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  • FIRST POST
    • samabbey4
    • By samabbey4 17th Jun 17, 10:42 PM
    • 20Posts
    • 1Thanks
    samabbey4
    Please help! Am I being ripped off?
    • #1
    • 17th Jun 17, 10:42 PM
    Please help! Am I being ripped off? 17th Jun 17 at 10:42 PM
    Hello the house I'm purchasing is only 55000 and these are the fees I've had to pay

    1. Broker ; £500
    2. Valuation (Halifax) ; £280
    3. Conveyancing transaction fees ; £490
    4. Lenders service fee ; £150
    5. Money laundering checks ;£10
    6. SDLT service fee ; £75
    7. Bank transfer fee ; £45
    PLUS 154£ VAT

    8. Search package £300
    9. Coal authority search fee £46.44
    10. HM land registry fee on registeration of title £20
    11. Case software fee £30

    It just seems too much to me �� What's people's thoughts? Also the SDLT fee would I need to pay?
    Last edited by samabbey4; 17-06-2017 at 10:58 PM. Reason: Typo
Page 1
    • samabbey4
    • By samabbey4 17th Jun 17, 10:43 PM
    • 20 Posts
    • 1 Thanks
    samabbey4
    • #2
    • 17th Jun 17, 10:43 PM
    • #2
    • 17th Jun 17, 10:43 PM
    Also a 70.000 gifted deposit fee
    • G_M
    • By G_M 17th Jun 17, 11:30 PM
    • 40,200 Posts
    • 45,954 Thanks
    G_M
    • #3
    • 17th Jun 17, 11:30 PM
    • #3
    • 17th Jun 17, 11:30 PM
    Not much there to take issue with.

    Decent solicitors would include dealing with the SDLT form, and money laundering, as part of their basic fee (ie included in the Conveyancing transaction fee), but if go for a cheap conveyancing quote, then you get hit by sneaky extras.

    The £75 SDLT fee is not the tax to the government, ir is the fee for filling in the (compulsory) form to tell the government there is no SDLT to pay in this case. You could, of course, fill it in yourself and save £75.

    Mosr banks charge £25 - £35 for bank transfer, but I guess this conveyancer's bank may charge £45. Or they may be marking it up.
    • samabbey4
    • By samabbey4 17th Jun 17, 11:33 PM
    • 20 Posts
    • 1 Thanks
    samabbey4
    • #4
    • 17th Jun 17, 11:33 PM
    • #4
    • 17th Jun 17, 11:33 PM
    So am I allowed to suggest filling out the form myself? Will they be ok with this? Thank you for replying
    • hazyjo
    • By hazyjo 17th Jun 17, 11:53 PM
    • 9,180 Posts
    • 11,543 Thanks
    hazyjo
    • #5
    • 17th Jun 17, 11:53 PM
    • #5
    • 17th Jun 17, 11:53 PM
    These will help. One's older, but prob all comments still relevant.

    http://forums.moneysavingexpert.com/showthread.php?t=5431654

    http://forums.moneysavingexpert.com/showthread.php?t=2359749
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies)
    • samabbey4
    • By samabbey4 18th Jun 17, 6:32 AM
    • 20 Posts
    • 1 Thanks
    samabbey4
    • #6
    • 18th Jun 17, 6:32 AM
    • #6
    • 18th Jun 17, 6:32 AM
    Thank you x
    • JP1978
    • By JP1978 18th Jun 17, 10:47 AM
    • 254 Posts
    • 206 Thanks
    JP1978
    • #7
    • 18th Jun 17, 10:47 AM
    • #7
    • 18th Jun 17, 10:47 AM
    Broker fee? Is that mortgage broker?

    Many are 'free' to you.... the bank pays for their time once completed.
    • G_M
    • By G_M 18th Jun 17, 12:07 PM
    • 40,200 Posts
    • 45,954 Thanks
    G_M
    • #8
    • 18th Jun 17, 12:07 PM
    • #8
    • 18th Jun 17, 12:07 PM
    So am I allowed to suggest filling out the form myself? Will they be ok with this? Thank you for replying
    Originally posted by samabbey4
    Yes you can suggest it.

    No they won't be OK with that as they'll want the £75 fee.

    Yes you can insist on doing it yourself - put this in writing.

    But no, often a mortgage lender will insist it is done by a solicitor (to ensure the tax is properly dealt with for the property they are taking the risk on).

    Though as there'll be no tax to pay in this case the lender may not care.

    Here's the form:

    https://www.gov.uk/guidance/sdlt-completing-the-paper-return
    • ACG
    • By ACG 18th Jun 17, 12:22 PM
    • 15,079 Posts
    • 7,621 Thanks
    ACG
    • #9
    • 18th Jun 17, 12:22 PM
    • #9
    • 18th Jun 17, 12:22 PM
    I do not think it is unreasonable.
    when you compare it to a £55k purchase price it seems high, but the work is the same regardless of purchase price.
    I am a Mortgage Adviser
    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.
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