Solicitor Fees - Cohabiting and protection of Asset

SmallFish

Hi I am new to MSE threads and forgive me if I may be posting in the wrong place.

I'm a first time buyer and will be moving into my property with my partner. My solicitor has advised that she needs to complete a form waiving interest for protection of the mortgage lender. I'm fine with this, and I'm sure she will be too. However I asked how I can protect my asset in case we split up and there are any complications down the line, and they are quoting me a fee of over £1000 + VAT!? Seems unfair how the mortgage provider is protected free of charge (Correct me if im wrong) and I have to pay even more fees on top of the £1400 in legal fees I have forked out already.

Can anyone advise? Much appreciated, total amateur and new to the property game

Thanks

SF

xylophone

You are buying the property in your sole name and the mortgage will be in your sole name?

The partner will not be contributing to the mortgage, just paying her share of the bills?

TBagpuss

The mortgage provider isn't protected free of charge, but it is a fairly standard requirement so the cost of getting the paper signed is included in the conveyancing fees.

The arrangements between you and your partner are more complicated and ongoing, and are not dealt with as standard, so the solicitors have quoted you for the costs of doing additional work (presumably a cohabitation agreement or pre-nup, as appropriate)

You don't *have* to pay anything more. You can go ahead with your purchase and hope that your partner doesn't make any claim if you split up in future, or that if they do, a court is satisfied that they did not contribute and there was no intention they would ever have an interest in the property.

davidmcn

TBagpuss wrote: »

You can go ahead with your purchase and hope that your partner doesn't make any claim if you split up in future, or that if they do, a court is satisfied that they did not contribute and there was no intention they would ever have an interest in the property.

Or draw up an agreement without getting legal advice. Or get the legal advice somewhere else.

Bear in mind that your partner may also want legal advice (which would need to be from a separate solicitor).