Conveyancing Fees
When it comes to mortgages and remortgages, it can become all too easy to lose track of the seemingly endless remortgage fees that you end up paying, and legal costs are no exception. The legal costs involved in buying property are sadly unavoidable, as a number of legal processes must be carried out for your ownership of the property, and indeed the terms of the mortgage to be acceptable within UK law.
Generally, it is up to you to appoint a lawyer to handle the legal aspects of your mortgage deals, i.e. the conveyancing processes. These services naturally incur costs that are often substantial, although if you shop around you can sometimes find reduced fees and special offers, such as a fixed fee for all of the legal services required for a remortgage process.
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Sometimes you will see mortgages and remortgages from companies that will offer you both the remortgage service, and the legal conveyancing services in one.
Also, often remortgages are advertised as ‘fee free’, with arrangement fees, valuation costs and any other legal fees built in.
In any of the above cases, you should make sure you’ve read the terms thoroughly, as it’s not uncommon for people to think the fees are all included and then find that services that are vital for the mortgage deal were actually not. It can come as a nasty shock indeed to find yourself hit with an unexpected bill, particularly if the purpose of remortgaging in the first place was to ease financial pressures of one kind or another.
Terms
Also, bear in mind that many of the remortgage deals offering reduced or free fees may well have less than favourable terms within in them regarding the remortgage deal itself.
Lender
Find out what you can about any lender you’re considering remortgaging with, using the best of the many available online tools to effectively compare your alternative options. People who’ve used companies in the past will often post online details of their experience with them, so that you can avoid being bitten by learning from someone else’s perhaps unfortunate experience.
Processes
There are a number of legal processes that simply have to take place when you’re arranging either a mortgage or a remortgage, and these processes necessarily involve both time and money. You should always bear this in mind when shopping for a remortgage, and consider whether it’s likely to have an impact on the value of any deal you’re considering.