Top up - solicitor fees

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Luckycharm

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Hopefully someone can help me, I am thinking of getting a top up of around 40k to my existing mortgage over the same terms to build a small extension to the back of the house. It is with Ulster bank they have told me that I need to get a solicitor for the Top up as it is over €252k is that normal? I have about 26 and half years left on my mortgage.
I basically have to get the same stuff together as if I was remortgaging and my solicitor said the work would nearly be the same. Would the Solicitor have to do any work if for example I did not get approved or only when I got approved. I have a perfect credit history so I would hope I would be Ok.
Another question if the work to get a Top up is nearly as much work as getting a remortgage should I maybe look at remortgaging where I see some of the banks offer money towards legal fees or mention this to my own bank to see if they would wave the legal fees part. My current tracker mortgage is quite good at 4.75%
Any advice appreciated.
 
Luckycharm said:
Hopefully someone can help me, I am thinking of getting a top up of around 40k to my existing mortgage over the same terms to build a small extension to the back of the house. It is with Ulster bank they have told me that I need to get a solicitor for the Top up as it is over €252k is that normal?
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You mean the total outstanding mortgage amount will be €252K after the topup or it is right now? I thought that you had to get a solicitor to check things over regardless of the size of the mortgage or topup? I didn't think that the specific amounts involved dictated when this was necessary or not.
 
LuckyCharm, you can switch your mortgage to another lender with no legal fees(paid by lender) . Lenders who offer free switcher are First Active, Ulsterbank, IIB, EBS,PTSB. However these offers are sensitive to the LTV. EBS will even give you €1000 ON TOP of the free legal fees.
 
Clubman- bank said that only mortgages that would be over €252k were subject to getting Solicitors involved.

Over2U- current Mortgage has about 306k left on it of 30 year mortgage which I am 3 and half years into. House value is around €500k - would not really want to extend my mortgage only longer if possible.
 
If the bank want a solicitor then you'll have to get a solicitor. Should only be tops around €600 plus VAT & outlay
 
At 69% LTV You should have no problem availing of one of the free switcher offerings. EBS will do it at 4.8% and give you €1000. First Active will also give you €1000 at a 4.75% rate, but here you will have to also set up a current account. Obviously they will test your affordability and credit history.
 
It's true about needing a solicitor when the mortgage goes over a certain amount. I think the figure might actually be €254k which is €200k in punts which is where that number comes from. It might be worth your while investigating whether it would be worth moving the entire mortgage, but your rate of 4.75% is pretty good anyway.
 
I topped up my mortgage but total then was 200k I didn't need a solicitor, my friend topped up her's is now over 250 and she did so it seems amount specific
 
The €254,000.00 figure relates to stamp duty - before the last budget any mortgage over this amount needed to be stamped - but not any more.

pc7, thre are 3 ways to top up. one is a complete re-execution and registration of a new mortgage for the top-up amount - which is in effect the same amount of work as a re-mortgage.

the second, requires the solicitor to re-lodge the original mortgage in the land registery - without needing to re-certify the title, this is far less time consuming and less work on your solicitors part

the third just involves the solicitor witnessing your signature to some documents (and of course advising you of the contents) and forwqrding them to ulster bank - even less time consuming

try and find out from ulster bank which process they will use, and negotiate a fee accordingly
 
Luckycharm,
Have recently gone through the same experience with the same bank - customer service wouldn't be their strong point .... anyhow, the solicitor needs to only do the minimum highlighted in point three in the post above - and my fees for (also) a 40k top-up were about €440 (300 for legal plus VAT plus outlay) which I thought was OKish
 
doogo said:
Luckycharm,
Have recently gone through the same experience with the same bank - customer service wouldn't be their strong point .... anyhow, the solicitor needs to only do the minimum highlighted in point three in the post above - and my fees for (also) a 40k top-up were about €440 (300 for legal plus VAT plus outlay) which I thought was OKish
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Yep it was around that I was quoted and I know the Solicitor well as use him for my work. Quick question Do you need the solicitor only after you have been approved or do he still need to do work even if you did not get approved for a Top up?
 
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