Buying out sibling and borrowing more

Reggie86

Hi, I’m new here and wanting some advice. Having read through some of the other posts on here I can’t seem to find the answer. 

I want to borrow more with my existing lender to buy out my sibling and take on the mortgage on my own. 

Affordability is fine and I have a decision in principle to borrow the additional funds. 

The lender (nationwide) has asked me to instruct a solicitor to deal with the transfer of equity which is fine and from the posts on here I can see that’s a requirement. 

The solicitor is on nationwides panel
and has quoted £1000 for this and has included remortgage on the breakdown of costs. My question is whether I’m required to have a solicitor to handle the remortgage aspect when I’m staying with the same lender? If not, how much would I expect to save if I asked the solicitor to remove this aspect? 

Thank you in advance for any support

propertyrental

Nationwide will insist on a solicitor acting for them in ensuring the transfer is done properly, the current charge removed and new charge (re-mortgage) is registered.

Reggie86

propertyrental said:

Nationwide will insist on a solicitor acting for them in ensuring the transfer is done properly, the current charge removed and new charge (re-mortgage) is registered.

Thanks very much for your help. And £1000 is a reasonable charge for this? 

propertyrental

Reggie86 said:

propertyrental said:

Nationwide will insist on a solicitor acting for them in ensuring the transfer is done properly, the current charge removed and new charge (re-mortgage) is registered.

Thanks very much for your help. And £1000 is a reasonable charge for this? 

You might get cheaper if you shop around, esp if you're happy to use an online conveyancing warehouse, but £1000 is not far off. Just check it is all-inclusive ie no extra cost for SDLT return, money laundering checks (yes, seen that recently!) etc

Reggie86

propertyrental said:

Reggie86 said:

propertyrental said:

Nationwide will insist on a solicitor acting for them in ensuring the transfer is done properly, the current charge removed and new charge (re-mortgage) is registered.

Thanks very much for your help. And £1000 is a reasonable charge for this? 

You might get cheaper if you shop around, esp if you're happy to use an online conveyancing warehouse, but £1000 is not far off. Just check it is all-inclusive ie no extra cost for SDLT return, money laundering checks (yes, seen that recently!) etc

Thank you so much for your help, really appreciate it.