Repay HTB equity loan by remortgaging Solicitor Fees

zwroberts

Hi,

I'm wondering if anyone has had any experience in remortgaging to pay off their HTB loan? 

I've had a RICs surveyor valuation of the property which I've sent off to Target at a cost of £250. 

I now need to instruct a solicitor, fill out the repayment application (and pay the £200 admin fee to Target) and await for a redemption price before finding a new mortgage lender. 

What solicitor fees have you paid?

I've had a quote of nearly £1700 but I can't understand why it's so expensive? 

The main costs included were:

Legal fees £900
Redemption of htb £300
Search fee £315

Plus admin fees, land registry etc. 

So basically, the overall costs are going to add up to around £2200 just to remortgage and pay off the htb?

Does this seem right? 

Thanks

ccbrowning

I paid just under £1,000 for a local solicitor to remortgage and pay off the home equity loan. I think searches were another £30 or something.

Thrugelmir

Of the £900 solicitors fees £150 is VAT.  The net charge is actually £750. The new mortgage lender is going to want full checks undertaken in accepting the property as security for the debt. A sizable part of the £750 will be accounted for by professional indemnity insurance. This is calculated on the property's value and doesn't come cheap. 

chanz4

I got quoted the same to just pay off, no change to the mortgage either