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Lloyds Mortgage - Their Conveyancy Fee?
JonB1081
Posts: 66 Forumite
Hi there,
On our mortgage offer from Lloyds TSB i've noticed that they mention a £155 fee for "their conveyancing costs" I was just wondering if you anyone knows how this is collected? Does this get added onto the mortgage or is it collected by our solicitor at completion?
Thanks!
On our mortgage offer from Lloyds TSB i've noticed that they mention a £155 fee for "their conveyancing costs" I was just wondering if you anyone knows how this is collected? Does this get added onto the mortgage or is it collected by our solicitor at completion?
Thanks!
0
Comments
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Was this not discussed by the Lloyds mortgage advisor?
Not sure what this relates to, as do not have access to your paperwork, but I suspect this is an estimated cost, to reflect the additional work your solictor has to do in dealing with the lender, it will be built into the solicitors original quote.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If it's anything like my quote it'll likely say something along these lines:Other fees
A non refundable legal fee to your conveyancer for work carried out on our behalf is payable before the mortgage completes. The figure is an estimate and does not cover charges for work done on your behalf or fees paid to others such as search fees.
You may have to pay other taxes or costs in addition to any fees shown here.You were only killing time and it'll kill you right back0 -
If you buy a house for cash there is no need to set up a legal charge on the property in favour of the lender.
This amount is usually part of your solicitor's bill - which would have been £155 cheaper if no mortgage was involved.
Because it is a cost of obtaining a mortgage it forms part of the APR calculation.0 -
Thanks everyone the quote from girl_withno_name is exactly as in our contract.
I guess i'll find out one way or another this week. I have the spare cash just in case.0 -
Hi there,
On our mortgage offer from Lloyds TSB i've noticed that they mention a £155 fee for "their conveyancing costs" I was just wondering if you anyone knows how this is collected? Does this get added onto the mortgage or is it collected by our solicitor at completion?
Thanks!
I have a C&G mortgage (Lloyds TSB) and I paid it on my card with the MA at the time. If you can afford that, do it. Saves it going on to your mortgage and paying interest on that too!!0 -
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