Remortgage Solicitor Question

steveh2001

Hi

A quick question...

When I paid off a second charge on my property two years ago (a shared equity scheme with the builders), I was told I needed a solicitor to act on my behalf (included a further advance on the mortgage and removing the second charge from the land registry).

I am now going through a remortgage with HSBC's fee saver and am conscious that whilst a solicitor is involved, it is acting in HSBC's interests, not mine.

I am comfortable with the process but want to know if it is normal to not need a solicitor to act on your behalf for standard remortgages and perhaps I am overthinking?

Cheers and thanks for any help
Steve

davidmcn

It would be quite unusual. The only purpose of having your own solicitor for a remortgage would be if you wanted truly independent advice about what you're signing. But at the end of the day such advice comes down to "this is all pretty much identical to your current mortgage, and if you don't sign it, you don't get your new mortgage". So not much point.

amnblog

You already own the property so you are not taking on any extra risk.

The Lender is considering the risk for the first time.

steveh2001

Thanks - both things make sense.

It was more that I was worried about being 'caught out' by something in the t's and c's.

I have already seen a few things that I hadn't seen before e.g. Securitisation, all monies mortgage etc. Both made me panic but when you read into it it seems they are done by most lenders, but sometimes it's hidden in the small print.

amnblog

All monies mortgage is, I believe HSBCs habit of trying to secure anything you ever owe them on any product against your home.

Make sure you understand this.

steveh2001

Yea, definitely understood. I have no HSBC products currently and don't intend to get one in the future.

I do have a first direct account but I just use that for the regular saver and intend to close that down when it's matured.

davidmcn

amnblog wrote: »

All monies mortgage is, I believe HSBCs habit of trying to secure anything you ever owe them on any product against your home.

Make sure you understand this.

I think from a regulatory point of view they still require to get your agreement to a particular product being secured by the mortgage, it just saves them from also getting a further mortgage deed signed. "All sums" securities have been bog standard for years though, it's hardly a method of distinguishing between different lenders.