Remortgaging to HSBC UK - Fees You May Need To Pay
HSBC UK Fees
HSBC will pay the standard legal cost for customers moving their residential mortgage to HSBC from another lender, subject to the remortgage legal work being completed in all cases by LMS.
Standard Legal Fees are:
- Land Registry search fees
- Land Registry registration fees (excluding first registrations where only the first £40.00 is paid by the Bank)
- One telegraphic transfer fee
- Electronic Identity Checks
Additional Charges - payable by the Customer:
In addition to the above legal fees, where third party costs (disbursements) are payable, those are to be made by the customer. Additional fees may be charged for additional work and services over and above the legal work in a fees assisted remortgage conveyancing case.
The following charges are examples of the most common additional fees and can be made to the customer at the rates set out below:
| Additional Work | Additional Fee (excluding VAT) |
|---|---|
| Removing third an subsequent charges Including where dealing with Private Charge Holder | £30.00 |
| Help to Buy (HTB) Equity Loans, removal of 2nd charge and additional work to deal with settlement of the loan | £75.00 |
| Shared Ownership Leases - only where additional share is being purchased Note: does not apply to Shared Ownership Scheme like for like remortgages | £195.00 plus disbursements |
| Shared Ownership Leases - only where a final share is being purchased (inclusive of Transfer of Title fee and SDLT Administration fee) | £390.00 plus disbursements |
| Leasehold supplement England & Wales, Northern Ireland: For reviewing the existing lease and terms to ensure it meets bank requirements. Northern Ireland: The fee is applicable where: 1. The property is a flat 2. There is a management company looking after communal areas 3. The property has a lease with NIHE and there are less than 100 years remaining on the term Note: FastTrack and non-FastTrack cases | £95.00 |
| Telegraphic Transfer Fee for: - Surplus Home Loan funds to customer - To settle any loan secured by a second charge, including HTB Equity Loans - Consideration monies to outgoiung party/ies - To send funds to any other nominated 3rd party | £25.54 per transfer Note: where the transfer value is less than £500.00, the customer should be offered BACS as an alternative to a TT CHAPs payment. (The customer has the option to select payment by TT where the value is less than £500.00 and will be charged the agreed rate). Funds sent to BACS will take 3 working days to credit an account. |
| Independent Legal Advise | £94.00 plus VAT Where independent Legal advise (ILA) is required by HSBC in relation to the purpose of the lending and liasing with the solicitor/licenced conveyancer providing Independent Legal Advise (ILA) to obtain the Certificate of Execution for ILA e.g. Customer is not benefiting from the mortgage funds Customers are also responsible for paying the fees for the nomonated ILA provider. |
| Repaying the lending and dealing with the discharge of the security on another property Note: this fee is in addition to the Telegraphic Transfer fee to send the funds to the lender | £95.00 plus disbursements |
| Liasing with a nominated 3rd party e.g. Customer's solicitor for an onward purchase Note: this fee is in addition to any Telegraphic Transfer Fee for sending the funds to the nominated 3rd party. | £40.00 |
| First registration at Land Registry | £95.00 All disbursements above £40.00 |
| First registration in Scotland (from Sasine Register, excluding disbursements) (Complex registration will incur higher fees which your law firm will confirm) | £95.00 |
| Administration fee - Stamp Duty Land Tax in England and in Northern Ireland (SDLT); or Administration fee - Land Transaction Tax in Wales (LTT); or Administration fee - Land and Buildings Transaction Tax (L&BTT) in Scotland In relation to Transfer of Equity or Purchase of a further / final share transactions Completing and submitting the relevent return including making payment due. | £75.00 |
| Islamic finance: removal of existing leasehold title specific to the finance | £195.00 |
| But to Let: Drafting the - Assured Shortfall Tenancy agreement in England, - Standard Contact in Wales, - Non-Rent Controlled Tenancy in Northern Ireland, - Private Residential Tenacy in Scotland | £95.00 |
| Obtaining and verifying Identification on a customer based overseas - per customer | £25.00 |
| Declaration of trust Note: the Panel Firm may only act for the customer in preparing a Declaration of Trust if the customer has also instructed the firm to complete a Transfer of Title. The Declaration of Trust must be approved by HSBC before the Certificate of Title is submitted to HSBC. | £195.00 |
| Freehold purchase | £350.00 |
| Lease extension - approving and registering a lease extension or deed of variation. Note: the customer is to instruct own solicitor to negotiate and draft the lease extension | £250.00 |
| Name Change | £10.00 |
| Removing or satisfying a resriction | £150.00 |
| Satisfying and Anti-Fraud Restriction. Note: customer to appoint their own legal representation to witness the mortgage deed signed and provide the required certification | £75.00 |
