Available for all new remortgage case submitted from 24th June 2024 onwards
What is MPowered Legal Fee Saver?
Our legal fee saver incentive, provided by Law firm Hennah Haywood, is here to make the remortgage process smoother and more affordable. Specifically designed for remortgage cases, our product covers some of the legal costs you'll incur during the process. Please note that these Legal Fee Saver charges apply to all new mortgage cases submitted from and including 24th June 2024.
What is included?
From 24th June 2024 onwards, we’ll pay the standard legal work. which covers basic legal costs including the conveyancers professional fee and standard disbursements. Legal Fee Saver will cover the following standard remortgage legal work:
- Investigation and Report of Title
- Office Copy Entries
- Report on Charges
- Advice on Redemption of Charges
- Applicant(s) Identification checks
- Putting any new charges in places
- No Search Indemnity
- OS1 Priority Search
What standard costs will your customer incur?
Customers will be required to pay all charges and fees relating to all additional legal work that are not included in the Legal Fee Saver package above. These typically are:
| Description | Fee (exc VAT) | Additional Information |
| TT Fee | £35.00 | Per transfer of funds |
| Land Registry Fees | £30.00* | Varies based on property value |
| Special Conditions | £55.00 | Dealing with special conditions in mortgage offer |
| Leasehold Property | £30.00 | For leasehold properties only |
*example cost based on property value of £225,000. Note that Land Registry fees vary based on property value
Hennah Haywood will write to the customer(s) on issuance of the mortgage offer outlining the scope of the service and any charges applicable.
What additional charges could be incurred?
In addition to the costs described above, the solicitor may also be required to undertake further work that could potentially incur additional cost. Examples of different elements of chargeable work are listed below;
- Leasehold Properties
- Reviewing an amended offer
- Discharging a second charge
- Any special mortgage conditions
- Deed amendments
- Reviewing a change of product on offer
- Repayment of debt/credit
- Source of funds check
This list is not exhaustive; your client should ensure they read their paperwork carefully and are clear about any fees payable.
Intermediaries Legal Fee Saver Checklist
- Advise the customer that Legal Fee Saver incentive covers standard remortgage legal costs including the conveyancers professional fee and standard disbursements;
- Advise the customer they need to pay for any money transfers and land registry fees;
- Advise the customer that for any additional legal work required for their remortgage, may be chargeable. Any additional charges will be listed in their welcome letter from the conveyancer;
- You can aid the conveyancing process by providing accurate information:
- Customer name(s) should match their official ID documents.
- Make sure the property address is correct.
- Make sure the current lender details and account number are correct, so the conveyancer can request the redemption statement at the outset;
- Advise the customer that they will be receiving a letter from the conveyancing firm, which they need to respond to ASAP or the conveyancing process won't commence!
Additional Frequently Asked Questions
Q. How does Legal Fee Saver work?
A. You select a Legal Fee Saver Remortgage product during our online application process. We'll notify our law firm Hennah Heyward once the mortgage offer is issued.
Hennah Heyward contact your client(s) to introduce themselves with an engagement letter sent to your client(s). This will outline their services and will include any documentation that needs to be completed and returned so that the transaction
can proceed.
Providing your client(s) respond promptly and no additional legal work is required over and above that needed for a standard remortgage, completion will follow based existing lenders redemption period.
Q. Will my client qualify for Legal Fee Saver?
A. To qualify for a remortgage legal fee saver package, the property should meet the following requirements:
- Be less than £2m in value
- Have been occupied for past 12 months
- Must not require a Transfer of Equity
In addition for flats/apartments:
- The building must be 4 storeys or less
- Must not require a lease extension
Q. What happens if the case requires additional work to that required in a standard remortgage case?
A. Your client will be contacted by the solicitor and advised of the additional work and costs. Your client can then decide whether or not to proceed.
In such circumstances, please notify us immediately before any legal work begins if your client(s) wish to switch over to an alternative product.
Q. Can I use a solicitor firm of my choice with Legal Fee Saver Remortgage?
A. Our Legal Fee Saver Remortgage Incentive is only available via our selected legal partner. If you or your client wish to use other legal firms for the conveyancing, please select an alternative remortgage product.
Q. What happens if my client changes their mind and wishes to swap to a cashback product?
A. Your client can swap product choice from Legal Fee Saver Remortgage to an alternative remortgage product without having to submit a new application up to point of accepting engagement letter with our solicitors.
Q. Do I get paid for using the Legal Fee Saver Remortgage law firm?
A. You will receive your usual procuration fee, however, to keep the product rate competitive there is no additional payment for using this service. The benefits to you are a fast, straightforward service to you and your client.
Q. How are the solicitors paid?
A. We will pay the solicitors directly on behalf of your client(s) for standard remortgage cases. Any additional costs incurred will be invoiced to your client(s).
Q Can I switch from Legal Fee Assist to Legal Fee Saver incentive?
A. Yes, you can. If you wish to take advantage of the new Legal Fee Saver incentive, please contact us to arrange the switch over. Please note that if the case has already been offered (but hasn't yet completed), the following conditions will apply:
- Cases older than 90 days from the application date will require a new credit check.*
- Cases within 14 days of completion are not eligible for product changes.
*A new credit check may lead to a reduced loan if there is a significant change in credit circumstances, and in some cases, this could result in a change to the lending decision.