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Solicitor costs for mortgage top-up

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  • 07-01-2016 11:08pm
    #1
    queenmeabh
    Registered Users Posts: 17 ✭


    Hi there

    I will shortly be applying for a mortgage top-up to part-finance some house renovations. The Dublin-based solicitor who handled the house purchase has quoted the following for the legal work in relation to the top-up:

    Fees: e500 plus VAT
    Outlay: e175 to register the mortgage on my folio, plus possibly approx e120 for legal searches.

    I appreciate that the outlay costs are beyond the solicitor's control, but his own fee is only slightly less than the fee he quoted for a switch (i.e. complete move to a different bank). I was surprised as I had imagined that the work involved in a top up, with the same bank, would be far less (although I am happy to be corrected if I'm wrong!)

    Any thoughts on whether the top-up fee seems reasonable, on the high / low side?

    Many thanks.


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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,507 Mod ✭✭✭✭johnnyskeleton


    queenmeabh wrote: »
    Hi there

    I will shortly be applying for a mortgage top-up to part-finance some house renovations. The Dublin-based solicitor who handled the house purchase has quoted the following for the legal work in relation to the top-up:

    Fees: e500 plus VAT
    Outlay: e175 to register the mortgage on my folio, plus possibly approx e120 for legal searches.

    I appreciate that the outlay costs are beyond the solicitor's control, but his own fee is only slightly less than the fee he quoted for a switch (i.e. complete move to a different bank). I was surprised as I had imagined that the work involved in a top up, with the same bank, would be far less (although I am happy to be corrected if I'm wrong!)

    Any thoughts on whether the top-up fee seems reasonable, on the high / low side?

    Many thanks.

    Have you shopped around and sought out a few quotes from other solicitors in the area?


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Often the inhouse legals in your mortgage lender will do the necessary legalities gratis for mortgage top-ups. Ask. Nothing ventured, nothing gained.


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    #4
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The_Conductor wrote: »
    Often the inhouse legals in your mortgage lender will do the necessary legalities gratis for mortgage top-ups. Ask. Nothing ventured, nothing gained.

    I have never heard of that and I would be extremely surprised if it was true. The banks want a certificate of title from a solicitor with professional indemnity cover. If an in house solicitor the banks would be self insuring. The banks are not allowed to charge for title investigation so the in house staff would be doing the customers work for free. There is almost as much work in re-mortgaging as in buying and it makes relatively little difference whether the re-mortgage is to the same institution or another one.


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    4ensic15 wrote: »
    I have never heard of that and I would be extremely surprised if it was true. The banks want a certificate of title from a solicitor with professional indemnity cover. If an in house solicitor the banks would be self insuring. The banks are not allowed to charge for title investigation so the in house staff would be doing the customers work for free. There is almost as much work in re-mortgaging as in buying and it makes relatively little difference whether the re-mortgage is to the same institution or another one.

    I've done it twice with BOI and once with KBC.
    Talk to your account manager- its not that unusual.


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