Equity Release - Solictor' Bill

N

newyork

Registered User
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I currently about to release $275,000 from my property and pay off my existing mortgage and invest the remainder. Interested to know peoples thoughts on what I should expect to pay in solictor's fees for the work he has to performed in drawing down the new mortgage.
 
seeing as he did all the searches before when you bought , the figure should be around €250-300 + VAT + OUTLAYS (stamp duty and postage and phone calls)

any more is simply taking the Micheál , ring around a few of them and get your facts straight before you ring him for his quote .

If he will not quote or set a ceiling ditch him and find one that will quote or set a ceiling .
 
I would have said that a minimum fee about €500 plus V.A.T. and outlay is about normal here. This is a full remortgage and settlement of an existing mortgage. A far cheaper transaction is to get a top-up on an existing mortgage, for which the solicitors fee would be as little as €100 plus V.A.T. (and some lenders do this in-house, so you don't even need to get a solicitor).

Regarding setting a fee "ceiling", this can only be done based on agreed assumptions about the workload. If there turns out to be extra work, it has to be charged for.

It is not uncommon for these transactions to involve extra work (for example, there could be two or three existing mortgage accounts, plus a car loan and a credit union loan, and the new lender requires the solicitor to clear all out of the new mortgage cheque and furnish evidence of this; OR the client might have built an extension since the place was last mortgaged, and the solicitor now has to chase up an architect's cert double pronto, becuse the client never bothered etc. etc......) so the figure of €500 plus V.A.T. whcih I cited above is more a floor than a ceiling.
 
AND searches done when a property was purchased would surely be out of date pretty much the day after that transaction?
 
Please note that the above quotes relate to Irish properties - I see that you are looking for $275,000; are you based in the USA?

Sarah

www.rea.ie
 
If it's an equity release with same lender then it should cost very litle as all they are really doing is witnessing your letter of offer & family home declaration, the latter can be witnesses by the bank!
 
Nope based in Ireland, dollar for euro symbol is keyboard issue

Sarah W said:
Please note that the above quotes relate to Irish properties - I see that you are looking for $275,000; are you based in the USA?

Sarah

www.rea.ie
Click to expand...
 
newyork said:
Nope based in Ireland, dollar for euro symbol is keyboard issue
Click to expand...

hold down "Alt Gr" Button (not shift) (RHS of Spacebar), and 4 for € symbol.

If normal Windows keybd, this should work ;)
 
Newbie! said:
ctl-alt-3 combo usually works on old keyboards.
Click to expand...

ctrl-alt-4 if you have windows, as per [broken link removed]. (also see note 1).
 
I've just checked something on prima finance and they offer a "no legal fees" deal for equitiy release. That obviously doesn't cover outlays, but worth checking out? www.primafinance.ie
 
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