who pays the bank's solicitors fees?

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sienna1
Member
@sienna1
Join Date: 2007
Post Count: 47
November 6, 2007 - 10:04 am
hi there,
we are just signing our mortgage papers for our investment property and apart from them getting the stamp duty wrong they are charging us $1200 for their solicitors's fees. I am pretty sure that is wrong.. we have our solicitor but want to know if i have to pay for theirs too.
no where in the application did it say we needed to pay for theirs.
could i get a quick confirmation from those in the know. it is with LoanAustralia.
cheers
mel
raddles
Member
@raddles
Join Date: 2006
Post Count: 187
November 6, 2007 - 11:02 am
Hi there
it is usual for you to have to pay the bank's solicitor's fees as part of the loan details – it should have been disclosed in any credit fees and charges.
Their fees may include the costs of stamp duty for a mortgage – but if you are in doubt about whether they have charged you properly – contact a legal costs consultant in your state.
If you are in QLD – you can PM me as I can probably give you an idea if there has been an overcharge
thanks
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 6, 2007 - 12:16 pm
Most of the major lenders have their own in-house legal teams and the fees are incorporated into the loan. But a lot of the smaller non bank lenders actually charge separately for legals. $1200 is a fair bit. (Some lenders may say nil app fees, but then slug you with other fees to make up for it!).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au