| Land Registry Amendments or Corrections: - registration address - Name (on marrage or deed poll change) - Verifying the borrowers name or address to Land Registry - Correspondence address for Buy to Let cases | England & Wales, Scotland: £10.00 plus VAT per charge Northern Ireland: £25.00 plus VAT per charge plus disbursements |
| Providing a copy title information document/updated registers of title to customer | £10.00 |
| Additional searches, office copies, plans | Variable third-party costs only |
| Transfer of Title/Equity Note: the Panel Firm shall continue to process instructions where it has been established that the customer requires a transfer of equity at the same time as a remortgage. This is on the understanding that the customers have not been unduly infuenced and are provided with independent legal advise. Disbursements include - bankruptcy search - electronic identification | £245.00 plus disbursements As per Land Registry fee scales £2.54 |
| Return of pre-registration documents to the Customer | Sent Royal Mail Special Delivery - £10.00 Sent Royal Mail first class post - No Charge |
| Consent to charge | £130.00 |
| Deed of Postponement including Right to Buy discount postponement | £195.00 |
| Landlord/Management Companies | Any notice fee payable to the landlord/management company in accordance with the terms of the lease/transfer |
| Checking and approving an existing solar panel lease | £90.00 |
| Indemnity Insurance | Cost for the insurance policy only No fee to be charged for arranging the policy. |
There will be some situations where, to protect HSBC's interest, an indemnity insurance policy will be required. Some examples include, transaction at undervalue when the title is being transferred to someone at less than the market value, good leasehold, and gifted money from a third party. The law firm will contact you separately to confirm whether this is needed and the amount payable.
Where a Customer has appointed their own law firm to carry out additional legal work you must review this work to ensure that it meets HSBC's requirements as set out in the UK Finance Mortgage Lenders Handbook. The Customer is responsible for your additional fee as set out below:
Re-mortgage / Unencumbered Separate Representation (Additional Legal Work) Fees:
| Customer Requirement | Customer Solicitor | HSBC UK Requirement | Customer Pays (excl. VAT) |
|---|---|---|---|
| Remortgage and Transfer of Title - customer solicitor acting for the Transfer of Title | Y | To act for the Bank in relation to the Transfer of Title and the remortgage. Consideration monies to be sent directly to the outgoing parties' solicitor. Issue instructions to the customers solicitor with regard to Bank requirments. | £245.00 |
| Internal remortgage and Transfer of Title - customer solictor acting for the Transfer of Title | Y | To act for the Bank in relation to the Transfer of Title and the remortgage from HSBC. Consideration monies to be sent directly to the outgoing parties' solicitor. Issue instructions to the customers solicitor with regard to Bank requirments. | £245.00 |
| Customer wishing to remortgage from another lender and purchase the freehold of their property - they have a solicitor | Y | To act for the Bank with regard to the remortgage and purchase of the Freehold. Issuing instructions to customers solicitor. Registration of the new charge and money transmission. | £350.00 |
| Customer wishing to remortgage from another lender and purchase the freehold of their property - they do not have a solicitor | To act for the customer and the Bank. Taking a new charge, repaying the previous lender, appointing freeholder funds and proceeding to registration of the charge | £350.00 | |
| Remortgage from a previous lender where one of the owners is now deceased customer has a solicitor dealing with the Probate | To act for the Bank. Issuing instructions to the customer solicitor and proceeding to registration of new charge. | £75.00 | |
| Remortgage from a previous lender where one of the owners is now deceased customer does not have a solicitor dealing with the Probate | To act for the customer and the Bank. Repaying the previous lender and proceeding to registration of a new charge. | £75.00 plus POA dependant on estate. | |
| Uncumbered HL - Customer is registered as the property owner but no other charges are registered and/or repaying unsecured lending | To act for the Bank concluding in the registration of our charge | £25.54 | |
| Further Advance - Standalone HL to repay 2nd Charge to another financial institution | To act for the Bank. Repay the previous lender | £30.00 | |
| Further Advance - Standalone HL to repay 2nd Charge (non financial institution) | To act for the Bank. Repay the prersonal charge. | £30.00 | |
| Further Advance where one of the owners is deceased and probate has not been granted - property is held as tenants in common - customer requires a solicitor | Y | To act for the Bank. Issuing instructions to the borrowers solicitor, checking security and registration of new charge | £100.00 + POA |
| Purchase of an additional/final share of Shared Ownership Property - no change to existing HBUK lending | To act for the Bank checking the shared ownership lease, taking and registering a new change. | Further Share £195.00 Final Share £390.00 Plus Land registration fee | |
| Purchase of an additional share of Shared Ownership Property - | To act for the Bank checking the shared ownership lease and taking a new change. | Further Share £195.00 |
January 2025