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Conveyancing fees covered by lender?
gdzll
Posts: 2 Newbie
Hi,
We are first-time buyers and we have made an offer on a property. We have a mortgage in principle from HSBC. Now we need to appoint a solicitor to handle the process and I read in the MSE mortgage fees article that some lenders cover the fees or give cashbacks if you use a solicitor on their panel -. However, after some googling I can't seem to find anything about this.
Is this still an option and does anyone have experience regarding this? Many thanks in advance and look forward to the feedback!
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Comments
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You do not have it quite right.
Some lenders offer cashback.
Some lenders offer free legals if you use their chosen solicitors.
Some lenders will do both.
Some will do neither.I am a Mortgage AdviserYou 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.0 -
Thanks for the reply - according to some other source this is really only an option when re-mortgaging. Not possible when you are a first-time buyer. Would I be correct in assuming that? Many thanks
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You are correct, these deals are usually for remortgages. Purchasing is a much more complicated process than remortgaging.Even if free legals were available, I’d encourage you to use a solicitor you know and trust (maybe from recommendation) than a conveyor belt law firm.I am a Mortgage AdviserYou 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.0
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It is pretty much limited to remortgages yes.
You know the saying, "you get what you pay for", never has it been truer than on free legals. There are a couple of lenders who offer free legals with a decent company, but there are one or 2 who are an absolute nightmare. Sometimes it is better to just get the cashback option and get your own firm (if that is an option).I am a Mortgage AdviserYou 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.0 -
If its a purchase then i think Lloyds are the only lender i have heard of who will pay for the conveyancing. They load the cost on to the interest rate so you will pay it back over the product anyway. Its a option if you are struggling for the funds to get started. Otherwise there are a few lenders who did quite large cashback options of £1000 that would help. Again you pay for it with a higher interest rate.
You wont get the cheapest deal around and also get loads of freebies thrown in. Its usually one or the other1
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