Other costs when transferring mortgages

Y

Yendor

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Hello,
I've recently completed a remortgage process and moved from Permanent TSB to Bank Of Ireland trackers. PTSB were unwilling to support me in going from a variable to tracker mode so grand off I went. I've three properties and moved all three.

Now its done and i've received the statement from my Solicitor for the various expenses incurred. I am more than a wee bit surprised at these, and would ask for any comments from people who know more about this than me.

Property 1 - home :-

Stamp Duty on new Mortgage Deed ( 1e per 1000e borrowed) = 276
stamp duty on counterpoint mortgage = 13
stamp duty on assignment of life policy = 13
swearing (!) = 24
law agent fees = 35
closing searches = 62
land registry fees = 206
P-TSB fee for taking up deeds = 45
P-TSB fee re discharge of Mortgage = 45
P-TSB vacated mortgage deed (*2) = 90
(note, i originally had spliy the mortgage into 50% fixed and 50% variable X years ago, so I assume this accounts for the fact that its 'by 2' ????)

=====================
Total for Property 1 = 809.50

And the same with the other two properties except for slightly lower Stamp Duty for the new mortgage deeds.

The three came to 1932.50 which pretty much blows much of the benefit that i was expecting to achieve by the remortgaging process. Given i also had Valuation fees to pay as well - never mind the grief with forms, solicitors and the like.

Somehow i was only expecting to be paying about 300 per house for this process ! Thats all i was led to believe ... more fool me.

Are P-TSB pulling a fast one with all these administrative charges to close out the loans ? I wasn't aware of any of these prior to this process ?

Beware !
 
Are P-TSB pulling a fast one with all these administrative charges to close out the loans ?

It does seem a bit rich that you have to pay them to discharge your mortgage but that's the way it works

All the other outlays look very standard - but it certainly does all add up. Don't understand the last Ptsb charge - is that not a duplicate of the earlier charge?

mf
 
The stamp duty on the mortgages is the real kick in the teeth as it serves no purpose
But with some planning there was a possibility that you could have avoided some of it

Possible saving €510 (€255 by €1 twice)

A mortgage of less than €255k would not incurr any stamp duty (no €1 per €1,000 borrowed)

Therefore you could have borrowed a little higher on one and less than the €255k threshold on on the other two, there would only stamp duty on one mortgage

It obviously would have depended on the loan/value ratios but it might have been possible

Did your solicitor discuss this wih you before hand?
 
Hello Stuart,
for the two other smaller investment properties, the stamp duty on new mortgages was listed as 13 for each.

This actually surprised me as the two properties had vastly different mortgage values - 37k versus 220k - which leads me to conclude that there must actually be a minimum payment even if less than 255k as you mentioned in your response ... or is this something else ?

I'm curious ... 13 for stamp duty on new mortgage, and 13 for stamp duty on counterpart mortgage and 13 again for stamp duty on assignment of life policy -> unlucky 13!

Solicitor offered no advice at all - he was engaged by a 3rd party, my professional legal fees were 0, covered by the 3rd party.

Thanks for responses so far ...
 
The cost of €1 per €1,000 only applies to mortgages greater than €255, then the €276 could only have been avoided

If the mortgage was reduced to €250 and the balance placed on the €37k mortgage the €276 would have been reduced to the minimum €13

Saving €263

Free legal is not always the best route as they are paid to complete the documents and nothing else

If the two larger mortgages had have been over the €255k threshold then the free legal advice would have been even more expensive
 
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