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Problem with remortgage. Please help !

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Hello all,
I am looking to remortgage with first direct. The property is on both me and my wife's name but our mortgage so far has just been in my name as my wife is not employed currently. First direct are willing to provide mortgage but they want us to take legal advice regarding the above , so we are aware of the implications , etc. Also they need a proof of this like a letter from solicitor stating we have taken legal advice before they can provide mortgage. I don't know how much this would cost. Does anyone know if this is a standard requirement as iv never been asked for it before. Any ideas about the cost involved and anyway to get around this please??
TIA

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why not apply in joint names and simply declare zero income for your wife.
  • sue23
    sue23 Posts: 141 Forumite
    Thanks for your reply.But my wife's credit history would be a drawback, hence im trying to avoid it if possbible.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HSBC is the only lender with a legal charge which permits more owners than borrowers.

    As a consequence, it can ask for what it likes as there is no alternative in the market.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • sue23
    sue23 Posts: 141 Forumite
    First direct do allow mortgage on sole name but property on joint. But they require us to take independent legal advic and im not sure how much it would cost.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HSBC is First Direct. That was the point I was making. Same legal charge.

    The only way you're going to find out the cost is to ask the solicitors you might want to give that advice.

    Just the same as you would if purchasing a property.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    An half hour session with a solicitor to explain the advantages and disadvantage of the situation should suffice.......say £100 - £200 max.
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