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What are Lenders free Legals?

Are they the right for you?

Free Legals from the Lender usually offers you either their legal fees paid for them or a reduced fee package. Your Mortgage will be handled by a Solicitor acting on the Lenders behalf.

All you need to do is instruct them at the time they complete their application, and then leave the rest to them.

What's included?
Standard legal process on the remortgage
Essential title checks
Preparing and collecting the signed mortgage deed
Preparing and collecting signed occupier forms
Obtaining a redemption statement on existing loans
Preparing a financial statement
Completing Land Registry searches
Completing the remortgage
Arranging for the repayment of the existing first charge secured on the property
Registering the mortgage at the Land Registry
Payments to the Land Registry for their search services
Paying the registration fee up to a specified limit

It is our experience that the majority of borrowers pay nothing for the remortgage legal process. Borrowers with a leasehold property will usually pay for elements connected with leasehold ownership. All borrowers will pay any costs relating to clearing their old loan and moving money through the banking systems.

What's not included?
Any cost of paying off existing loans including, account closing, early repayment charges etc
Cost of sending monies to existing lenders by same day bank transfer
The fees of the Land Registry to register the remortgage, any change of ownership and any other land transactions that exceed £50
Sending borrowers' money by same day bank transfer, rather than cheques or BACS
The fees for returning to borrowers title information (usually no longer required by  Building Societies or Banks
Reassigning life insurance policies that are associated with old loans
Sorting out existing second lenders whether they are paid off or postponed
Dealing with title issues associated with leasehold property, e.g. giving landlords notice of the remortgage and clearing restrictions
Resolving title issues including possessory title, shared ownership, notices, restrictions, cautions, matrimonial home rights, equitable charges and other title anomalies
Arranging for a change of ownership as a preliminary step before completion of the remortgage (also referred to as Transfer of Equity) and any associated costs including any tax Correcting name errors to ensure that the mortgage can be registered at the Land Registry Recorded delivery and special delivery and other non-standard postal costs



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