Remortgage Lenders who don't charge for Leasehold Remortgages?

IAMIAM

I am going to end up declining continuing with HSBC as they expect customers who have ANY leasehold property to pay an extra £114 for remortgaging, in addition to notice charges to the Landlord etc. Does anyone else know any other lenders who do this or ones that do no not. I am looking to remortgage with AB at the end of this month at 75% LTV and it was going to be HSBC but now its looking like Natwest/Barclays or Nationwide (all based on cheapest rates). Although I do not want to bother if this is the same for many lenders.

K_S

@iamiam Are you talking about the additional conveyancing related fees for leasehold properties that are paid to the solicitors handling the remortgage?

IAMIAM

K_S said:

@iamiam Are you talking about the additional conveyancing related fees for leasehold properties that are paid to the solicitors handling the remortgage?

Correct! When I spoke to the panel conveyancer today, they said they couldn't give me details of other lenders but HSBC is one of only a few lenders who do not pay fully for free legals, unless it is a free hold house without additional borrowing. Otherwise, its fee for transferring additional borrowing money to client (£35) also, extra £35 per account held with other lender beyond main mortgage, fee for leasehold (£114 every case) and fee for landlord notice charges (according to lease circa £100-£200, all of which are paid for with majority of other lenders....I just don't want to apply to be in the same situation. 

[Deleted User]

Go with a cashback option. Some give up to £500 instead of free legals

K_S

IAMIAM said:

K_S said:

@iamiam Are you talking about the additional conveyancing related fees for leasehold properties that are paid to the solicitors handling the remortgage?

Correct! When I spoke to the panel conveyancer today, they said they couldn't give me details of other lenders but HSBC is one of only a few lenders who do not pay fully for free legals, unless it is a free hold house without additional borrowing. Otherwise, its fee for transferring additional borrowing money to client (£35) also, extra £35 per account held with other lender beyond main mortgage, fee for leasehold (£114 every case) and fee for landlord notice charges (according to lease circa £100-£200, all of which are paid for with majority of other lenders....I just don't want to apply to be in the same situation. 

@iamiam I almost always recommend cashback over lender free-legals to my clients so never come across all this. Swings and roundabouts I guess. If you go with a lender that doesn't charge these fees, you might end up paying more on other costs. If even with those fees HSBC comes out cheapest overall, then it might still be the best for you.

user1977

Deleted_User said:

Go with a cashback option. Some give up to £500 instead of free legals

Paying the fees yourself though is likely to lead to much the same issue though, as conveyancers are going to charge more for dealing with the added complications of leasehold properties. I don't know though whether any lenders bundle it in for "free" in their free legals.

IAMIAM

I am tempted at Barclays 1.3% £999 75% LTV now.
Although I have already now done a full mortgage application with HSBC, so don't want to start having multiple searches. 
I also do not know if Barclays are a good retention lender/can do execution only online/free consent to let etc which HSBC are.

lonibra

When does your fix end and you go on to the variable rate? Nowt wrong with penny pinching but all these savings may go to waste if it overly delays your remortgage.

Free legals can take a long time so you don't want to leave it too late. With leasehold you are also looking at delays on the part of the freeholder.

[Deleted User]

user1977 said:

Deleted_User said:

Go with a cashback option. Some give up to £500 instead of free legals

Paying the fees yourself though is likely to lead to much the same issue though, as conveyancers are going to charge more for dealing with the added complications of leasehold properties. I don't know though whether any lenders bundle it in for "free" in their free legals.

True but usually covered by £500.  The remo solicitors I use charge £299 for a bog standard remo with an extra £120 for leasehold.