Mortgage switch - pulling out

C

cobra_ie

Guest
I was thinking of switching my mortgage and have signed all the preliminary documentation, have not signed with the solicitor yet though. Under the current deal the bank pay the solicitors fees up to €1,000. If I pull out at this point do the bank cover the solicitors fees, or is it up to me to cough up? The solicitors have already completed background checks, land registry etc. so there will be some money owed, if I pull out now do the bank pay this fee if I pull out?
 
It's unlikely that you will be charged but you will need to check with the lender

Why are you thinking of pulling out?
Would teh remortgage not save you money?
 
Just wondering why are you pulling out? Have you found a better rate somewhere else?
I doubt if the bank will pay the solicitors fees if you pull out now.
 
Well I was previously thinking of fixing, as I can fix at the same variable rate I am currently on (4.75%). The european economy is slowing however, so it's looking less likely that ECB interest rates will rise much (if at all), so am thinking that sticking with the variable rate may be the better option.
 
Last year I got as far as the solicitor's door to change over my mortgage but changed my mind and told the Ulster bank i was'nt proceeding with the application. I never heard anything further from them so why don't you just tell the new lender that you are not proceeding with the application and leave it at that.
 
Is your relationship with the solicitor not independent of that with the lender? My understanding is that you pay your solicitor for any work done and you are entitled to X amount from the lender to reimburse you - but only if you proceed with the switch. If you don't go ahead, you pay your own solicitor and you get no reimbursement.

mf
 
mf1 said:
Is your relationship with the solicitor not independent of that with the lender? My understanding is that you pay your solicitor for any work done and you are entitled to X amount from the lender to reimburse you - but only if you proceed with the switch. If you don't go ahead, you pay your own solicitor and you get no reimbursement.

mf
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In this case I chose not to use my own solicitor, but the lenders own approved one. I know that I'm entitled to up to €1,000 in fees for same
 
UB had arranged the solicitor's appt. and were paying for it. they also had a drive by valuation done. I had got to the last stage where I had to sign the documents in the solicitors but i pulled out. I was not billed for any of these services.
 
Disclosure - I work for a mortgage broker.

Chances are you are remortgaging using the First American Title Insurance process - whereby the Lender will cover the cost of the First American process.

The first american remortgage process only actually involves the use of an independent solicitor when it comes to signing the loan documentation. All the Land registry searches etc are carried out by First American.

There have been many instances where a client has dropped out of the first american process at various stages, and i don't recall there ever being a charge made, irregardless of whether it was the client paying for the First American process or whether it was the bank.
 
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