Remortgage FAQ's
What is a re-mortgage?
Not everyone who applies for a mortgage is doing so to buy a new property. Approximately 1 in 5 of all Cheshire Building Society mortgage applications are from applicants who are simply moving their mortgage from another lender and not actually moving home. Some applicants also choose to increase their mortgage at this time, for example to carry out home improvements or to clear other debts.
Why are the Cheshire offering a product which pays your standard legal fees option?
In order to be competitive and increase our share of the popular re-mortgage market the Cheshire have decided to introduce a product for which we will cover your standard conveyancing fees. Approximately 1 in 3 new mortgages completed across the industry are for customers who are remortgaging.
What are standard legal fees?
This covers the basic costs of conveyancing, including (but not limited to):-
- Official Entries.
- Public index map search.
- HM Land Registry searches (OS1) if the title is registered or a relevant land search if a title is unregistered (on Non FastTrack cases).
- Bankruptcy searches.
- HM Land Registration fees at the prevailing rate.
Which additional costs may I have to cover myself?
Costs which aren’t covered may include (but are not limited to):-
- Landlord/Management Companies - Any notice fee payable to the landlord/management company in accordance with the terms of the lease/transfer
- First registration at Land Registry - £95 + VAT plus additional Land Registry fee payable above £40, although this is unlikely in re-mortgage cases.
- Leasehold supplement (non FastTrack*) - £95 + VAT
* Please note that the leasehold supplement only applies to leasehold cases which do not meet the FastTrack criteria. Leasehold cases remaining in FastTrack will only incur third party charges.
Who is the Cheshire's conveyancing partner?
The Cheshire's conveyancing partner is Legal Marketing Services (LMS), a North West based company that manage more than 300,000 transactions a year for many banks and building societies. To find out more about this low cost conveyancing service please see our conveyancing area of the website.
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What differentiates LMS’ service from traditional solicitors?
LMS provide a fixed cost conveyancing service offering the following benefits:
- Competitive fixed price costs
- Free online conveyancing tracking
- Full conveyancing service available - no need to shop around
- No move, no legal fee guarantee: If the sale falls through, you don't have to pay the basic legal costs. Please note that you will need to pay for any third party costs, for example, searches that have been carried out on your behalf.
Why have we chosen LMS for our standard legal fees paid product?
LMS will be providing us with our standard legal fees re-mortgage service as a result of a tender process where their cost and service to the Cheshire and our Members was more competitive than other firms within the tender process, including our old supplier, DLA.
Can I choose which law firm I want to use?
No. A law firm is assigned from LMS’ approved panel to ensure each case goes to a firm with the capacity to handle the case efficiently.
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Which law firms will be used for the standard legal fees paid product?
Pannone's or Stephenson's will act on behalf of applicants for properties England & Wales. Scottish instructions will be actioned by Peddie Smith Maloco.
Can I have ‘standard legal fees ’ if I am moving house and not remortgaging?
No – this is only available as part of the re-mortgage product. However, we do offer a very competitive fixed fee conveyancing package, also in conjunction with LMS.
Can I choose to have standard legal fees on any of your products?
The standard legal fees are normally offered as fees paid on remortgage products. Please see the product details for the product you are interested in to be sure.
Is this a limited issue deal?
No. We aim to offer a standard legal fees paid re-mortgage product available as a permanent part of our range. However, the specific product rate and features may change in future.
Why don't the Cheshire deal directly with the law firms?
As LMS work in partnership with several banks and building societies, they can rely on a steady stream of business which enables them to negotiate reduced fees. Also, as there is a panel of approved law firms, LMS can stipulate service levels and replace firms who are unable to adhere to these much more quickly than may normally be the case.
What happens if I have cause for a complaint about LMS?
LMS is committed to delivering a high level of service. However, there may be times when we or our customers need to complain. They aim to deal with complaints efficiently and to put things right as quickly as possible.
Their dedicated customer service team adheres to the following standards:
- Once they have been informed about a complaint from Cheshire Building Society they will firstly agree with us who is going to respond to the customer. In the majority of instances LMS will take ownership of the complaint and respond to all parties.
- Wherever possible telephone complaints are resolved there and then, if this is not possible they aim to resolve them within 24 hours.
- They aim to resolve written complaints within 5 working days.
- All complaints or queries will be logged on LMS’ system. This information will be reviewed and shared with Cheshire in the management information they provide to us on a monthly basis.
Can I take this product and use my own solicitor?
No. The product and the standard legal fees cannot be separated. Similarly, standard legal fees cannot be used with any other product.
How do I find out which law firm has been allocated to my application?
The law firm in question will write to you to confirm the service they’ll be undertaking on your behalf. LMS will automatically inform the Cheshire within 2 days of your application being made.
