Compelled to use a solicitor?

[Tony K]

Hi 

I am on the verge of getting my hands on the first chunk of my self build mortgage, but have been told by the broker that I have to use a solicitor. This, I am told, is because 'a mortgage is a legal transaction and therefore requires a solicitor'.

 

I've nothing against solicitors, but is it really essential to employ one for this? I already own the land so there's no conveyancing to do.

 

If it is essential then any idea what represents good value for this particular service?

 

Thanks 

 

[Dan F]

Assuming your mortgage is using your land as collateral then someone needs to register a legal charge (in favor of the lender) on your title with the land registry. This needs to be done by a licensed conceyencer or solicitor acting on your behalf.  We were charged £880 + £130 costs for this.

[Thedreamer]

Further to the above, our solicitor also had to receive our first drawdown don't know if that is standard practise or a quirk of the building society.

[Dan F]

15 minutes ago, Thedreamer said:

Further to the above, our solicitor also had to receive our first drawdown don't know if that is standard practise or a quirk of the building society.

Yes, that too.  Same for us.

[Tony K]

16 minutes ago, Dan Feist said:

Yes, that too.  Same for us.

 

I believe that will be the case for me too. 

 

Well, there goes another grand by the sounds of it. No wonder everyone on grand designs ends up over budget!

[Triassic]

Ask the Building Society what they require, then ring round solicitors and get the best price. The BS may let you use a conveyancer, who might be more competitive.

 

It not called Grand designs for nothing.

 

Ps.. Don't forget to mention you're shielding due to Corvid19, I’m told it helps them think  more clearly!

Edited June 19, 2020 by Triassic

[Temp]

Shop around and haggle with local solicitors. Point out it's essentially just a remortgage. There might be an online co that specialises in remortgage conveyancing that is cheaper? Just make sure they aren't scammers. 

 

[vfrdave]

All of my draw downs had to go through the solicitor, as stipulated by the bank.

 

Solicitor charged me a one off fee to cover all of them approx £250.

[Bitpipe]

Ecology do not require use of a solicitor beyond the initial conveyancing. I was quite surprised but you just send an email with the amount you want and it's transferred to your nominated bank account.

[Bitpipe]

On 18/06/2020 at 23:23, Thedreamer said:

Further to the above, our solicitor also had to receive our first drawdown don't know if that is standard practise or a quirk of the building society.

 

Probably connected to Anti Money Laundering (AML) legislation.

[Tony K]

On 18/06/2020 at 22:19, Dan F said:

Assuming your mortgage is using your land as collateral then someone needs to register a legal charge (in favor of the lender) on your title with the land registry. This needs to be done by a licensed conceyencer or solicitor acting on your behalf.  We were charged £880 + £130 costs for this.

 

@Dan F Would you be able to tell me who you used please? I presume the solicitor doesn't have to be local to the site, and I've had trouble getting anyone round my way to take it on for some reason.

 

If anyone else can recommend someone then please do!

 

Thanks