Solicitors fees on Top-Up loan?

[murphaph]

I'm currently working through a top-up mortgage idea with a view to investing in foreign property. I have a quick question, the application form states that I will need to get a family home declaration witnessed by a solicitor or COO and also that the solicitor I nominate will have to attend to the stamping and registration formalities.

Is this gonna cost big, like a new mortgage big? Cheers for any advice. I'll speak more to the nice lady at the bank when I drop the appication form in, but it'd be nice to have heads up first, ta.

 

[MOB]

There are three possiblities:

1. Your existing mortgage is for present and future advances, and is adequate security for the top-up. Legal fee might be €50 plus V.A.T. (i.e. singel consultation, and you take away papers with you to bring to bank)

2. Your existing mortgage is for present and future advances but needs extra stamp duty put on it, and to have this noted in the land registry. some lenders take care of this in house; some make you get it done via your solicitor; circa €200 all in.

3. Your mortgage is not for present and future advances (or, as a matter of policy, your lender insists on a fresh mortgage being signed, stamped and registered). This could cost circa €635 plus V.A.T. plus outlay - total costs could exceed €1,000.00. If your lender is referring to it as a "top-up" a new mortgage is unlikely to be required, so it will be either of 1 or 2 above

 

[murphaph]

Cheers MOB,
The Ulster Bank refer to it as a "top up" mortgage and I don't need extra stamp duty put on it (according the the mortgage advisor anyway-she said if it had gone over 254k I'd have needed that but I'm shy of it), so hopefully it's the €50 job, that'll keep my costs down please God.