Hi all,
hope someone can explain my query.
My wife bought a house a few years ago but could get a mortgage on her own as she didn't earn enough. She and her sister got the mortgage together and all was well (her sister didn't live there, nor did she pay towards the mortgage).
My wife then moved in with me and here sister decided to move into the house. Her sister took over the payments, simply by changing the direct debit details.
Jump to now and her sister has decided to remortgage to get a better deal. Her solicitor has had to go through a few procedures to remove my wife from the mortgage.
She has completed a transfer of equity form and a Declaration of Solvency in front of a solicitor.
Her sister is now asking us to pay half the fees believing that they are for removing my wife from the mortgage. We've got a copy of the completion statement and would like some clarification of these fees (obviously, the Nationwide can't discuss with us)
Would someone be able to explain what each one means and if it is to do with removing my wife or just regular remortgage legal fees?
Elevated Service Fee £294.00
Deed of Gift Undervalue Policy £84.80
Fee for drafting Declaration of Solvency £60.00
Fee for arranging Indemnity Policy £54.00
Existing Lender Bank Transfer Fee £25.00
Electronic Money Transfer Fee inc. VAT £25.00
I've put this on the MSE forum too
Thanks in advance
hope someone can explain my query.
My wife bought a house a few years ago but could get a mortgage on her own as she didn't earn enough. She and her sister got the mortgage together and all was well (her sister didn't live there, nor did she pay towards the mortgage).
My wife then moved in with me and here sister decided to move into the house. Her sister took over the payments, simply by changing the direct debit details.
Jump to now and her sister has decided to remortgage to get a better deal. Her solicitor has had to go through a few procedures to remove my wife from the mortgage.
She has completed a transfer of equity form and a Declaration of Solvency in front of a solicitor.
Her sister is now asking us to pay half the fees believing that they are for removing my wife from the mortgage. We've got a copy of the completion statement and would like some clarification of these fees (obviously, the Nationwide can't discuss with us)
Would someone be able to explain what each one means and if it is to do with removing my wife or just regular remortgage legal fees?
Elevated Service Fee £294.00
Deed of Gift Undervalue Policy £84.80
Fee for drafting Declaration of Solvency £60.00
Fee for arranging Indemnity Policy £54.00
Existing Lender Bank Transfer Fee £25.00
Electronic Money Transfer Fee inc. VAT £25.00
I've put this on the MSE forum too
Thanks in advance