to be processed more efficiently. However, we do understand that for some they would prefer a more traditional approach is desired. We are more than happy to do this, but our Standard Service is not geared towards this; should you not wish to utilise our system an additional fee of £50 + VAT (£60) may be levied.​​​

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
If your transaction relates to a property that is still based in the old Sasines Register, there is substantial additional work required to ensure that the title will be registerable in the Land Register of Scotland. Dealing with unregistered properties is a complex matter and additional work is required to ensure the property you are purchasing will be registered.

If you are selling your property that is still registered in the old Sasine Register and it has exclusive garden ground we will require to obtain what is called a Plans Level 3 Report. The purpose of this report is to confirm that the property that you are selling is capable of being registered in the Land Register under the new regime that was introduced in 2014. There is additional work required in applying for this report that is not included in our standard fee meaning that you will be charged an additional fee of £95+VAT (£114) plus the cost of the report from Registers of Scotland which is £114.

ADDITIONAL INFORMATION
The process may involve obtaining a new plan. A cost for this will be quoted to you for approval

WHAT IS INCLUDED?
Provided that the title to the property is formally registered as a single unit in the Land Register of Scotland we will download a copy of the title

SPECIFICALLY EXCLUDED
If the property is not registered in the Land Register as a single unit we will need to ascertain the whereabouts of the deeds or order copies of the old deeds. In these circumstances there is often considerable additional work and cost. We will expend such costs as to be able to establish the circumstances of the title. You will be responsible for those costs. We will not make a further charge for our time without your approval.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Cladding is an important concern especially since the Grenfell tragedy and it is applicable on sale, purchase and some remortgage transactions. Cladding is an important issue when dealing with property and you will be sent a link to our interactive cladding guide that will provide in depth explanations of what cladding is as well has how this may impact your transaction.

SPECIFICALLY EXCLUDED
If your transaction involves a property which appears to have cladding, then further checks are required to ensure that all the necessary legal documentation to enable you to sell, purchase or refinance the property is available. These checks fall outwith our standard service and a quote for the additional work will be sent to you prior to any further work being carried out.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
If your transaction involves a property which has been altered, there is a requirement to investigate alterations to a property (this may extend to liaising with the surveyor who prepared the Home Report). The basic fee for dealing with this work is £95+VAT (£114). However, in complicated circumstances the work may required to be billed hourly but we will always notify you before we carry out any additional work.

ADDITIONAL INFORMATION

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
Scotland is moving towards completing electronic Land Registration, but unfortunately there are times when, despite having a title registered at the Land Register, anomalies can occur and issues arise. These can arise during the course of the purchase of your new home or can manifest themselves during the sale or refinance.

Additional time will be required by our specialist solicitors to review and formulate a solution to enable you to move forward. This, as you will appreciate is not part of the Standard Conveyancing Service offered and will attract an additional fee.

The basic additional fee is £95+VAT (£114) however, there may be circumstances where additional work is required and you will be provided with a quotation for your approval

ADDITIONAL INFORMATION

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
If your transaction involves a property which has a tenancy agreement in place, we are required to check the terms of the tenancy agreement to ensure that the document meets the legal requirements to allow the property to be rented out.

As this falls out with our standard service, this will incur an additional fee of £50+VAT (£60) per tenancy agreement. If during the course of our checks we note anything that would make the tenancy agreement invalid or challengeable, we will contact you to advise you of the issues and what is required to remedy any issues.

The work required to remedy any issue would be a seperate piece of work and this would attract an additional fee. The scale of the fee would depend on the circumstances of the issue as we well as the work required to remedy the issue.

If a new tenancy agreement is required, our cost for drafting a new tenancy agreement is £95+VAT. (£114)

ADDITIONAL INFORMATION

WHAT IS INCLUDED?
This is not included within the standard service.

SPECIFICALLY EXCLUDED
If your transaction involves dealing with a house of multiple occupancy (HMO) then we will need to check the documentation to ensure they are legally compliant and the property can be rented out. The basic fee for this additional work is £70+VAT (£84)

ADDITIONAL INFORMATION
However, there may be circumstances where additional work is required and you will be provided with a quotation for your approval

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
Sometimes during the course of a transaction communication is required from third party solicitors such as solicitors acting for a lender or litigation solicitors. Where communications with third party solicitors are required to progress your transaction, there will be an additional fee of £100+VAT (£120) together with any additional disbursements.

