lawyers fees for changing mortgage

Rob Watson · Post by **Rob Watson** » Wed May 14, 2008 9:30 pm

Hi, I wonder if any of you property owners out there can give me the benefit of your experience please?

The wife and I are considering changing our Portugese mortgage in order to get a better deal. It all seems very attractive because the new bank covers almost all of the associated costs in order to sweeten the deal. The only thing they won't cover is the cost of the lawyer to deal with the deed and other associated paperwork etc.

Thing is I've just nearly fell off my chair when the lawyer who dealt with the purchase of the property (who came recommended and was very good by the way) wants to charge us 1210 euro (including VAT) to do the job!

Can someone out there tell me from their experience whether that sounds sensible? I don't know if my expectations are unrealistic or perhaps I am drastically underestimating just how much work is involved in this type of transaction, but this sounds like a hell of a lot of cash to me just to swap a mortgage.

I am an lawyer in England for my sins (so maybe I deserve to ripped off by another lawyer I hear you say!

)....I thought English lawyers were expensive but woah, I need to get a job in Portugal if this is right!

We are really keen to swap the mortgage because the better interest rate makes quite a difference to the monthly payments, but finding 1210 euro to pay the lawyer makes it prohibitive.

Any advice welcome. Thanks in advance. Rob

tommurray1 · Post by **tommurray1** » Wed May 14, 2008 10:17 pm

HI Rob

my wife and I have been quoted €500 each for making a will on a property in our joint names -- similar to your story we got a good lawyer in Carvoeiro - but it seems very expensive.

I wonder is there any website where they give benchmark advice on legal costs in Portugal ??

Graham · Post by **Graham** » Thu May 15, 2008 9:29 am

Hi Rob - I had to move my mortgage when Abbey National stopped allowing offshore companies three years or so ago - my fees were actually quite a bit more than this so it looks reasonable to me

Graham

PS be prepared for it to take quite some time to achieve!

Rob Watson · Post by **Rob Watson** » Thu May 15, 2008 1:32 pm

Thank you both for replying, I do appreciate you sharing your experiences.

Looks like I'm either gonna have to bite the bullet or stick with my more expensive mortgage!

e-richard · Post by **e-richard** » Thu May 15, 2008 2:41 pm

Rob Watson wrote:..I'm either gonna have to bite the bullet or stick with my more expensive mortgage!

Surely that depends on the annual Mortgage saving.
If you take the annual mortgage saving and divide that number into 1210, it will tell you how many years you have to keep your property for

JohnT · Post by **JohnT** » Thu May 15, 2008 4:28 pm

Hi Rob, I have sent you a PM that may be of interest

BobT · Post by **BobT** » Fri May 23, 2008 7:20 pm

Hi

We are in the process of selling a villa without a lawyer (advogado), as the two we spoke to wanted 0.5 and 0.7%. 3-5000 Euros. We are using a solicitor, not a fully fledged lawyer (recommended by our bank) who is charging 300 euros. She is familiar with property transactions and is in effect only acting as a translator for us.

Bruce Wallis · Post by **Bruce Wallis** » Sat May 24, 2008 7:31 am

We used a one man band lawyer in silves. He was really good, and didn't cost us an arm and a leg.

You certainly couldn't hear ther clock ticking in the way you can with a British Lawyer every time he picked up the phone.

Maybe Rob....it's God paying you back on behalf of your English clients