Optima Legal _ Too late to cancel?

kopper

Hi
I am currently in the process of remortgaging my flat with NatWest and hope to take out some equity. The NatWest mortgage came with free legals and last week a company called Optimal Legal sent me a letter with paper work such as the Mortgage Deed and questionnaire to complete and return. I returned these last friday.

I now have changed my mind and want to use my own solictor as I feel it be faster and more efficient even though I have to pay for it.

Do you think I can contact Optima or Natwest to cancel their legal even though i only sent the paperwork last week?

Thanks

Thrugelmir

Is your solicitor on NatWest's panel?

kopper

Thrugelmir wrote: »

Is your solicitor on NatWest's panel?

Not sure yet. If they are, Is it too late to change?

ThePants999

I'd understand wanting to use your own solicitor for actual conveyancing, but the legal work on a remortgage is simple enough and is mainly for the lender's benefit, not yours. Are you sure you want to pay extra?

betmunch

You need a special exemption to use your own solicitors on a NatWest remortgage.

It's not just a case of giving them your solicitors details.

What's you reason for not wanting to use optima?

kopper

ThePants999 wrote: »

I'd understand wanting to use your own solicitor for actual conveyancing, but the legal work on a remortgage is simple enough and is mainly for the lender's benefit, not yours. Are you sure you want to pay extra?

I will need to also add my wife to the title deeds during the re-mortgage which means carrying out a Transfer of Equity. The flat is a leasehold so I have been told by Optima Legal that there is a restriction on the deeds which is probably the freeholder's interest.

I found bad reviews on Optima Legal even for a simple remortgage.
The equity i am taking out will be used to purchase another property so I dont want any delays.

betmunch

kopper wrote: »

I found bad reviews on Optima Legal even for a simple remortgage.
The equity i am taking out will be used to purchase another property so I dont want any delays.

It may be too late to change now, but if you want to try, explain this to your broker and they will put it across to NatWest and they will then make the decision.

amnblog

kopper wrote: »

I found bad reviews on Optima Legal even for a simple remortgage.
The equity i am taking out will be used to purchase another property so I dont want any delays.

If you are trying to beat the 1st April deadline, swopping Solicitors now is unlikely to assist.

As Betmunch says, Lenders offering free legal deals will often not allow the borrower to use their own solicitors in conjunction with the free legals product.

davidmcn

Yes, you can probably cancel (why not just phone and ask? You'd need to anyway if you were cancelling), but as said not sure it will necessarily save you time. The volume conveyancers have had all the remortgage work for so long that your typical High Street solicitor probably hasn't done one for a while - Optima will at least be up to speed with what's required.

HelleBelle

Sorry to jump on your thread but your situation is incredibly similar to mine!

We're currently remortgaging with Natwest and adding my husband onto the mortgage so we also need to do a transfer of equity. I saw from Optima's online questionnaire that they charge £249 + VAT + disbursements to do this and wondered if there was a cheaper/better way?

davidmcn

HelleBelle wrote: »

We're currently remortgaging with Natwest and adding my husband onto the mortgage so we also need to do a transfer of equity. I saw from Optima's online questionnaire that they charge £249 + VAT + disbursements to do this and wondered if there was a cheaper/better way?

In theory you can get your own solicitor to do that aspect of the transaction, but the fee is unlikely to be any cheaper.