What is transfer of equity fees?

smellymel222

Hi

Im currently trying to sort out my mortgage. Im transfering my mortgage from C & G to the Yorkshire Building Society. I've just got a letter from Yorkshire's solicitor today and on the list of costs, it says transfer of equity at £225, deed of postponement at £100 and confirmation of property ownership at £15.

What are all these costs for?

As far as im concerned, it it a straight foward remortgage as we are not moving house, changing names on the mortgage or asking for more money etc.

Any ideas? Thanks

MarkyMarkD

£225 wouldn't be an unreasonable cost for the legal work involved in the remortgage, if YBS aren't meant to be doing that for free. They shouldn't be calling it "transfer of equity" though.

Deed of postponement - I imagine you have a second charge mortgage on the property which needs to be made subordinate to the new mortgage.

Confirmation of property ownership - checking the land registry, I expect.

_Andy_

Is this just a list of what they charge for various services, or specifcally for what they're charging you?
If you have a second charge on the home then that would explain the deed of postponement.

MarkyMarkD

Good point, Andy. It may be just a price list, rather than a specific quote.

smellymel222

Thanks for the replys.
We have no second charge on the mortgage and Yorkshire building society said it was free legals.
I suppose it could be a standard letter they send out with just a list of possible charges which could be incured.
May just pop i the branch to confirm this.
Thanks

koexelek

smellymel222 wrote: »

Thanks for the replys.
We have no second charge on the mortgage and Yorkshire building society said it was free legals.
I suppose it could be a standard letter they send out with just a list of possible charges which could be incured.
May just pop i the branch to confirm this.
Thanks

You are not the first person to get confused by such a letter.

I've had clients ring me saying " you said I had nothing to pay, but there are all these fees" when it is actually nothing more than a list of their other services.

MarkyMarkD

If you mean it's happened several times with YBS, then maybe you should tell your Intermediary Account Manager (or whatever YBS call them) and get them to change their procedures?