Legals at 0.5% - is this good?

A

AlastairSC

Registered User
Messages
357
We're considering remortgaging to buy and investment property. We've been quoted:

1. E500 + VAT + outlays for our ppr remortgage (amt borrowed going from 216k to 397k) and

2. E1400 +VAT + outlays for the investment property (a secondhand detached house 280k with no title problems)

This latter works out at about 0.5%

Is this good?
 
That depends on the quality of the service, surely? If they are very bad, then I would consider it expensive. If they are excellent then it will have been cheap.
 
Is the solicitor someone you know/like/trust/has been recommended to you?

The fees quoted are neither particularly cheap nor particularly expensive - if anything they are probably just about break even for most decent efficient firms. Leaving aside what some firms charge,( i.e. less) the fees quoted are probably cost price in terms of costs to an office.

mf
 
Some mortgage brokers will offer reduced legal fees when you arrange your mortage through them.
See previous threads on this.
Usually around €500 + VAT + Outlays for mortgages over €250k.
So a saving of €900.
 
Vanilla said:
That depends on the quality of the service, surely? If they are very bad, then I would consider it expensive. If they are excellent then it will have been cheap.
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Totally agree - and I'm not a lawyer!
 
Vanilla said:
That depends on the quality of the service, surely? If they are very bad, then I would consider it expensive. If they are excellent then it will have been cheap.
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Thanks guys I can see that I will be able to assess this afterwards. Any ideas on what to do now? I don't know anyone who used them and my own solicitors are much more expensive.
 
AlastairSC said:
Thanks guys I can see that I will be able to assess this afterwards. Any ideas on what to do now? I don't know anyone who used them and my own solicitors are much more expensive.
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If that’s the case, and you are just looking for the lowest price then they are expensive. That said I would go for the best price and that may well not be the cheapest. It’s too big a transaction to skimp on so use the guys you trust. If you have used them before ask for a discount on the quoted price. That’s what I do and it works for me.
 
Yes - the point is that you shouldn't shop around for any service provider on price alone. You need some reassurance that the quality of service will also be suitable.
 
ClubMan said:
Yes - the point is that you shouldn't shop around for any service provider on price alone. You need some reassurance that the quality of service will also be suitable.
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Yes, that's a given but if the OP is satisfied with his/her research on the service provided, I think the above price is good.
 
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