Legal fee for remortgage

M

mnbv

Guest
Hi,

I would like to release some equity from my home.My house now worths 330k,still has 214K mortgage on it.I am looking for 50k to payoff my debts clear my credit card bills and buy a car.The earnings along with my partner are 75k per annum.
I want to remortage,want to know how much would be the legal fee to do so.And whts the difference between remortgage and top-up?
Can anyone suggest whts the procedure for releasing equity to consolidate the debts.

with regards
 
Hi bambino,may i know who the solicitor was and how exactly it works
 
I'd also like to know the solicitor Bambino used. My daughter is switching to Bank of Scotland, who cover legal fees up to €1000. Surprise, Surprise - the solicitor who handled the purchase of same house, four years ago at a very reasonable cost, is quoting €1000 plus costs and VAT. Do they know financial institutions are covering the €1k and are pricing accordingly?
 
yesterday my solicitor quoted me €1650.00 to do a switcher mortgage..
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Break it down. That €1650 could be:

1. Mortgage stamp duty - at least €254 and as much as €630.
2. Land registry fees- at least €150 and as much as €260.
3. Search fees- at least €100 and as much as €300 to €400.
4. Commissioner for Oaths fees €20 to €30.
5. Engineers fees if a planning issue has arisen.
6. Balance of legal fees and 21% VAT.

So not necessarily scandalous...
 
Vanilla said:
Break it down. That €1650 could be:

1. Mortgage stamp duty - at least €254 and as much as €630.
2. Land registry fees- at least €150 and as much as €260.
3. Search fees- at least €100 and as much as €300 to €400.
4. Commissioner for Oaths fees €20 to €30.
5. Engineers fees if a planning issue has arisen.
6. Balance of legal fees and 21% VAT.

So not necessarily scandalous...
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Point taken, I assumed the above to have been billed seperately but that's not necessarily the case.:)
 
I thought that if the mortgage was less than €250k there was no stamp duty?
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Yes, that's right ( well,to be precise, it's €254,000.00). Note I said 'could be'.
 
Just out of curiosity Vanilla, do all the above fees have to be paid out on the same property, each and every time you remortgage/switch?
 
Liteweight- yes because basically you are repaying an old mortgage and taking out a brand new mortgage which has to be stamped and registered just like the initial mortgage. The main outlays are government fees and charges- land reg/reg of deeds fees and stamp duty. The other potentially large fee is the search fee which is payable to a third party law searcher and which the bank will insist on being done.
 
This is a sample bill for switching my solicitor sent me:

CASH ACCOUNT


Facility Cheque from bank €
Redemption of Building Society Mortgage
_______.__
Balance of funds to hand €

OUTLAYS



Not Subject to VAT


Stamp Duty on Mortgage Charge €
Stamp Duty on counterpart Mortgage Charge 12.50
Stamp Duty on Life Policy 12.50
Land Registry fees 231.00**
OR
Registry of Deeds fees 113.00**

Judgement, Bankruptcy & Land Registry/
Registry of Deeds office searches required
on drawdown of loan cheque (approx) 120.00

Commissioners fees (€30 per individual) 30.00

Banks/Financial Institution fee for
collection of Title Deeds (approx) 55.00

Banks/Financial Institution fee
fee for Vacated Mortgage (approx) 50.00

Outlays Subject to VAT



*Professional Fee 850.00
*Postage, phone calls, parchment
& incidentals 45.00
*Law Agents Fee 45.00
*Declarations 40.00
*VAT at 21% 205.80
_______.__
Total €

======.== _________.__

€

=======.===


Dated this day of 200​
​
​
 
If I stay with my existing mortgage providor (F Active) and change my mortgage from the existing variable rate to a tracker, will I need to pay any legal fees as outlined in the comments above?
 
yes Humdinger - see Vanilla's post:


Liteweight- yes because basically you are repaying an old mortgage and taking out a brand new mortgage which has to be stamped and registered just like the initial mortgage. The main outlays are government fees and charges- land reg/reg of deeds fees and stamp duty. The other potentially large fee is the search fee which is payable to a third party law searcher and which the bank will insist on being done.

also, i just rang the Land Registry who confirmed that the Title will change from you and your mortgager to you and the new mortgager.
 
Humdinger said:
If I stay with my existing mortgage providor (F Active) and change my mortgage from the existing variable rate to a tracker, will I need to pay any legal fees as outlined in the comments above?
Click to expand...

I wouldn't think so. This is just negotiated with the lender.
 
When I inquired about moving from the variable rate to tracker rate, the person in FA was very vague on invremental fees such as legal etc. This aroused my suspicions. Guess I need to push them harder to be clear.
 
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