In this article:
What are the referral fees for a Cashback Remortgage Residential?
This table provides you with a breakdown on the referral fee's on our Fixed fee cashback Residential instructions.
What are the referral fees for a Cashback Remortgage Buy to Let?
This table provides you with a breakdown on the referral fee's on our Fixed fee cashback Buy to Let instructions.
What is included in the costs of the Cashback Remortgage Conveyancing range?
All of the necessary conveyancing costs are included for a standard freehold remortgage:
Conveyancing Fees
VAT
Your Referral Fee
Land Registry Fees
Land Registry Search
Bankruptcy Searches (up to two applicants)
Search Indemnity Insurance (where acceptable by the Lender)
Insurance Premium Tax
Office Copy Entries
Electronic ID checks (up to two applicants)
Redemption of 1st and subsequent charges via BACS
Why is a payment on account necessary?
This is required to start the conveyancing work and will cover any third party costs (disbursements) e.g. Search Indemnity Insurance which are non-refundable. Where a Lender provides the cashback directly to the Solicitor, the client will be refunded on completion.
What if there are more than two applicants?
Certain costs are charged per person; bankruptcy search and electronic ID check. If there are more than two applicants on your case, please select ‘2’ from the applicants list and refer to the Terms and Conditions on the illustration. Any applicable additional costs which will be added to the final bill and will be payable accordingly.
What do I do for a Buy to Let property?
You have two options for a Buy to Let (BTL) property:
If you select the standard ‘Cashback Remortgage’ an additional fee will be payable by the clients, outlined on the illustration under ‘Additional Costs’.
If you select the ‘Buy to Let Cashback Remortgage’ range the BTL fee will be included in the total conveyancing costs and you will receive a lower referral fee.
What if the property is leasehold?
Both the Residential and BTL Cashback Remortgage ranges include costs for a freehold property. An additional charge will apply when a property is of leasehold tenure. Please refer to the additional costs section of the illustration for exact leasehold fees (these differ per Solicitor firm).
What do I do if the Lender offers more than the highest amount of cashback I am able to select?
Please select the highest amount of cashback available £599. If the mortgage Lender pays the cashback directly to the Solicitor, the remaining funds will be refunded to the client.
What if the Lender doesn’t accept search indemnity insurance?
A small number of Lenders do not accept Search Indemnity Insurance and may insist upon full searches being carried out. Please see our document ‘Search Indemnity Exceptions’.
Can I use the Cashback Range if a Lender is not providing cashback on a remortgage?
The Cashback Range can only be used if a Lender is providing cashback as part of a remortgage. The chosen cashback amount on the quotation must match the amount of cashback provided on the mortgage offer.
The Lender is providing £500 cashback, can I choose a £250 cashback remortgage and provide the remaining monies to the client?
The chosen cashback amount on the quotation must match the amount of cashback provided on the mortgage offer. If this is not the case, the conveyancing fees will revert to that of the standard remortgage range.
Will the Lender provide the cashback directly to the Solicitor?
Mortgage Lenders differ in how they pay the cashback. Some will pay the Solicitor the funds directly, whilst others will pay the client directly (often after completion). Please see document titled ‘How and When Cashback is Paid’ for more information.
How and when cashback is paid on a re-mortgage varies from lender to lender.
Clients often assume that the cashback from the lender is paid directly to the Solicitor and they won’t need to pay the conveyancing fees.
This isn’t always the case; the timings and method of payments vary by lender and Solicitors often need to collect outstanding fees in order to complete.
Please see the table below to avoid any shocks for your client when using our Fixed Fee Cashback Remortgage range.
