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  • FIRST POST
    • JSPENCER
    • By JSPENCER 17th May 17, 12:23 PM
    • 35Posts
    • 9Thanks
    JSPENCER
    Conveyancing Question.
    • #1
    • 17th May 17, 12:23 PM
    Conveyancing Question. 17th May 17 at 12:23 PM
    Hi Guys


    First time buyer, and securing my first property seems to be going smoothly so far.


    The mortgage is pretty much agreed, just about to sign the forms and send them back off - however...


    There is a charge for 'conveyancing' estimated at £330, to cover conveyancing being undertaken on the lenders behalf. It's non-refundable, and is in addition to fees that my own solicitor will charge.


    This is probably the only thing I've been confused about during the whole process so far - I recently paid £300 to kick start conveyancing with my solicitor, and as part of my 'fee-saver' mortgage didn't expect this to be in the pack.


    Can anyone shed any light? Is it normal to pay conveyancing to both your own and to your lenders solicitor? My solicitor is on the 'panel' for the lender, so not sure if the costs will actually just be part of what I'm already paying (although the wording doesn't suggest this).


    I have a call at 6pm with the chap arranging the mortgage for me, but as with many people I want an answer now.


    Appreciate the replies in advance.
Page 1
    • amnblog
    • By amnblog 17th May 17, 12:26 PM
    • 10,012 Posts
    • 3,896 Thanks
    amnblog
    • #2
    • 17th May 17, 12:26 PM
    • #2
    • 17th May 17, 12:26 PM
    Sounds like a standard clause on the mortgage illustration that will not affect you.

    Suggest you exercise 5 1/2 hours patience and ask your broker later.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • JSPENCER
    • By JSPENCER 17th May 17, 12:27 PM
    • 35 Posts
    • 9 Thanks
    JSPENCER
    • #3
    • 17th May 17, 12:27 PM
    • #3
    • 17th May 17, 12:27 PM
    Sounds like a standard clause on the mortgage illustration that will not affect you.

    Suggest you exercise 5 1/2 hours patience and ask your broker later.
    Originally posted by amnblog


    Thanks - any suggestions on how to kill 5.5 hours?
    • amnblog
    • By amnblog 17th May 17, 12:28 PM
    • 10,012 Posts
    • 3,896 Thanks
    amnblog
    • #4
    • 17th May 17, 12:28 PM
    • #4
    • 17th May 17, 12:28 PM
    Read the Labour and Tory Manifestos cover to cover, then check the sums?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 17th May 17, 12:32 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    • #5
    • 17th May 17, 12:32 PM
    • #5
    • 17th May 17, 12:32 PM
    This is just a notional sum used to calculate the APR as it involves work done for the lender at your expense.

    Assuming your solicitor is acting for the lender as well as for you, the cost is included in your quote and not an additional cost.

    if the lender was employing a solicitor to act for it, as only happens rarely these days, you would have an additional bill to pay, but this would have been explained to you upfront.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • JSPENCER
    • By JSPENCER 17th May 17, 12:39 PM
    • 35 Posts
    • 9 Thanks
    JSPENCER
    • #6
    • 17th May 17, 12:39 PM
    • #6
    • 17th May 17, 12:39 PM
    This is just a notional sum used to calculate the APR as it involves work done for the lender at your expense.

    Assuming your solicitor is acting for the lender as well as for you, the cost is included in your quote and not an additional cost.

    if the lender was employing a solicitor to act for it, as only happens rarely these days, you would have an additional bill to pay, but this would have been explained to you upfront.
    Originally posted by kingstreet


    Thanks for the reply - I'm not sure if the solicitor is acting for the lender as well - however my solicitor has confirmed there will be no further charges from them for MY conveyancing, so I guess I'll know for certain later.


    Just seems odd to add it in if the lender may not employ a solicitor to act for it (backs up your first assumption that the solicitor may be acting for both parties though, and the fee will be part of what I've been quoted already)
    • davidmcn
    • By davidmcn 17th May 17, 12:54 PM
    • 6,067 Posts
    • 5,817 Thanks
    davidmcn
    • #7
    • 17th May 17, 12:54 PM
    • #7
    • 17th May 17, 12:54 PM
    Just seems odd to add it in if the lender may not employ a solicitor to act for it
    Originally posted by JSPENCER
    The lender will always have a solicitor, and you will always be paying the solicitor's fees for the work they do on behalf of the lender (unless there's a special deal where the lender pays the legal fees, which there sometimes is for remortgages).

    Their solicitor may also be your solicitor.

    But in short, nothing to be concerned about.
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