Legal fees or cashback for remortgaging

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    Legal fees or cashback for remortgaging

    Hi guys I'm doing my first ever remortgage I wanted to ask I have 2 products to choose from both are offering me a good rate 5 year fixed 2.1% £1,000 arrangement free with free standard valuation but one product offers free legal fees and the other offers £300 cashback which one do you think I should go for? Thanks

    #2
    Much depends on the firm being used by the lender. By and large these firms are “ Conveyancing Factories” and you would be a case number with no guarantee of always speaking with the same case administrator. Much depends on how urgent you are seeking the Remortgage , I would suggest you get a quote from the firm who acted originally for you, if considered reasonable then I would advocate sticking with this firm, on a wise case scenario you can at least get any concerns expressed without any problems but I doubt whether the same would occur with the firm representing the lender.

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      #3
      From long bitter experience, I'd never use bucket shop conveyancers for a purchase.

      Re mortgage cost me £400 from a real solicitor. For the sake of £100, I'd pay the extra, not just for the better service but also to build my business relationship. Just asked my solicitor a totally unrelated question from housing, got a very detailed reply the same morning, all for free.

      How about contacting a real solicitor and asking if they can get anywhere near the factory's price?

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        #4
        Yeah good idea thanks for your thoughts . I agree if i can get it done via proper solicitor myself for 300 makes sense too . I'll have a shop around and see what I can get for 300 maybe even cheaper lol

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          #5
          A wise decision.i should have added that several lenders decided to offer a cash back rather than continuing to offer Free Legals ,

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            #6
            Originally posted by loanarranger View Post
            i should have added that several lenders decided to offer a cash back rather than continuing to offer Free Legals ,
            Hello 2008, welcome back!

            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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              #7
              I agree it allows the borrower a greater degree of control over the legal processes.

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