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  • FIRST POST
    • nadiamaj
    • By nadiamaj 6th Oct 17, 8:30 PM
    • 4Posts
    • 0Thanks
    nadiamaj
    soliciter fees..i dont understand terminology
    • #1
    • 6th Oct 17, 8:30 PM
    soliciter fees..i dont understand terminology 6th Oct 17 at 8:30 PM
    I'm in the process of moving.
    got a letter fromthe soliciter outliningthe fees but i don't understand the wordingof his letter outlining the fees..

    can you shed some light please
    (ive added made up figures soi can undertsand thefigures)


    ......confirm that our fees will be in the sum of £100 plus vat of £50
    there will be a telegraphic transfer fee of £20 plus vat of £10 and any necessary disbursements which will be anticipated of ..

    whats a telegraphic fee
    what is a disbursement.

    thank you
Page 1
    • Cardinal-Red
    • By Cardinal-Red 6th Oct 17, 8:35 PM
    • 638 Posts
    • 140 Thanks
    Cardinal-Red
    • #2
    • 6th Oct 17, 8:35 PM
    • #2
    • 6th Oct 17, 8:35 PM
    The disbursements are things that they pay for on your behalf, such as search fees and local agency fees etc.

    The telegraphic fee will be the fee they charge you for transferring your money from the (presumed?) sale to you.

    I must say though if you're unsure of anything.... Ask your solicitor!
    The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...
    • lika_86
    • By lika_86 6th Oct 17, 8:43 PM
    • 1,158 Posts
    • 4,185 Thanks
    lika_86
    • #3
    • 6th Oct 17, 8:43 PM
    • #3
    • 6th Oct 17, 8:43 PM
    I suspect the telegraphic transfer fee is the fee to send the money up the chain to the people you're buying from, a CHAPS transfer (unlike BACS) costs money but means that the money takes only an hour to be transferred on completion day. The money needs to be transferred this way to avoid a delay to completion.

    As Cardinal-Red said, disbursements are things they pay and which are generally nothing to do with the solicitors you have chosen but are set by someone else.
    • nadiamaj
    • By nadiamaj 6th Oct 17, 8:55 PM
    • 4 Posts
    • 0 Thanks
    nadiamaj
    • #4
    • 6th Oct 17, 8:55 PM
    • #4
    • 6th Oct 17, 8:55 PM
    ok thanks

    so what is the actual sociliters fee for doing the work....i dont want to seem like an idiot asking the solicitor to "dumb" it down
    • TBagpuss
    • By TBagpuss 6th Oct 17, 9:00 PM
    • 5,968 Posts
    • 7,717 Thanks
    TBagpuss
    • #5
    • 6th Oct 17, 9:00 PM
    • #5
    • 6th Oct 17, 9:00 PM
    Yes, TT is the charge for the money being sent so that it is received as cleared funds the same day it is sent.

    Disbursements are anything the solicitor pays on your behalf. - does the letter go on to list what the disbursements will be (things like searches etc)

    But don't be afraid to ask your solicitor if you are not clear.

    In your example, the £100 is what the solicitors are charging you for their work (VAT, which is tax, is paid on top of that so you'd actually be charged £120)
    Last edited by TBagpuss; 06-10-2017 at 9:02 PM.
    • kingstreet
    • By kingstreet 7th Oct 17, 9:23 AM
    • 32,081 Posts
    • 17,170 Thanks
    kingstreet
    • #6
    • 7th Oct 17, 9:23 AM
    • #6
    • 7th Oct 17, 9:23 AM
    ok thanks

    so what is the actual sociliters fee for doing the work....i dont want to seem like an idiot asking the solicitor to "dumb" it down
    Originally posted by nadiamaj
    "confirm that our fees will be in the sum of £100 plus vat of £50"
    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.
    • 00ec25
    • By 00ec25 7th Oct 17, 9:35 AM
    • 5,050 Posts
    • 4,395 Thanks
    00ec25
    • #7
    • 7th Oct 17, 9:35 AM
    • #7
    • 7th Oct 17, 9:35 AM
    so what is the actual sociliters fee for doing the work....i dont want to seem like an idiot asking the solicitor to "dumb" it down
    Originally posted by nadiamaj
    (ive added made up figures soi can undertsand thefigures)

    ......confirm that our fees will be in the sum of £100 plus vat of £50
    Originally posted by nadiamaj
    the solicitor's charge for doing the work is £100

    VAT is charged at 20% so the made up number that you would actually pay for the solicitor's work would be 100 + 20% = £120

    there will be a telegraphic transfer fee of £20 plus vat of £10 and any necessary disbursements which will be anticipated of ..

    whats a telegraphic fee
    what is a disbursement.
    Originally posted by nadiamaj
    as explained everything else will be "expenses" ie. a list of things that you have (or choose) to pay for, such as searches, and unavoidable extra costs that the solicitor recovers from you, such as the bank charge (TT) for moving your money from your solicitor to the vendor's solicitor

    (technically if something is listed as a "disbursement" then it means that no VAT has to be charged on it by your solicitor when he bills you for that expense)
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