Pearlyfaze:
Do solicitors charge for having our deposit in LISA?

Yes

Also our insurance quote by the Mortgage advisor is huge. Circa 120 for a 25 year deal term and both of us are 40years old.

You can get quotes elsewhere and compare to ensure you are getting a good deal.

Pearlyfaze:
Make una nor vex biko say I dey ask a plenty question.

The solicitor say make I drop about 600 as a commitment fee, Is this how it's done bikonu, ejoor, mabinu.
Make person nor use me do Christmas.

I was thinking payment is made at the end of everything.

Pearlyfaze:
Make una nor vex biko say I dey ask a plenty question.

The solicitor say make I drop about 600 as a commitment fee, Is this how it's done bikonu, ejoor, mabinu.
Make person nor use me do Christmas.

I was thinking payment is made at the end of everything.

Pearlyfaze:


Thank you very much, We got another for circa 104. And Underwriters came back today and increased it to circa 129.

Is it important to include the kids as extra in this Mortgage Insurance?

Pearlyfaze:
Make una nor vex biko say I dey ask a plenty question.

The solicitor say make I drop about 600 as a commitment fee, Is this how it's done bikonu, ejoor, mabinu.
Make person nor use me do Christmas.

I was thinking payment is made at the end of everything.

Pearlyfaze:
Good Morning great minds.
Please I will need you to look at this and give me your thoughts. We are hoping to buy a property and the solicitor recommended by the developer gave us this quote:
Professional Charges

£375.00

VAT

£75.00

Searches (approx.)

£250.00

Stamp Duty or (FTB Relief)

£0.00

Electronic Client Identification Fee, including VAT (£15 per person)

30.00

Telegraphic Transfer Fee Including VAT

48.00

Land Registration Fee

£230.00

Lender Administration Fee Including VAT

180.00

Lender Panel Fee (if applicable)

42.00

HM Land Registry Searches

18.00

Anti-Fraud Check Fee

36.00

BACs fee

24.00

Lifetime ISA

£120.00

TOTAL

£1,428.00

So it was initially £1668, when I replied his first email, he removed £240 and gave me the above.
Please is this a good deal? Do solicitors charge for having our deposit in LISA?

Also our insurance quote by the Mortgage advisor is huge. Circa 120 for a 25 year deal term and both of us are 40years old.

Ticha:


It depends. I've never paid a solicitor upfront however our solicitor was recommended by family and everyone in our family has always used them so there's an established relationship.

I know quite a few in the investor groups will charge in full upfront especially the online conveyancers. Some will charge AML and search costs first, then invoice as they go with the final monies paid on completion day.

Do they have reviews? Were you referred to them? Where are you based?

chimexview:
Please guys I want to know which bank is best to have for this buying of property for a first timer and getting the mortgage. I have lloyd account but having gone through this thread I noticed alot of people are talking about Halifax, natwest and barclay bank. I just want to be on the right track so I don't miss a thing. Thanks in advance

Pearlyfaze:
Make una nor vex biko say I dey ask a plenty question.

The solicitor say make I drop about 600 as a commitment fee, Is this how it's done bikonu, ejoor, mabinu.
Make person nor use me do Christmas.

I was thinking payment is made at the end of everything.

chimexview:
Please guys I want to know which bank is best to have for this buying of property for a first timer and getting the mortgage. I have lloyd account but having gone through this thread I noticed alot of people are talking about Halifax, natwest and barclay bank. I just want to be on the right track so I don't miss a thing. Thanks in advance

Pearlyfaze:
Elders biko this thing is tiring.

The solicitor sent me a document to sign and pay a commitment fee.
On opening the document. After the quote we accepted, I am seeing other potential charges of over £2600. Some of these were removed from the original quote, some are already covered in the accepted quote. Some of the things in these potential additional charges are
1. The SDLT submission fee.
2. New build Charge.
Numbers 1 & 2 were removed from their earlier quote.
3. Drafting of the Deed of Covenant, and Approving of Deed of Covenant.
4. Drafting Notice of Transfer fee.
5. Drafting a statutory declaration etc,

Please is it normally like this or i should look for another Solicitor?
I do not want someone to come back to say I owe him this and that. In my head, I am thinking they will give you a quote, you agree with it, and start working with it.
I do not really problem paying the commitment fee. But this form does not look straightforward.

