Type of work involved in remortgage

mac_daddy

Hi

Currently looking at a small remortgage against our home. Just wondering if folks had an idea of work involved for a solicitor. I received a quote yesterday from the same solicitor we used for the purchase of our home. The amount they quoted was the same as when we were originally purchasing our home from a seller. Am I right in thinking that costs for a remortgage should be lower as the only third party involved is the bank. I don't believe there would be property registration fees etc.

Thanks

seamus

If you're going with the same bank, they will often be able to provide the legal part in-house for you without engaging your own solicitor. If there's anything complicated though you'll need your own.

BOI did ours for €600. Solicitor probably would have been €1,000.

yogmeister

I remortgaged recently and i did nt need a solicitor. All i had to was get a valuation and obviously fill out all the necessary paperwork. I was dealing with the aib. It was quite slow considerably slower than the origional mortgage. Did you ask the bank do you need a solicitor?

mac_daddy

Thanks for the quick responses guys. Yes I asked AIB already and they confirmed I needed a solicitor. Will get back onto them to check.

Thanks

busylady

Most remortgages will require the following work to be carried out by the solicitor :
• Request the original title deeds from the existing bank;
• Check the title to ensure all is in order;
• Go through the loan offer, terms and conditions with the client;
• Arrange for client to sign new mortgages;
• Draft a Family Home Declaration and arrange to have it sworn
• Provide an undertaking to the bank that the new mortgage will be registered and that a full Certificate of Title will be furnished;
• Request redemption figures from the existing bank;
• Complete all the paperwork for the bank ( the amount of paperwork varies from bank to bank)
• Several phone calls to the bank’s cheque issue department will usually be required before the mortgage funds will be issued;
• Arrange to redeem the existing mortgage;
• Arrange for the existing mortgage to be removed from the title;
• Arrange for the registration of the new mortgage ( PRA fees for this is €175.00)
• Arrange for closing searches ( this usually costs between €60 and €100)
• Arrange for payment of any balance due to client;
• Lodge application for registration of mortgage in the PRA.
• When application is completed, an up-to-date folio needs to be obtained to show the new mortgage and the removal of the old mortgage from the title;
• Schedule and return all the deeds to the bank.
There is a significant amount of work for the solicitor to deal with and it is similar to the work involved for a purchase. If your solicitor has already purchased the property for you there should be less work to do in providing a Certificate of Title, however all the other matters have to be dealt with.
In some cases, banks will offer a top up of the existing mortgage and they will not require a new mortgage to be registered, however in most cases another registration will be required.