Fee assisted legal service for remortgages
A fee assisted legal service may be available on residential and buy-to-let remortgage applications. To speak to the solicitor working on your client's application, see below for contact details:
When using our fee assisted legal service, we will pay for the standard legal work involved. Your client will have to pay additional fee(s), such as payment for redeeming the existing mortgage, electronic identification checks (EID), a transfer of title, or if surplus funds are to be telegraphically transferred on completion. Optima will provide your client with a copy of their standard legal fees and charges within the introduction pack, which is issued once we have formally instructed our nominated solicitor to act on our behalf.
Please note that the fee assisted legal service does not apply if the applicants are not using the Society's nominated solicitor. The fee assisted legal service is not available where the remortgage is not straight-forward including, but not limited to, the following scenarios:
- Where there is a transfer of title from joint to sole names.
- Where money is being raised to purchase equity or as part of a divorce settlement.
- Where the property has been owned for less than six months.
- If the property has been fitted with solar panels.
- Where there is anything onerous/restrictive on the title deeds.
- Where the existing property has an Islamic mortgage linked to it and is being remortgaged to us (as there are additional works required to amend the freehold).
- For porting cases where we are dealing with the let to buy remortgage, and there are early repayment charges on the existing mortgage, it may not be appropriate to use the fee assisted legal service.
- Where a lease extension is required.
If you are unsure whether our fee assisted legal service applies to your client, please contact our intermediary enquiry line on 0344 481 2010 for assistance.
Please note: our service level agreement with the fee assisted legal solicitor firm is 28 days from point of instruction (offer) to completion. If an urgent turnaround is required, then it is recommended that the applicant considers appointing their own solicitor, but this will need to be documented on the Broker Declaration form with confirmation that the applicant is aware of the added cost to them.