Remortgage on inherited property

sp383

Hi, my girlfriend inherited a property (mortgage free) when her grandfather passed away a few years ago which we have decided to move in to 6 months ago. The house needed some work doing to it so under the advice of a financial advisor she has decided to remortgage the house for £50,000 (the house itself has been valued at £475,000). She has been approved by Nationwide for this mortgage and we have instructed local solicitors to carry out the legal side. We received their quote today for £877 which seems steep to me as I remember paying around £270 5 years ago when I bought my property. I was just wondering if these fees sound correct and whether a solicitor is even necessary under these circumstances? Any advice would be greatly appreciated. Thanks

Thrugelmir

Obtain alternative quotes. £250 seems too cheap. Given £40 of this would be VAT alone.

What's the breakdown of the quote? Does it include disbursements?

NW won't advance money without a solicitor. Their interests need to be protected.

sp383

Hi, thanks for the quick reply. This does include disbursements (£169 in total), the solicitors fees are £708 of which the largest cost is a £550 transaction fee. We are going to look in to other quotes tomorrow but we were both just surprised at the amount (even the mortgage advisor said they would only be around £250). Thanks again

butterflybook

£250 Would seem very low to me but then again the figure you have been quoted is alot more than i would expect also. Obtain further quotes from other solicitors