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  • Mortgages & Finance

    Legal fees for mortgage on existing property

    Hi all,

    I own an existing property outright but am looking at putting a mortgage on this property to raise a deposit for another one.

    I thought the solicitors charges for this would be very low but have been quoted £900 plus a further £250 for searches and land registry fee. Is the 900 normal? I did not think i would need searches and land registry fee at all as I already own the property!

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    They are doing the searches for the Lender - which is providing you finance on the strength of that property.

    The costs do not seem an unreasonable amount to me.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________


    I don't know how much fees vary around the country but the fees on our 3 bed freehold BTL house one year ago were £660 if I rememeber correctly.

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    Some lenders insist on searches others accept insurance

    Difficult to comment on cost as BTL, leasehold, if a limited company, lender dictate price.

    I can get a BTL basic remortgage for £375 in personal name and freehold and that includes insurance instead of searches

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    Regards Simon Searchlight Finance

    Fulfil Your Property Ambitions

    01565 654005

    Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.

    HMO Finance I Complex BTL I Bridging Finance I Development Finance

    Buy to Let I Portfolio Finance I Commercial Mortgages


    That looks a little toppy to me. I would expect to pay around £750.00.

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    Gordonm,

    please contact us at Property Tribes Financial Services; we may be able to offer you preferential rates for Conveyancing.  It'll take just 5 mins.  The number is 01206 654444.

    John Constant CeMAP

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    _________________________________________________________________________

    * For BTL's, residential mortgages, bridging, life cover and estate planning Property Tribes Financial services website.

    Online Life Insurance quotes here          Property Tribes Financial Services Videos here

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    Telephone: 01206 654444