Legal fees for remortgage

Simongooner1

Hi there

We're remortgaging to Bristol and West - can anyone tell me what legal fees we should expect to pay. It seems that all the solictor needs to do is act as a thoroughfare for the money. We don't need searches and there's no contracts to exchage. We're getting quoted between £300-500. Is this normal?

Thanks
Simon

stanmoresaver

There is legal work that the conveyancer does, mainly for the lender, Total costs should be at the lower end of your quotes depending on whether B&W accept search insurance.

Simongooner1

Thanks, I had no idea that it'd cost that much. I'm in the wrong job....!

Remortgage06

The worst part is you could be a convicted fraudster, fresh from jail and set up a business doing conveyencing :-). No qulaifications or professional body to regulate their activities.

(least that was the case last time I checked!) :rotfl:

Beddie

If you went for a fee-free deal then the only costs should be the bank telegraphic transfer fee, and the fee for not using their buildings insurance. About £50 should cover it.

stanmoresaver

Beddie wrote:

If you went for a fee-free deal then the only costs should be the bank telegraphic transfer fee, and the fee for not using their buildings insurance. About £50 should cover it.

But then the rates are generally higher. As a rule of thumb- the smaller your mortgage the more likely a fee free deal will suit you.

It's all part of an overal package.

BTW- most fees free deals pay the TT charge as well unless the payee is yourself when capital raising, and then you have the choice of a cheque.

SS

Simongooner1

The deal we have gone for is a 2yr discount at 4.29% with a £399 app fee and £270 valuation. I'm still really confused as to what legal work is required apart from the TT as it's a remortgage and there's no contracts to exchange or searches etc. Are we being ripped off?!! Should I be haggling with the lender?

Also, trying to get a solicitor on Bristol and West's "panel" is proving difficult!

Cheers