gnf_ireland
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Brendan - do you feel it would be possible for you to do a deal with a solicitor's practice to support this at a reduced fee based on volume that would assist customers with the move process? It would need to be organised as part of a campaign to force the banks to change their practices, but if it could be done it may be a game changer? Any thoughts here? I am suggesting it as I know you have the contacts and network to support such an initiative where others like myself do not ...So you should simply move to KBC or AIB.
Brendan - do you feel it would be possible for you to do a deal with a solicitor's practice to support this at a reduced fee based on volume that would assist customers with the move process?
Anyone remember the Title Insurance that was used to do cheap switches, think the company was First American. They indemnified the bank against problems with the title, I used them myself a switch at one stage through one of the main banks, think the fee was only 150 or so.
Did that system fall out of favour?
If you decide to move your mortgage to another institution before the end of a five year period, you will be required to pay EBS €777 to cover the initial legal fees for switching.
Such a high level of fees is a serious barrier to competition in the mortgage market. Surely when a house is initially purchased, the solicitor could put together a pack containing the necessary documents to facilitate future mortgage transfers etc. Obviously this is not in the business interests of the conveyancing industry, but it could be mandated in law maybe?
And I don't think EBS are still doing the Quickswitch - that seems to date back to c.2007? I don't think the Title Insurance for residential properties is currently in use( I am open to correction on that) and my view would be that that is because it was ultimately not cost effective.
To put it bluntly, a property title ( in the broadest sense and including tax, planning, marital issues) seldom remains static and must be properly investigated by the solicitor.
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