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Remortgage Question - do i need to pay LEGAL FEES
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thenap80
Posts: 436 Forumite
Hi
I am ready to remortage and have seen Nationwide advertising an offer of:
£250 CashBack or Free Legal Fees.
Now I would love the 250 cashback but what does the Legal Fee cover and if I choose the 250, does the remortgage still go through with the Set Up Fee which is about 1000 in itself.
The remortgage will be from Barclays.
Also, I would like to know....I have 50,000 that I would like to bring into the mix so I won't need to borrow as much on the new mortgage. How do I do this when moving from one lender to another? I am at the end of my 2-year fixed term at the end of this month so not sure if I can add it then (I have already paid the 10pc allowance).
All help greatly appreciated.
I am ready to remortage and have seen Nationwide advertising an offer of:
£250 CashBack or Free Legal Fees.
Now I would love the 250 cashback but what does the Legal Fee cover and if I choose the 250, does the remortgage still go through with the Set Up Fee which is about 1000 in itself.
The remortgage will be from Barclays.
Also, I would like to know....I have 50,000 that I would like to bring into the mix so I won't need to borrow as much on the new mortgage. How do I do this when moving from one lender to another? I am at the end of my 2-year fixed term at the end of this month so not sure if I can add it then (I have already paid the 10pc allowance).
All help greatly appreciated.
0
Comments
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The legal work will envolve redeeming the current mortgage (paying it off), ensuring that the property meets Nationwides standards as defined in the Council of Mortgage Lenders Handbook, making sure the current charge is removed from your title and registering the new one on the title. They also handle the money.
In terms of the £50,000, you would pay this to the solicitor and ask Nationwdie for £50,000 less than you need to pay off the mortgage. What then happens is, Nationwide will pay the mortgage funds requested to the solicitor who will then forward them on, along with your £50,000 to Barclays.0
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