Solumtoya:


Hi, you can just ring the Solicitors and clarify. They typically may not be able to confirm the exact amount until the start or even finish the job

Lexusgs430:


Legally, you would have to seek consent, from your mortgage provider.........

Can you guess the answer they might render........😁😄

The property is still owned by your lender...... Till you receive your property deed ........😜

And remember, it's called RESIDENTIAL mortgage.......😄

abuhusna1:

If it's a shared ownership you are permitted to rent out a room from your house as king as you live in that room and not renting everything out.

Solumtoya:


Hi, you can just ring the Solicitors and clarify. They typically may not be able to confirm the exact amount until the start or even finish the job

Pearlyfaze:
Elders biko this thing is tiring.

The solicitor sent me a document to sign and pay a commitment fee.
On opening the document. After the quote we accepted, I am seeing other potential charges of over £2600. Some of these were removed from the original quote, some are already covered in the accepted quote. Some of the things in these potential additional charges are
1. The SDLT submission fee.
2. New build Charge.
Numbers 1 & 2 were removed from their earlier quote.
3. Drafting of the Deed of Covenant, and Approving of Deed of Covenant.
4. Drafting Notice of Transfer fee.
5. Drafting a statutory declaration etc,

Please is it normally like this or i should look for another Solicitor?
I do not want someone to come back to say I owe him this and that. In my head, I am thinking they will give you a quote, you agree with it, and start working with it.
I do not really problem paying the commitment fee. But this form does not look straightforward.

Solumtoya:


It makes no difference, it's even better not to have an account with Barclays or Halifax

Lexusgs430:


No bank is best ....... High street banks would only offer you very limited product lines ......... A broker can review over 300 mortgage products.......

Go with the best on the day ........

chimexview:
Thanks boss and please where can I access this brokers. I’m a newbie willing to learn.

OfferAccepted:


We paid £400 upfront. However, our broker advised us only to pay after we have received our mortgage offer.

missjekyll:
Semmyk Hi 👋,
I was just thinking shall we add things we should be looking out for on viewings?

I have a very short wish list ( garden, garage , study, conservatory, driveway, modern kitchen, modern composite front door, fully tiled bathroom & toilet, downstairs toilet, WiFi enabled combi boiler, very low maintenance, EPC A, B or C) what else?

( I will of course pay for a detailed survey)

Yhello4u:
Hi

I have a residential mortage on a 5 year fixed rate

I have only lived in the house for 2 years and want to sell it or rent it out.

Can i change to BTL mortgages if yes will i be charged for it being that i m in a fixed term rate

Also BTL Mortgages are 25% deposit i deposited 10% when purchasing the house will i be required to pay the remaining 15% if i change to BTL mortgage?

Yhello4u:
Hi

I have a residential mortage on a 5 year fixed rate

I have only lived in the house for 2 years and want to sell it or rent it out.

Can i change to BTL mortgages if yes will i be charged for it being that i m in a fixed term rate

Also BTL Mortgages are 25% deposit i deposited 10% when purchasing the house will i be required to pay the remaining 15% if i change to BTL mortgage?

deept:


To put your property up for rent, you need to apply to your mortgage lender for a consent to let. This comes with a fee. You could be approved to rent your property out for a period after which you will have to apply again.

If approval is given, you will have to get landlords insurance on the property and ensure the property satisfies all the requirements for a BTL. At this time you will not need a 25% deposit.
The 25% comes in when you want to remortgage, that is after the initial mortgage period is over.

Lexusgs430:


Edited ........ The more on your wishlist, the higher the asking price ..........😜🤣😁