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Legal fees on a remortgage?
firebubble
Posts: 171 Forumite
I'm arranging a remortgage (not a new purchase) on my home, and have just got the estimated fees through from the panel law firm, which are coming out at £685 plus vat, ie £822, not including disbursements.
I haven't remortgaged before so want to know Is this typical? The lender told me to estimate around £120 for legal fees, but indicated it could be higher, but this seems insane! The remortgage is for around £350k, under 75% LTV.
I haven't remortgaged before so want to know Is this typical? The lender told me to estimate around £120 for legal fees, but indicated it could be higher, but this seems insane! The remortgage is for around £350k, under 75% LTV.
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Comments
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Have you instructed the Lender to instruct the solicitor in a fee assisted legals requirement? If so that seems very expensive if there is no additional legal work to carry out separate to the standard remortgageI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
The "acting for lender" bit of the APRC calculation on a mortgage illustration might show £105 but that is totally inaccurate in the circumstances mentioned.
Why are you picking a product where you pay the legal costs when there are plenty with "free legals" or a cashback on completion to help defray the costs.
As bb asked. What exactly have you applied for?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.0 -
We played a £300,000 remortgage case for a Client with a solicitor this week with fees at £340 all in, so something is wrong here.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thanks all. It was to get the cheapest rate, but I spoke to the lender and they gave me a list of panel firms. I called around a number of them, and they were all cheaper but one quoted less than half of what I was previously quoted. Happy with that!0
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