Remortgaging - Bad reviews for lenders lawyers

tony863

Hi All,

I'm in the process of my first ever remortgage. I'm trying to go with Natwest on a 3 year fixed rate and they have instructed Gordons Property Lawyers to complete the process.

In all honesty I don't have a clue about what this remortgage entails. I actually thought I'd just apply, it would get accepted, old mortgage paid off, new mortgage starts.

Anyway, Gordons Property Lawyers sent me some paperwork in the post... confused isn't the word! I have completed the questionnaire to the best of my ability but I don't understand the other document they've sent me. It is entitled 'Residential Mortgage Deed'.... any clues?

So I thought I'd Google the company to get a number to contact them so I could discuss the paperwork and see what I had to do with it. I then noticed that this company gets terrible reviews.

I don't know what this means to me as an individual, but I wanted to ask on here to see if anyone could offer any advice. I'm told that I get free valuation and legal fees. Is there anything additional that Gordons Property Lawyers can charge me? Have I got a choice about sticking with them?

Any advice would be most appreciated.

thanks

kingstreet

The deed secures the loan to the property. It is the actual mortgage.

Once your current mortgage is repaid, the charge is lifted and Gordons want to register the new charge at the Land Registry. They need the deed to do this.

If you've chosen a "free legals" deal, you are stuck with the lender's solicitor. They should confirm any charges you have to pay them in advance.

tony863

Thanks. I kind of understand what you're saying. So it looks like we're stuck with them. Are you also saying that this document is standard and just needs signing and returning?

Also, there are two sides to the document. One which asks for signatures of anywhere between one and four customers.... I assume that this is for my wife and I?

the other side asks for signatures of occupiers but I don't think this applies to us? I think it's for lodgers or something like that?

Finally, I haven't been warned of any legal fees. Are there likely to be any? Not that you have a crystal ball but I'm referring to any commonly known charges.

Thrugelmir

tony863 wrote: »

Have I got a choice about sticking with them?

If you are struggling with the paperwork. Perhaps opt for a conveyancer you can physically visit.

kingstreet

The deed normally has to be signed by the mortgagor(s) and witnessed by an independent party.

I'm sorry, I have no idea what a NatWest Mortgage Deed looks like, so I'm unable to much more.

On the costs issue, you need to ask NatWest what costs it covers, then what costs the solicitor may levy. I'm unable to speculate on what might be charged in your case.

FWIW we would advise our clients to take a remortgage deal with a (eg £250) cashback and appoint their own solicitor to ensure control over the process can be retained.

tony863

I think I'm going to have to go back to my broker and discuss the form with him.

There is a section where they outline what is covered as part of their fees....this lists about 5 things. The second list which covers what they don't cover is about 20 things long! It includes things like £20 fee if the application isn't completed. £54 if they need to obtain a copy of your lease etc...

I haven't been advised to appoint my own solicitor. Would this incur a fee?

kingstreet

Yes. You normally choose a product which has free legals, or a product with a cashback and you appoint your own. Your lender has to have both options for you to choose from though.

I have no idea what NatWest is offering and as you have a broker, I suggest you discuss this with them.

tony863

That certainly wasn't explained to me. Is it the norm to have a solicitor from my side? I assumed that I would just wait for the process and then it would take care of itself.

kingstreet

There is no "norm." Some people use the free legals. Some appoint their own, so the cashback option (if offered) suits them better.

You'll probably find brokers making use of the cashback products more often that direct borrowers as we are likely to have more experience of "free legals" cases.

Thrugelmir

tony863 wrote: »

Is it the norm to have a solicitor from my side? I assumed that I would just wait for the process and then it would take care of itself.

The solicitor should act for both you and the lender.

DC15

RE: Due Diligence Checks on Gordons Property Lawyers Limited

This firm is registered as Dormant at Companies House