Security Perfection Charge?

S

Sadmak

Registered User
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Last year i got a top up loan on my mtg for 10k with BOI. AT present they are doggedly persuing me for a security perfection charge of €222 ie a legal charge for registering the top up. The bank manager has told me that he has no discretion over this and i need to pay it immediately. I am of the opinion that ive given enough to BOI over the years.

Has anyone come across this charge? Is it something internal within BOI or do they need to pay a fee to some outside body for registering the top up?
 
Do the terms & conditions of your mortgage agreement or top-up agreement clarify whether or not this charge is non-negotiable? [broken link removed] (page 24) seems to suggest that it must be paid.
 
BOI as I understand have a flat fee for "top-up" mortgages. Whether you got an additional 10K or 50K it will still cost you e.222. There are standard Land Registery costs to register BOI's increased charge on your property. BOI are obviously arranging the legal work themselves rather than you going to a Solicitor again. If you had gone to a Solicitor again, perhaps you may have been charged more.
 
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