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Halifax family boost mortgage advice

emilyew95
emilyew95 Posts: 4 Newbie
First Post
in Mortgages & endowments
Hi all,

I am looking to take out a Halifax family boost mortgage where my father will put 10% of a property price into a savings account to offset me paying a deposit. We have been informed my father will need to take legal advice to ensure he fully understands the process, and before signing a Legal Charge over the savings account.

Has anyone done the legal advice process before in relation to this particular mortgage? I'm looking to get an idea of costs and timescales.

Also, does anyone know if this HAS to be done, or is just recommended? Seems crazy we may have to pay hundreds just to say he knows the risks.

Thanks

Comments

  • Whats_your_forte
    Whats_your_forte Posts: 178 Forumite
    100 Posts Name Dropper Photogenic
    edited 13 February 2020 at 1:03PM
    Independent Legal Advice. Most decent solicitors can do this and prices can be from £50 to £250. However, doing something similar at the moment and we struggled to find someone local still trying to do this. Most firms didn't want the work/liability

    And yes, it will be a condition of the mortgage to protect him
    I am a mortgage broker and IFA. 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
  • emilyew95
    emilyew95 Posts: 4 Newbie
    First Post
    Whats_your_forte said:
    Independent Legal Advice. Most decent solicitors can do this and prices can be from £50 to £250. However, doing something similar at the moment and we struggled to find someone local still trying to do this. Most firms didn't want the work/liability

    And yes, it will be a condition of the mortgage to protect him
    Great stuff thanks. Halifax is currently offering £300 cashback towards the legal advice for him on completion, so we were worried it would be extortionate.
  • kezn
    kezn Posts: 1 Newbie
    First Post
    Hi just wondering if you managed to find anymore information regarding this? There isn't much information about this mortgage! 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kezn said:
    Hi just wondering if you managed to find anymore information regarding this? There isn't much information about this mortgage! 
    https://www.halifax.co.uk/mortgages/family-boost/?gclid=CNmeq8y37-gCFZKgGwodTPECTg
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