Nationwide free legal fees offer (or £250 cashback)?

anotherdollar

I am making an application for a mortgage through the Nationwide. I am an existing customer & I want to borrow more money to buy another property. For this reason, then I can be offered free legal fees, or £250 cashback. I chose the free legal fees. I am now not so sure I have made the right decision, since I will be putting my existing property on the market, so I need to sell that one. I am able to finance the purchase without the sale of my existing in the short term, so I don't need to create a nice chain.

Should I stick with my choice of the free legal fees, or should I take the £250 cashback and find my own?

I've done a quick search and:-

Option 1) pay for selling legal fees only (£260+VAT); plus the unavoidable variable costs.
Option 2) having one solicitor doing the buying & selling (£560+VAT); plus the unavoidable variable costs (minus £250 cashback).

To me, option 2 would cost more money than option 1! Or have I missed something?

Option 1) £312 (1.2x£260)
Option 2) £422 (1.2x£560-£250)

I'm worried having two solicitors would be more hassle than it is worth, or am I wrong?

Crashandburn

I would get the name of the firm they are planning to instruct before making a decision. Some of the firms they have been using recently have been quite shocking.

In saying that, the firm you may have just sourced could have the same issues. Most that appear to be cheapest on costs will reflect in the service of offered. £560 to buy and sell is very cheap so you have been warned.

It is also worthwhile getting a recommendation from family and friends just as a price comparison and if it costs you £200 more for a stress free process, you may feel this is money spent wisely.

Good luck

anotherdollar

I agree with the previous. My main concern is whether to take up the free legal fees on the purchase, or take the £250 cashback? I need to buy and sell, but they do not have to be at the same time!