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  • Changing Mortgage Provider: Do we need a solicitor?
  • Premier Icon GrahamS
    Full Member

    (Sorry for the boring thread)

    The discount term ended on our mortgage and it has reverted to SVR of 3.49%

    With a bit of shopping around we found a better deal at a different provider (5yr fixed term at 1.59% for 75% LTV).

    I’ve not swapped mortgage provider before, but apparently we need a Conveyancing Solicitor to do this? 🤷‍♂️

    We spoke to our previous solicitor and they’d want £600 to do this work. 😲

    Is that taking the Michael, or is that about what people normally pay?

    Seems like a lot for overseeing what I think (possibly naively) is essentially just signing a new contract and transferring a debt.

    Premier Icon oldtennisshoes
    Full Member

    IME the new lender pays. All they are doing is amending the lender details on the title at the Land Registry or Registers of Scotland.

    Premier Icon trail_rat
    Free Member

    Ime by the time I factored in the revaluation , the time , the paperwork ….

    I just got a new deal with current provider.

    Yes it was slightly higher than HSBC and their countrywide conveyancers were offering….

    But having watched several of my mates try and get them….

    I’ve taken the 0.2% hit for a stress free life. This was offset by my current provider quoting my LTV + an area %age increase….

    I assume you have checked what your current provider can offer +that is phone them not what their website says.

    Based on my original LTV they were about 0.3% over HSBC at the time….but they knocked it down to 0.2 below taking into account their % mark up on my LTV…..based on nothing….my house is not worth what the calculate it at.

    Premier Icon jekkyl
    Full Member

    Yes you need a solicitor. You’re changing lender so the deeds have to be changed. This can only be done by a licensed conveyancer. £600 does seem a little steep, half that or less would be closer to standard. Ask your new lender also. Can you be arsed changing though? You’ve got to provide bank stats and payslips and paperwork, ain’t nobody got time for dat.

    Premier Icon GrahamS
    Full Member

    Yeah it’s a significantly better deal than our current lender (NatWest) could match.

    By our calculations, even after paying fees, evaluation etc, we’d be better off in under 18 months.

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