ADDITIONAL INFORMATION
Where for example we are acting for you in a sale or remortgage transaction but another legal firm are acting for you in a purchase transaction.

WHAT IS INCLUDED?
This is not included in our standard legal fee.

SPECIFICALLY EXCLUDED
Sometimes during the course of the transaction, matters arise which are unforeseen and bespoke legal work is required. This can either be in relation to resolving a complex title matter or dealing with complex financial arrangements relating to the transaction. Where your transaction has been identified as requiring bespoke legal work, the work will be carried out by one of our specialist solicitors and a quotation for the additional work will be sent to you for approval before any additional work is carried out

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
It is a standard part of the conveyancing process that property searches are obtained and provided to the purchaser's solicitor. These searches are a coal mining report, a property enquiry certificate and a legal report. Each of these searches provide the purchaser's solicitor with important information relating to the property such as, whether there are any mine entries near the property and that the roads and footpaths surrounding the property are maintained by the Local Authority.

SPECIFICALLY EXCLUDED
Dealing with issues relating to a Coal Report

Cost (excl VAT) £75 (£90) (occasionally this will be higher but we will discuss the circumstances with you first)



ADDITIONAL INFORMATION

As most of the central belt of Scotland was mined at one time or another, as a result we require during the course of your purchase or sale to review or obtain a Coal Authority Report. This is to ensure that the property that you are purchasing or indeed selling is not likely to have any issues as a result of previous mining activity. Sometimes, things do crop up that don’t necessarily mean that there is a problem, but that they require further investigation to ensure that is not the case. In cases such as this, meaningful additional time may be required and an additional fee is necessary.

WHAT IS INCLUDED?
It is a standard part of the conveyancing process that property searches are obtained and provided to the purchaser's solicitor. These searches are a coal mining report, a property enquiry certificate and a legal report. Each of these searches provide the purchaser's solicitor with important information relating to the property such as, whether there are any mine entries near the property and that the roads and footpaths surrounding the property are maintained by the Local Authority.

SPECIFICALLY EXCLUDED
If your transaction required further specialist reports such as a coal mining interpretation report for further information relating to coal mines or a Company and Charges search, this will incur an additional fee and you will be advised of the cost of any additional searches prior to these being ordered.

A legal report may sometimes disclose entries that are triggered by your name or names. If these entries do relate to you there may be serious implications for your transaction and the cost of resolving the problem will be discussed with you.. Often the reference to you will be a "false positive". In these circumstances a declaration will be required confirming this. While there may be circumstances that involve more additional work generally there will be a charge of £40 + VAT (£48) for this activity

ADDITIONAL INFORMATION
Property, Bankruptcy & Local Authority Searches Cost (excl VAT) £125.00 (£150)
In a sale (and indeed sometimes albeit rarely in a purchase) it is essential to produce to the other solicitors Searches against the Property and the Title to ensure that there are no reasons which affect the saleability or marketability of the property.

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
Sometimes your lender will require certain conditions to be met as part of you obtaining the mortgage. These conditions are called "special conditions" and they require us to confirm to your lender before they release the mortgage advance that they have been complied with. This falls outwith our standard fee and there will be an additional charge of £50+VAT (£60) per special condition on your mortgage offer that requires to be satisfied. If it is a particularly complex issue we will advise you first of the likely cost for your approval.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Where in a purchase loan papers are sent to us with incorrect information we need to liaise with the Lender to remedy the mistake. This may result in amended loan papers being produced.

SPECIFICALLY EXCLUDED
The cost of any additional work required in this connection is £50 + VAT. (£60)

If you are purchasing a property with the assistance of a mortgage we would hope to be in receipt of your offer of mortgage from the lender at least three weeks before you are scheduled to move into the property; the reason for this is to ensure that all the necessary checks and procedures have been carried out to allow the loan funds to arrive on time for settlement to take place. We at McVey and Murricane understand that there are instances in which the Mortgage Offer may not arrive until two weeks before or indeed a few days before settlement! On such occasions there are more resources required to ensure that we still going to be in receipt of the loan funds; There will be additional fees levied for cases in which Mortgage Offers are received late.

The charges are based on the weeks from the date of entry:

From 2 weeks from settlement: £60.00 excluding VAT (£72)

From 1 week from settlement: £100.00 excluding VAT (£120)

Less than 3 days from settlement: £150.00 excluding VAT (£180)


ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
If you are selling or refinancing your property and you have a mortgage over the property, we will contact your current lender on your behalf to request a settlement figure from your lender. Our standard service includes requesting a settlement figure from one lender only.

