Deeds Release Fee...

dfarry

Is this yet another totally exhorbitant and unjust bank charge?

I have just called my current lender (Woolwich) to get some idea of the total redemption amount.... and they told me I would have to pay £275 for releasing the deeds...

"But I have the deeds" said I.... no you will not have all the title deeds, perhaps just things relating to boundaries - which I do... and lots more besides.

Whether or not they are the deeds... the £275 is disgusting..... how much time or money does it take to retrieve some papers from storage, enter the fact on a computer and then send them to someone else.

Also these fee's vary/increase, the borrow can not do anything about it.

I am now looking at mortgaging with First Direct, same thing again - but their fee is £150 currently - if I remortgage in a few years time who knows what the fee's may be. :mad:

lilybugs

You're not the only one questioning this. Have a look at this article from the BBC website - http://news.bbc.co.uk/1/hi/programmes/moneybox/5112942.stm

dfarry

Thanks for the link Liliybugs, I'll read it properly in a moment.

In the meantime my mortgage broker (when asked about this) said that the Daily Mail had recently targeted Alliance and Leicester who have a deeds release fee of £295. Apparently they put together a letter for people to send to the lenders to question the charge.

My broker will be emailing it to me so I'll let you know how that goes.... I 'll be damned if I am going to pay £275 for simply finishing my mortgage and daring to expect them to carry out some basic administration duties (it's not like they are struggling for cash is it!)

clutton_2

i have a mortgage with Northern Rock and it is coming to the end of its cheap rate = they want to charge me £285 Mortgage Review Fee !!!!!!

Hello - you just lost me as a customer !!!!!

dfarry

Another very interesting one... http://news.bbc.co.uk/1/hi/business/4922604.stm

The A&L comments and lack of response from the CML made me laugh...

mustbemoreorganised

I've just come to the end of a deal with Alliance and Leicester who charged me £186 deed release fee, gone with Britannia on the re-mortgage, one reason is their deed realease fee is only £75.

mustbemoreorganised

I've just come to the end of a deal with Alliance and Leicester who charged me £186 deed release fee, gone with Britannia on the re-mortgage, one reason is their deed realease fee is only £75.

dfarry

Here is the link to that letter, that I received from my broker... http://img.thisismoney.co.uk/misc/AllianceAndLeicester_010405.pdf