Change of borrower

Buzzlightyear21

2 years ago I purchased a home and for affordability my son was on the mortgage and also the deeds.
My son has decided to move out and get his own place. 

I have met the affordability and can now have the mortgage in my own name ( I made overpayments).
I am staying with the same lender and have the same rate for another 3 years.
The matter is with the solicitors now in getting his name removed from the mortgage and deeds.
The solicitors have said when I bought the house there was a restrictive covenant in place. 

They have spoken to the management company (property is freehold but pay a monthly fee for grounds maintenance) and they require me  to sign a Deed of Covenant. Their fee for drafting the document is £330.00
They have further fees that are payable on completion. They are charging £210.00 for the notice and £250.00 for the certificate of compliance.

My question is…. Is this normally what happens when removing someone off the deeds?
I feel like I am getting scammed.

Emmia

Are the fees being charged by the management company, or the solicitors? I'm sorry it's not very clear. 

If it's your solicitors, then it is possible the fees take into account management company charges. But even if it's not,  management companies want their own legal advice for this sort of thing, which you'll be responsible for paying for as a leaseholder, and which frankly I think is a bit of a swizz - unfortunately you have no real choice in fee level or the option to pay.

david29dpo

Sounds like its the normal ripoff fees charged by the mangement company, not your solicitor or land registry 

Mark_d

These fees are completely normal for Deed of Covenant

Buzzlightyear21

Thanks for responding.
its given me peace of mind at least.

I’m paying the solicitor separately for the change of borrower, and the subsequent removal of names from the mortgage and the deeds. The figures I quoted are from the management company. It just seems such a lot especially for a freehold property. I pay £22 a month in service charge.

If that’s normal, then nothing I can do but pay.

david29dpo

Its normal, as i say its a ripoff.  Always has allways will

Most off your £22 will be for admin fees and profit NOT for the upkeep of the grounds.