What is a Basic Free Legal Package?
- Saffron Building Society have underwritten solicitor's costs for all services and steps carried out by them in respect of a fees free re-mortgage (including legal costs).
- The Solicitor will be selected from a nationwide panel of firms.
- Further charges may be made by the solicitor for any additional services and/or rectification to the title of the property. The solicitor will advise the customer (borrower), in writing, of such sums and their responsibility for payment at the earliest opportunity.
What may incur an additional charge?
Although not definitive, here are common examples of additional charges which may be levied. If further clarification is required, please contact your mortgage consultant.
- Leasehold properties - additional legal cost
- £95 plus VAT
- First Registration at Land registry
- £95 plus VAT plus additional Land Registry fee payable above £40
- Transfer of Equity
- £195 plus VAT and any additional land registration fee and stamp duty payable in connection with the transfer of equity
- Defective Title
- Hourly rate of £75 plus VAT and disbursements
- Deed of Postponement
- Hourly rate of £75, subject to a maximum of £150 plus VAT, and disbursements
- Declarations of trust
- Hourly rate of £75, subject to a maximum of £150 plus VAT
- Shared ownership leases, but only where the customer is purchasing an additional tranche in the property
- Hourly rate of £75, subject to a maximum of £150 plus VAT and any additional Land Registry fee payable in connection with the acquisition of the additional tranche
- Removal of second charges
- No charge
- Removal of third and subsequent charges
- £30 plus VAT per charge
- TT of surplus funds
- £30 plus VAT per transfer
- TT to redeem existing charges
- No charge
