Is this an overcharge?

BazB

I have a "lifetime" equity-release mortgage.
I've recently married and my wife wishes to redeem the mortgage and  have her name added to the deeds, as Joint Tenants (we're aware of "tenants in common" difference).
Her funds are coming from her French bank account.
The redemption figure is around £75,000.
So, we need a Solicitor to receive these funds into Client Account (to satisfy the French bank); obtain the current redemption figure from the mortgage company (a 'phone call) and then pay the mortgage off; then institute the change of ownership at Land Registry (LR charge £100 apparently)
A local solicitor wants to charge £1,200 plus for this - that seems unreasonable to me.
Any thoughts?

Emmia

BazB said:

I have a "lifetime" equity-release mortgage.
I've recently married and my wife wishes to redeem the mortgage and  have her name added to the deeds, as Joint Tenants (we're aware of "tenants in common" difference).
Her funds are coming from her French bank account.
The redemption figure is around £75,000.
So, we need a Solicitor to receive these funds into Client Account (to satisfy the French bank); obtain the current redemption figure from the mortgage company (a 'phone call) and then pay the mortgage off; then institute the change of ownership at Land Registry (LR charge £100 apparently)
A local solicitor wants to charge £1,200 plus for this - that seems unreasonable to me.
Any thoughts?

£1200 doesn't sound unreasonable to me. You're probably looking at a few hours of their time, and are paying for their expertise.

How much do you think it should cost?

born_again

Not forgetting a lot of time spent on source of funds, given they are coming from overseas.

BazB

Thanks, Emmia.
The quotation template carried a lot of guff about buying/selling property/Land Registry searches/ correspondence with Solicitors, etc., etc.  This is clearly for a totally different matter - buying and selling a house, a much more complicated affair.

The funds are coming direct into their Client Account.  The Redemption figure is one 'phone call request away, and the payment is straightforward.  A £35 handling charge, plus a 'phone call and looking at the subsequent letter?
Filling in the Inland Revenue Form - £100 IR charge.
A couple of hours??  I don't think so.
It seems to me that a £600 charge would MORE than cover the time that the Legal Assistant would spend, with the Partner giving it a glance.
But thank you for responding.

BazB

born_again said:

Not forgetting a lot of time spent on source of funds, given they are coming from overseas.

Thanks, Born Again.

Nope, the funds are to be paid by SEPA, direct into the Firm's Client Account.  The "Source of funds evidence" is being supplied by my wife after approval by her Bank (and passed by French Tax Authorities).
So all the hard work's been done!

But thanks for responding.

Emmia

BazB said:

Thanks, Emmia.
The quotation template carried a lot of guff about buying/selling property/Land Registry searches/ correspondence with Solicitors, etc., etc.  This is clearly for a totally different matter - buying and selling a house, a much more complicated affair.

The funds are coming direct into their Client Account.  The Redemption figure is one 'phone call request away, and the payment is straightforward.  A £35 handling charge, plus a 'phone call and looking at the subsequent letter?
Filling in the Inland Revenue Form - £100 IR charge.
A couple of hours??  I don't think so.
It seems to me that a £600 charge would MORE than cover the time that the Legal Assistant would spend, with the Partner giving it a glance.
But thank you for responding.

I don't quite know why you asked the question - the alternative is doing it yourself if you don't like the charge.

Or seek another quote, or quotes.

peb

Um.  You appear to have forgotten an actual Transfer of equity amongst your comments!

I'd say it was a little on the high side but not much.  And yes, international funds actually means that not all firms will deal.  Some equity release companies are not easy to deal with.  Not all firms will deal/be on the panel.

Nothing stopping you getting another quote.

BazB

Emmia said:

BazB said:

Thanks, Emmia.
The quotation template carried a lot of guff about buying/selling property/Land Registry searches/ correspondence with Solicitors, etc., etc.  This is clearly for a totally different matter - buying and selling a house, a much more complicated affair.

The funds are coming direct into their Client Account.  The Redemption figure is one 'phone call request away, and the payment is straightforward.  A £35 handling charge, plus a 'phone call and looking at the subsequent letter?
Filling in the Inland Revenue Form - £100 IR charge.
A couple of hours??  I don't think so.
It seems to me that a £600 charge would MORE than cover the time that the Legal Assistant would spend, with the Partner giving it a glance.
But thank you for responding.

I don't quite know why you asked the question - the alternative is doing it yourself if you don't like the charge.

Or seek another quote, or quotes.

Thanks again.

I asked because...
a) I have an idea of the work involved and the proposed charge seemed on the high side.  And
b) The document template attached to the quote included a lot of matters not associated with my case, confirming the suspected "overcharge".

But thank you for commenting - it's sounded a note of caution to my gut feelings.

BazB

peb said:

Um.  You appear to have forgotten an actual Transfer of equity amongst your comments!

I'd say it was a little on the high side but not much.  And yes, international funds actually means that not all firms will deal.  Some equity release companies are not easy to deal with.  Not all firms will deal/be on the panel.

Nothing stopping you getting another quote.

Thank you for that.

Yes,  apart from pointing out to the solicitor his estimate is for a totally different matter(!),and requesting he revisit his proposed chsrge, I'm seeking alternative quotes.

Thanks again.