Even a small monthly saving can pay big dividends over the term of a mortgage
What are the legal fees on switching your mortgage?
The good news is that the new mortgage provider will be eager for you to make the switch so many banks are offering cashback deals to cover the legal and other fees associated with the switch. These costs would include your solicitor's professional fee (plus VAT at 23%) together with any outlay that would need to be paid on your behalf, details of which are set out in the table below.
If you have decided to switch mortgage providers in order to save money, Thomas W Enright Solicitors can carry out the legal work on your behalf.
The new bank will also require a valuation of your property to be carried out by a surveyor. Again, depending on the terms and conditions, surveying fees will often also be covered by the new lender.
If you have decided to switch mortgage providers in order to save money, Thomas W Enright Solicitors can carry out the legal work on your behalf.
The new bank will also require a valuation of your property to be carried out by a surveyor. Again, depending on the terms and conditions, surveying fees will often also be covered by the new lender.
Weighing up your options? The good news is that, with cashback offers, the new lender will usually pay the costs of switching.
Type of charge |
Cost |
Land Registry fee on discharge of previous mortgage |
€40 |
Land Registry fee on registration of new mortgage |
€175 |
Search fee payable to legal search company |
€67 |
Total outlay |
€282 |
Switching your mortgage - the legal work we do on your behalf
- Usually, the first thing we do is arrange for you to sign the necessary authorities for us to take up your deeds from your old bank.
- When we receive the loan pack from the new lender and the title deeds from your previous lender, we will arrange to meet you to go through all the paperwork
- We will examine the title to the property to make sure that it is in order and can provide sufficient security to your new lender. Just because your property has been used as security for a previous loan, it does not mean that it will be adequate to cover a new loan. If it turns out that there are problems with your title, issues in regard to incomplete documentation, inadequate proof of compliance with planning permission or building regulations, boundary or access difficulties, issues in regard to roads and services, and so on, then the new lender will require us to carry out additional work so that we can resolve all the issues and "certify title".
- At the same time, we will go through the new loan documentation with you and answer any questions you may have. If everything is in order, you can sign the new loan documentation.
- We will then provide the necessary undertakings and certificates required by the bank. You will need to ensure at this stage that you have satisfied the new bank in regard to any non-legal requirements they might have, matters such as home insurance, life assurance, the setting up of direct debit mandates (to pay the instalments on the new mortgage) and so on.
- We will then liaise between the old bank and the new one and make arrangements to draw down the new loan.
- The new bank will require us to give an undertaking - a binding professional promise made by a solicitor - that we will use the new loan to pay off the old one. We will also be required to make arrangements for a formal discharge of the old loan to be lodged in the Land Registry and the new loan to be registered in its place.
