Money transfer fees

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
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sghughes42sghughes42 Forumite
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I realise this is slightly OT for this board but also related in a way. Has there been any discussion regarding fees solicitors charge for money transfers in relation to mortgages?

We are remortgaging to do some building work on the house. As we don't have a joint account, the mortgage company are insisting they transfer half of the funds to each of us, meaning they get to charge us £30 + VAT twice. This seems rather pointless as my wife will just transfer the money straight to me to pay the builder. There is apparently no way to sign a form saying we are happy for a single transfer to take place.

Seems daft to sign up for a joint account just to save £36, when we are happy with how we handle our money as things are. The fee actually seems quite high as it is, I know there is a banking fee for this but I don't believe it will be that much...

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  • dunstonhdunstonh Forumite
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    Has there been any discussion regarding fees solicitors charge for money transfers in relation to mortgages?

    no.
    I know there is a banking fee for this but I don't believe it will be that much...
    Its not that much but the solicitor has to add on their time, costs and profit on to it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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