Re-mortgage, Transfer of Equity, fees and disbursements.

Chopgate007

Re-mortgage, Transfer of Equity, fees and disbursements.

Can anybody tell me if it is legal what the conveyancer is doing please?

I am in the process of re-mortgaging, with a transfer of equity to my ex partner, (not married) and the associated fees and disbursements.

The remortgage is for a greater amount than the original, the intention is to pay the equity transfer, fees and cost from the surplus.

Re-reading the conveyancers paperwork it says all fees, disbursements etc need to be paid by me into their client account, and cleared, one or two days before the scheduled completion date. Additionally they will draw down the new mortgage into their client account one or two days before the completion date as well.... but..... now this is the rub..... I WILL BE RESPONSIBLE FOR THE INTEREST CHARGES.. for the new mortgage, oh and by the way, I will still have to pay for the old mortgage at the same time as completion hasn’t taken place...

Meanwhile, the conveyance is sitting pretty with my money earning them interest, (on THEIR fees), and they cream the interest of MY new mortgage too!!

Question:- Can I ask the fees, disbursements and equity transfer be paid out of the new mortgage excess, ie NOT pay it up front? They will after all, as stated in their letter, have the funds drawn down already into their account.

The_J

Have you asked? No reason why they cannot do that as long as there is enough money.

Chopgate007

No, not yet but certainly intend doing so. If I wasn't a bit more savvy, and reading their paperwork, (reams and reams of it) I would have just paid the fees into their account, days before completion, they would have sat on it, then at the end they would telegraphic transfer the "surplus" back to me, oh, and there is another fee for telegraphing my money back to me! Unless I confirm, in writing, I don't want to use telegraphic transfer...
It's just the wording they use in their letters, almost like textural bullying.

The_J

They've got to cover their !!!!!! I'm afraid. Everything has to be crystal clear but by explaining everything it becomes an avalanche of words and the meaning gets lost.

They don't sound like great solicitors to be fair.

Chopgate007

Yes, they are covering their !!!!!! by charging ME and Indemnity Insurance to cover themselves!!

To date I have received 56 A4 pages of information they expect me to fully understand and act on... I noted the references to their fees is in BOLD case.... talk about making sure they get their point across...

Will see what happens tomorrow when I speak to them.

getmore4less

Common for there to be an overlap of mortgages especialy if changing lender.

gives time to chace transfers.

One reson not to complete on a Friday, if things go wrong the money sits for a weekend.

Chopgate007

getmore4less wrote: »

......
One reson not to complete on a Friday, if things go wrong the money sits for a weekend.

Good point, any thoughts on the BEST day to transfer?