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When lenders offer £500 cash back or free legals....
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IAMIAM
Posts: 1,336 Forumite
Is it always worth going for the free legals? Its a standard remortgage case, but I feel I want the £500 cash back! Is there any ways around this, online conveyencers etc, that do it cheap? Thoughts and advice?
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If you were my customer, I almost always recommend going for the cashback and instructing your own conveyancer.
It may cost around the same in fees, but the amount of times I've seen incompetent lender legals dragging on and ending up with the client on SVR for a short period, thus eating up any money saved in the process.
This is not to say your particular lender uses a poor panel, but from my experience that's been the case more often than not.I am a Mortgage Adviser - 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.
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Interesting, thanks for this!0
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A lot depends on who he free legals are with.
Generally speaking I would take the cashback and instruct your own solicitor because free legals are usually terrible.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.2 -
Nationwide.....0
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I meant the solicitors, usually it is one of 2-3 firms depending on your surname but I do not use nationwide much so I do not know who it would likely be.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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Barclays uses Optima legal who are free, no issues with them. All done via an online portal
"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
Caahback everytime for me. Nothing worse than having to change lenders for some reason then all the legal work is cancelled1
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Thousands of brokers across the land are crying out in unison... Ccccaaaaasshhhbbbaaacccckkkkk!
Whatever the question, the answer is never, ever, lender free legals. Someone high up in a very well known mortgage club says the lenders pay just £35 for each "free legals" case. That's why the service is as bad as it is.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.2 -
Haha, love the way you've put itkingstreet said:Thousands of brokers across the land are crying out in unison... Ccccaaaaasshhhbbbaaacccckkkkk!
Whatever the question, the answer is never, ever, lender free legals. Someone high up in a very well known mortgage club says the lenders pay just £35 for each "free legals" case. That's why the service is as bad as it is.
I hope this thread rises to top of google search results for "cashback or free legals"
I am a Mortgage Adviser - 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.
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Can you clarify this, what work would be "cancelled"? Is this a terrible idea?Deleted_User said:Caahback everytime for me. Nothing worse than having to change lenders for some reason then all the legal work is cancelled
I'm about to change lenders but not sure what extra work would this require from my solicitor. Incidentally the new lender pays for conveyancing so I had planned to pay my invoice to current solicitor now and then go with the new lender's conveyancer...
Or should is it better to stay with the solicitor I have since work has already been done (searches)?Credit cards: £9,705.31 | Loans: £4,419.39 | Student Loan (Plan 1): £11,301.00 | Total: £25,425.70Debt-free target: 21-Feb-2027
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