Arrangement Fees

kam_61

Hi All,

I was after some advise and was hoping somebody could help.

I have signed up to a mortgage with Natwest and the legal bits have started. There are 4 parties on the mortgage and there was a miscommunication with 2 of the parties who are 70 years of age. We wanted to remove there names off the mortgage so we could extend the terms from 13 years to 15 years.

The miscommunication was that they believed (because of the way I explained it and for some reason what I believed) that their names would only be coming off the mortgage and not the title deeds.

They now refuse to sign the paperwork which I am completely fine with as they are well within their right to do so. I have no issue with this whatsoever.

Does anybody know if there is anyway I could get the arrangement fees back?

It is £1800 which is why I would obviously try and get something back and go and find another product more suitable.

Thanks for your help and Merry Christmas to all.

Kam

Ilian2008

Hiya. Lenders want the legal owners and borrowers to be the same people. Although not strictly legally ncessary it does save them hassle should they enforce their security. The problem here is that the two owners will feel that they no longer own the property if the re-mortgage proceeds. One route could be and you will need to take advice on this from your solicitor is to proceed as you are but enter into a Trust Deed whereby the legal title owners declare that they hold the property on trust for themselves and the other two. A restriction could be entered on the title deeds.

kam_61

Hi Ilian2008,

Many thanks for your help and advice, I will certainly speak to a solicitor and get some advice.

Thanks