When you re-mortgaged, did you get a solictor involved??

Organic12

I’m re-mortgaging. I have received two documents from the bank, a “Legal Mortgage” which I’m to sign and have witnessed by a legal person or bank staff, together with a document entitled, “Mortgage Deed Conditions”.

The covering letter states that I’m strongly advised to seek the advice of a solicitor/legal representative before signing.

I’ve not re-mortgaged before. Is this normal? What will a solicitor look for? I would have thought such documents pretty standard? Also, how much should I expect to pay?

Sorry, that’s a lot of questions. Thanks in advance though for your help.

manikm

nah i didnt

why bother.

they pay for it all.

beccam

Depends on if you are changing to another bank or remortgaging with the same lender and also if you are doing it on your own or through a financial advisor.
We've remortgaged a few times but normally if it is changing to a different lender then solicitor fees are included in the deal and they will use their own unless you appoint another one. If its the same company then I don't see the need.

clarkee_2

Sorry to highjack your thread but this is the exact question I was about to post.

We were with Abbey and are now transferring to HSBC.

I understand the risks involved with the mortgage so what would I be paying the solicitor for? Is it ever possible to change a banks standard terms? :huh:

Many thanks

Organic12

Thanks for your replies.

To answer your questions. Yes, it's a new provider. I'm going from C&G to First Direct. Yes, I will be paying a fee that includes a legal component. That is why I was confused by the letter stating I should seek legal advice.

I'm doing it myself, not through a financial advisor/broker (though did shop around using brokers but this product worked out cheaper for me).

Clarkee: You're not hijacking the thread at all but raise a very relevant point. I get the risk too: If I don't pay, they get my home and all I've ever worked hard for.

Would love to hear any further comments, it's really useful to get all these views.

Rikki

If you understand the terms and conditions you are being offered I can't see the point of using a solicitor.

You have prior knowledge having a mortgage already and apart from the change of rate, repayment terms, surrender conditions, fee payments not a lot should be different from your previous mortgage. The new lender should explain these in as much detail as you need. The reason they recommend a solicitor is because you are signing a legally binding document.

I altered my mortgage with the same company and I didn't use a solicitor. To be honest I actually understand my present mortgage better than the original one. The yearly statement is a great help too.