SPECIFICALLY EXCLUDED
If your property has more than one mortgage or there is a secured loan, and these are to be repaid at completion then this will incur an additional fee of £50+VAT per mortgage or secured loan together with any costs required to transfer the funds to your lender (£30+VAT per transfer) and remove the charge from the title at Registers of Scotland (£70+VAT) per mortgage or secured loan.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
On receipt of your loan offer we will send you our copy and ask you to confirm that its terms match with what your lender has offered you. We will ask you to confirm through our portal that this is the case.

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
Your confirmation is deemed to be instructions through MMIAuthority to sign the mortgage documents in terms of the loan offer which you have approved. This authority includes signing matrimonial declarations in terms of the information provided by you

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
If your transaction involves a financial gift from a parent, spouse, partner, relative or friend and you are obtaining a mortgage then we have a regulatory obligation to communicate this to your lender. Gifted deposits are areas which lenders believe to be potentially prejudicial to their lending and communication is necessary to ensure any mortgage is available. Additionally, any party which is providing you with the gift, will require to complete (a) the Law Society of Scotland ID checks which will incur an additional cost.and (b) be subject to Source of Funds regulatory checks

ADDITIONAL INFORMATION
​The basic additional fee is £95 + VAT (£114)

Please read the section Extended ID and Source of Funds Checks at
https://www.mmilegal.com/extended-id-and-sof

You will receive a quote for additional checks not covered in the page above prior to the work being carried out​​

WHAT IS INCLUDED?
Required in any sale transactions where there is an existing mortgage over the property or in a remortgage. There is a cost of £80 per each security discharged

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
When you purchase a property we require to certify to the lender that the title to the property is acceptable and that the lender may safely advance the mortgage on the strength of the title to the property. This process is usually straightforward and is included on our fee however if there are issues with the lenders which are outwith McVey & Murricane's control, we reserve the right to charge an additional fee to cover the cost of addressing these issues.

SPECIFICALLY EXCLUDED
The cost of any additional work required will be determined by reference to the amount of time taken to deal with the issue in question.

ADDITIONAL INFORMATION
​The additional fee will be charged at an hourly rate of £150 + VAT (£180)

WHAT IS INCLUDED?
If you are purchasing a property with the assistance of a mortgage we would hope to be in receipt of your offer of mortgage from the lender at least three weeks before you are scheduled to move into the property; the reason for this is to ensure that all the necessary checks and procedures have been carried out to allow the loan funds to arrive on time for settlement to take place. We at McVey and Murricane understand that there are instances in which the Mortgage Offer may not arrive until two weeks before or indeed a few days before settlement! On such occasions there are more resources required to ensure that we still going to be in receipt of the loan funds; There will be additional fees levied for cases in which Mortgage Offers are received late.

SPECIFICALLY EXCLUDED
The charges are based on the number of weeks prior to the date of entry:

From 2 weeks from settlement: £60.00 excluding VAT (£72)

From 1 week from settlement: £100.00 excluding VAT (£120)

Less than 3 days from settlement: £150.00 excluding VAT (£180)

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Providing independent legal advice where required by a third party is not included within our standard service.

SPECIFICALLY EXCLUDED
Where your transactions requires you to receive independent legal advice, we can arrange for one of our solicitors to provide you with the necessary advice subject to any specific Lenders requirements. As this work is bespoke and the advice provided is tailored to your transaction, this will incur an additional fee.The additional fee is £95 + VAT​​ (£114)

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Prior to your transaction settling, our Accounts Team will prepare an accounting for your transaction - a pre completion statement - for your approval.

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is the agreement entered into between you and your lender where you grant security over your property in return for the loan (mortgage) that they have offered you. This is a very important document. In the event that you cannot keep up the payments on your mortgage this is document that the lender will use to raise Court Proceedings against you. Once this document is signed by us on your behalf you shall be bound by the terms of the mortgage. The lender will have provided you with material along with the offer of loan which includes the detailed conditions of the loan. In addition the standard security prohibits you from creating a second mortgage over the property, changing the use of the property, letting the property and making major alterations to the property as well as positive obligations to maintain the property and have sufficient insurance in place.

