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Paying banks legal fees?

  • 11-11-2011 03:07PM
    #1
    randel
    Registered Users, Registered Users 2 Posts: 88 ✭✭


    I was in my local bank today to discuss the possibility of taking out a commercial mortgage. While going through the various expenses that would be involved I was surprised to hear that I would have to pay the banks solicitors fees. They would give me a choice of two solicitors that the bank uses but I would have to pay the fees!
    Was this always the case with commercial mortgages?


Comments

  • #2
    seanrose
    Registered Users, Registered Users 2 Posts: 76 ✭✭seanrose


    Hello Randel

    Think its a common enough practice,when i was getting a loan and using a house as collateral i was going to have to use only 1 specified solictor,for taking a charge over the house the solictors where charging over €1,000 plus having to pay my own solictor to


  • #3
    Mayosolicitor
    Registered Users, Registered Users 2 Posts: 3 ✭Mayosolicitor


    It is the norm nowadays for commercial mortgages. In the past your solicitor would act for you, and also certify title for the banks, and register your mortgage, but the Law Society has barred solictors from doing those transactions for the past year, because it was that practice that allowed Michael Lynn to get away with what he did. If you were buying a house as your principal private residence then your own solicitor could act for you while putting the mortgage in place for the bank.


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