Free standard valuation

Grolsch30

Hi I have been looking at various mortgages and could someone confirm to me what the floowing really means?

From RBS mortgage product:

"Remortgage package included - we'll pay all our standard legal and valuation costs for you"

Now what does this "standard" mean? could there be different evaluation costs which I will have to pay?

Also other providers say "basic legal & valuation fees paid"

Again does this mean there are other costs which I need to pay instead?


I have been with the Nationwide since the beginning of my Mortgage and will see them tomorrow about another deal but if there are better deals out there which I have seen then I would want to move mortgage providers.

I think the more I look into it the more I get confused what fees and hurdles come into changing your mortgage and provider!

:rolleyes:

Conrad

No valuation or legal fees apply as long as it's a simple remortgage. Fees would apply for example where 2 parties to a mortgage are separating.

The basic valuation fee is free. You would only pay if you requested a more extensive survey, which is very unlikely.

RufusA

Changing mortgage providers is in my mind quite hard work and on the whole I'd gladly pay a little bit extra than go through the hassle of remortgaging. Sadly A&L wanted to charge me a lot more, so have recently remortgaged.

My understanding is that a standard valuation is just that. It's the minimum they need to do to make sure there is enough value in the property for the LTV required. This could be paper based in a office somewhere, a drive-by valuation or a full visit. For us with Bristol & West (aka Post Office) it was a 2 minute visit and I had to point out the extension and garage which he hadn't noticed.

I imagine if there are any issues thrown up by the valuation it's more likely they'll refuse the mortgage (losing you any up-front fees), rather than get you to pay extra for a comprehensive valuation. If you have a standard house, and the LTV isn't borderline you'll be fine.

Basic legal will be all the conveyancing involved in a straight forward remortgage. If you want to change the names on the deeds, have more complicated arrangements or there are land registry issues these will NOT be covered. You'll also have to agree to use their provided / nominated solicitor who may not be the one you'd choose.

So apart from all the product fees, termination fees (on your old mortgage) and probably another £50 in telegraphic transfer fees, it shouldn't cost you anything extra!

There is also quite a lot of form filling, photocopying and running around trying to get copies of IDs certified or deeds witnessed!

HTH - Rufus.

antoniomontana

im looking to switch lenders at the end of my fixed rate deal, but currently it's a joint mortgage and I wish to make it solely in my name when the fixed rate ends and I switch lenders; will the free legal fees cover this (i.e. if i apply in my name only)?

_Andy_

antoniomontana wrote: »

im looking to switch lenders at the end of my fixed rate deal, but currently it's a joint mortgage and I wish to make it solely in my name when the fixed rate ends and I switch lenders; will the free legal fees cover this (i.e. if i apply in my name only)?

No there will be extra charges for the transfer