SPECIFICALLY EXCLUDED
The MMI Authority cannot be used if you are transacting in the name of a Limited Company or a Limited Liability Partnership.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Once your transaction has settled, you will receive the post completion accounting which will break down the costs of the transaction and will show the funds that are to be returned to you.

SPECIFICALLY EXCLUDED
The cost of returning funds electronically is £30+VAT (£36). *Due to the ongoing Coronavirus pandemic, we are unable to send funds via cheque due to reduced staff working in the office*

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
After completion of your transaction our Finance Team will prepare and complete an accounting to you for all financial dealings in your case.

SPECIFICALLY EXCLUDED
This is usually a straightforward exercise however if, by way of example, you require a change in where free sale proceeds are to be sent, we reserve the right to charge an additional fee.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Where in a sale your existing Lender stipulates that repayment to them has to be by CHAPS.

SPECIFICALLY EXCLUDED
The additional fee for this is £30 + VAT. (£36)

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
On completion of a sale or remortgage transaction, we will prepare a legal discharge of the existing security and liaise with the lenders to have it signed and then registered in the Land Register

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
During the course of your purchase or sale we may receive information that suggests you having a Discharged or live Bankruptcy. We would require to obtain a report to confirm the position to allow us to advise you moving forward with your transaction. This is out with the standard work and for which an additional base fee of £75+VAT (£90) would be charged. For more complex situations, we would advise you of a cost basis prior to commencing additional work.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
During the course of the transaction, we may be asked to transfer any guarantees for the property for works such as dry rot, wet rot etc into their name. Whilst we are happy to do this, this is not something that is dealt with as part of our standard fee, this will attract a nominal fee of £70 + VAT (£84)

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
Sometimes transactions do not go all the way to completion for one reason or another. It may be the case that we have carried out extensive work on your behalf at the point whereby the transaction is terminated. The file is then passed to our Accounts department to allow them to fee your file based on the percentage of the work carried out subject to a minimum fee of £100+VAT (£120) and outlays.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
Sometimes during the course of your transaction circumstances arise which require bespoke security documentation to be drafted to reflect the terms agreed with your lender or other parties who have a financial interest in the property. Examples of bespoke security documentation include but are not limited to; deeds of postponement, deeds of variation, ranking agreements, deeds of subordination, inter-company agreements, charge over shares and charge over bank accounts. This type of work is carried out by one of our specialist solicitors and a quotation will be provided to you subject to minimum charges as follows
​Deed of postponement
Cost (excl VAT) £195.00 (£234)
Any additional disbursements £80.00- registration fee to Land Registers

Brief Description
Where your existing Lender has agreed to allow a further charge over your property but wish the relationship between the first and second loan to be regulated

Deed of variation
Cost (excl VAT) £195.00 (£234)
Any additional disbursements £80.00 registration fee to Land Registers

Brief Description
Where your existing Lender agrees to allow the loan to be varied in some way for example allowing a party to be removed from the mortgage.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
At McVey & Murricane we understand that moving to a new home or from your existing home is both an exciting and a stressful time; We understand that there may be the desire to contact the person dealing with your transaction to find out what progress has been made. Our solicitors work very hard to ensure that you gain entry to your new home or leave your existing home on the scheduled date and quite often there are times whereby they are waiting on the solicitor acting for the seller or purchaser and of course you will advise you of this. If you do wish to have an update more frequently than our standard time, which is usually once per week we are more than happy to do this; as a result of this falling out with our standard fee an additional fee will be levied which will be approved by you.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
This is not included in our standard service.

SPECIFICALLY EXCLUDED
The usual timeframe for a conveyancing transaction is between 8-12 weeks, but this is dependent on a number of moving factors such as, availability of mortgage papers, co-operation of the other party etc. Where there is a need for an expedited completion, this will incur an additional cost which will be determined on the circumstances of your transaction.

ADDITIONAL INFORMATION
None

WHAT IS INCLUDED?
Where you are receiving a mortgage to complete the transaction, it is a requirement that the lender's security is registered against the property. The reason for this is it allows the lender to take steps to repossess the property in the event of a breach. We will prepare and submit the application to Registers of Scotland to enable the security to be registered against the property. If you are obtaining any Scottish Government First Time buyer finance, we will also prepare and submit the application to Registers of Scotland to register the security in favour of the Scottish Government.

SPECIFICALLY EXCLUDED
No specific item that falls under this category

ADDITIONAL INFORMATION
None