First Direct: Legal & Survey Costs?

MorganW

Looking for an offset mortgage and am tempted by FD's new variable rate which on the surface with it's arrangement fee of £299 seems good value. However, I have noticed that FD do not cover any of the survey and legal fees.

Having been spoilt over the years with mortgage providers taking care of the survey and legal portions of remortgaging I have absolutely no idea how much the conveyancing and surveyance fees will cost. Does anyone have any ballpark figures for these costs and any recommendations for firms to use in the SE of London?

mitchec1

When I first took my re-mortgage out with FD I had to pay my legal fees.

FD told me they had a special deal with Irwin Mitchell and I ended up paying about £200 for the lot. Their office out of Sheffield dealt with everything and like yourself I'm in SE London but the distance didn't hold everything up and they phoned me up to keep me updated a couple of times a week

Your best bet is to speak to FD and see if they still have a deal with them or if it's with someone else and then compare them to a few local quotes.

John_Richmond

I was under the impression that First Direct were covering fees. Have they finished that offer?

Little_Mama

John_Richmond wrote: »

I was under the impression that First Direct were covering fees. Have they finished that offer?

There is the survey fee of £99 to pay plus the arrangement fee but I was not aware of or charged for any legal fees.

LM

mitchec1

http://www.firstdirect.com/rates/current.shtml

Other fees may apply:

• if you are purchasing a property
  In addition to any arrangement fee, you will also need to pay for your legal and valuation costs.
• if you are re-mortgaging a property in England or Wales
  In addition to the arrangement fee you will need to pay for a professional valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.
• if you are re-mortgaging a property in Scotland or Northern Ireland
  In addition to the arrangement fee you will need to pay for a professional valuation. You will also need to cover your own legal costs, including Land Registry and other directly related completion fees. However, first direct will contribute up to £400 towards these costs. We will refund this to you upon receipt of a copy of your solicitor’s invoice following drawdown of your offset Mortgage. first direct will pay for any enquiry fees to your previous lender and money transmission fees.

MorganW

mitchec1 wrote: »

When I first took my re-mortgage out with FD I had to pay my legal fees.

FD told me they had a special deal with Irwin Mitchell and I ended up paying about £200 for the lot. Their office out of Sheffield dealt with everything and like yourself I'm in SE London but the distance didn't hold everything up and they phoned me up to keep me updated a couple of times a week

Your best bet is to speak to FD and see if they still have a deal with them or if it's with someone else and then compare them to a few local quotes.

£200 for surveyance and conveyancing sounds relatively reasonable, but I guess that takes the cost of the mortgage set-up up to £500 with their current £300 arrangement fee.

I'm sure First Direct would say that it's giving consumers a benefit in choice but I do find it rather unhelpful when attempting to make relative comparisons!