Solicitors Fees when changing mortgage?

Just Niall

Hi,

I'm currently in the process of changing from PTSB to possibly AIB or BOSI,

what do solicitors typically charge for this? Got a quote for €1000...

Any advice really appreciated

\m/_(>_<)_\m/

why would you want to get a solicitor involved,
most banks will do the legal stuff for ya if you go with them.

Just Niall

I'm using a mortgage broker.

dats_right

What are you talking about \m/_(>_<)_\m/ ???... Of course the bank are going to require them to get a solicitor so that they may draw down the funds! NO bank does the legal work (i.e. investigation of title and registration, etc.) of residential property themselves. Because from tha banks pov it is far too messy.

It is however, common for banks, brokers, etc. to offer sweetener deals whereby the bank contributes towards your legal fees (usually with a proviso that if you subsequently move your mortgage within a certain time you re-imbure them).

\m/_(>_<)_\m/

dats_right wrote:

What are you talking about \m/_(>_<)_\m/ ???... Of course the bank are going to require them to get a solicitor so that they may draw down the funds! NO bank does the legal work (i.e. investigation of title and registration, etc.) of residential property themselves. Because from tha banks pov it is far too messy.

It is however, common for banks, brokers, etc. to offer sweetener deals whereby the bank contributes towards your legal fees (usually with a proviso that if you subsequently move your mortgage within a certain time you re-imbure them).

sorry i was under the impression that the OP was switching and existing mortgage to a new provider/lending institution,
not drawing down a new mortgage for a new property where title and registration need to be verified.

i do apologize for misunderstanding the OP.

Saruman

You still need a solicitor.
Some banks though will help you out. Ulster bank i think gives you €1000 for the solicitor.
Prima finance has a flat €500 solicitors fee i think.
Some banks may provide a solicitor for free even but they do not do it themselves. Same thing though free is free

edit it seems Ulster bank does it for free now: http://www.ulsterbank.ie/ri_01a.asp?id=PERSONAL/MORTGAGES/SWITCHER

\m/_(>_<)_\m/

screwing you for every penny you earn must be only a Dublin thing.

when changing my mortgage lender last year I had no need to get a solicitor, bank was more that happy to take care of the legal aspect and cost. luckily my wife in in the legal profession, she had a good look over all the documentation and it was all correct.

i must tell her to set up, a practise in Dublin, seems to be plenty of people only too willing to be easily parted with their money.

Lex Luthor

I think AIB are paying towards the cost of the solicitor, so if you shop around, it could be free anyway

How was Vegas?

dools

We changed Mortgage provider last year (same mortgage) and I think it cost us about €1500 in legal fees

D

The_Conductor

€1000 seems pretty run of the mill, unless there are difficulties with the titles or deeds which necessitates further work by the solicitor. BOI used to do the paperwork inhouse for people transferring pre-existing mortgages from other institutions. Note: According to the Business Post of 2 weeks ago, it may be worth your while hanging on for a week or two, as BOI and AIB are refining new products based on the LTV principle.