Mortgage Arrangment Fees

ladyrogair

Hi,
I'm in the process of doing a remortgage and transfer of equity on my property.
I currently have a mortgage and a secured loan, which were both taken out with my husband. The house is in joint names.
My mortgage application to cover both the mortgage and the loan in my sole name was originally approved, but following a valuation of the property I was told it would be slight too much of the property value (just over 90% i think). But the bank agreed to a remortgage of the mortgage, and a deed of postponement from the secured loan.
For ease i agreed to use the banks appointed solicitors to act for me in both the deed or priority and transfer of equity.
6months + later i am still awaiting the application to go through and have now been told by the bank that i have a month to complete or the offer will expire and i will have the £995 arrangement fee to pay. For the last 2 months i have been constantly chasing, solicitors/loan company etc. to no avail.
As the hold up has been due to incompetant solicitors, have i any grounds to refuse to pay the arrangment fee?

Thanks

Thrugelmir

ladyrogair wrote: »

As the hold up has been due to incompetant solicitors, have i any grounds to refuse to pay the arrangment fee?

Thanks

Why do believe the solicitors to be incompetent? I assume that the lender holding the secured loan charge isn't willing to play ball. Little you can do if they are being intransigent.

I would imagine that they prefer joint security of you both rather than a sole party. Particularly as your husband has no ownership of the property. All the equity belonging to you if the remortgage proceeded.

Is there a reason for just you being on the new mortgage?

ladyrogair

Hi,
The lender had agreed to the deed of postponement, but the solicitors didn't informed them until yesterday that there was a transfer of equity involved. Until they 'realised' that they needed their consent when drawing up the transfer.
Whilst the lender has not refused to consent to the transfer of equity, they may refuse, and also there is little chance, that unless my mortgage offer can be extended (again!) they will be able to respond in enough time for completion to happen, before the offer expires.
The reason for the transfer of equity, is that myself and my husband seperated 3 years ago, couldn't arrange to transfer at the time, due to fixed term mortgage.