Quoted £700 for transfer of Equity - is this high?

[mugginsalert]

Would be very grateful for anyone's help!

I am remortgaging to buy my ex H out of our marital home, and my mortgage includes free standard conveyancing. But, the mortage co. said I need to appoint another solicitor to receive the funds and pass them on to my husband.

I've just been quoted £700 plus VAT to do this by a high street conveyancer. This seems really high for handling a relatively modest amount of equity. In the quote they've said it can also go up if my mortage co. requires searches etc but I can' see why they need to do them.

I'm confused - are they quoting me for more work than I need them to do, or is the process more complicated than it looks? Can anyone recommend someone cheaper?

Thanks in advance. I thought the decision to divorce was tough but I hadn't realised how much there was to the process.

The problem here is your lender. They are just doing the remortgage. They are not doing the transfer in to your sole name. It is wasteful, but the solicitor you appoint to do the conveyancing for you will have to do all the usual work.

Doesn't sound like much to me.

You might want to get a price from a volume conveyancing firm to compare. I think Enact & Optima Legal are in this market (note I don't work for either but they have previously been recommended to me by property lawyers). It's not the kind of work where you need to see lawyers face to face so most work is done online/via email

Thanks both for your replies, really appreciate it.

Collaborate, the lender is charging me an additional £125 for a change of borrower fee which they said will transfer the mortgage to my sole name. They said the reason I need to involve another solicitor is to receive the money and pass it on to my husband because they can't just put it directly into his bank account. Does that sound like normal practice?

Thanks for the tip lizzyb, I'll look at those companies.

Does that sound like normal practice?
No. It sounds bonkers. If they accept they are doing the conveyancing for the transfer they should be paying either your ex or his solicitors.

Thanks Collaborate, will call them tomorrow to check the details of what they are saying. It did sound weird.

lizzyb, Enact have quoted much cheaper - had no idea it would vary so much! Thanks so much.