SMS - From RBS Regarding Mortgage app, what does it mean?

Grolsch30

Hi,

Just received an SMS from RBS relating to a 5 year fix I applied for last week.

It says "Update from Gordons Ref:*******. We have sent you an initial pack which includes a mortgage deed. You should receive this shortly"

Can anyone tell me what this means?
It's the first time I've remortgaged to another provider.

Also due to the remortgage I want to put my wife on the mortgage (only in my name at the mo).
As it's only putting her name on and not moving house does anyone have any clue at what price range I should be looking at.

I have had a couple of quotes from solicitors but they are quoting £400/£500 for it and telling me they may have to do land and coal searches etc etc, but surely this is not neccassary as I'm not moving house?!

I have asked RBS and they said they do not require any new searches it's just a name being added on!

many thanks

c0c0nuts

It sounds like its from the solicitors that RBS are using to process your application, we had similar from Barnetts for our remortgage to Natwest. Its a more 'modern' way of keeping you updated on the progress of your case.
If you are remortaging you have to sign some similar paperwork as when you bought the house.
Any new remortgage has to be noted with Land Registry and the additon of your wife as joint owner will be written into the deeds also.

Bit confused though reading your post, are you just adding her on or remortgaging at the same time?
If you are remortgaging to RBS then they have to do searches to verify the property is good to lend on. If its just to add your wifes name on then i'm not aware that any searches are needed (other than credit searches).
Not sure about sols costs as Natwest paid ours as part of the deal.
HTH

syd47

You are right it is the new way to send upadates to keep you informed what is happening with your remortage, as you are putting your wife on the new mortagage the solicitors will charge you a small fee it should be around £150 to £200. When you get the information pack they will show the amount they charge, it will under the heading of Transfer of equity.

Grolsch30

Many thanks,

i am adding her on the mortgage and remortgaging with RBS at the same time leaving Nationwide.

The RBS lady said I just need to ask a solicitor to transfer her onto the deeds and to do it via my own solicitors as it would be cheaper.

As I am not moving house the RBS lady said that no searches needed to be done but all the solicitors I ask keep quoting me sums of £400/£500 teling me they may have to do coal searches etc even though I state that it was not needed according to RBS.

The SMS I got makes me think that they maybe handling this now ("transfer of deeds"), even though the RBS llady and myself had agreed that Iwould initiate this by myself.

Would it be easier just to phone Nationwide and have them just do the process of putting my wife on the mortgage while I am still with them (until September when I want the new RBS mortgage to start).
Then it will just be a remortgage in joint names no?

Stuck at work and not able to phone RBS!!!

syd47

Even if you do this with Nationwide it will still cost you the same amount.