Conveyancing shock quote!!!!!!!!!!!!

PasturesNew

lynzpower wrote: »

Hang on - have I got this right?

You have a QUOTE- not estimate- for all the work that was to be done BEFORE you went to auction?

And now its coming back over 1k?

This needs clarification to the OP as most people don't realise there is a difference between a quote and an estimate.

Quote: This is the price it will be done for
Estimate: This is the price it will probably be done for, but along the way there may be extras needed which we can't guess at until we've started.

lemontree

I asked for a quote, not an estimate.We are not big time Landlords where money is no object but Pensioners trying to supplement our Pensions!

bryanb

The quote appears to cover the conveyance, the searches etc are costs that cannot be quoted in advance.

PasturesNew

lemontree wrote: »

I asked for a quote, not an estimate.We are not big time Landlords where money is no object but Pensioners trying to supplement our Pensions!

So it is a Buy to Let property you bought at auction?
And a BTL mortgage you're getting? Or are you paying cash?

lemontree

We are paying cash

Debt_Free_Chick

AFAIK a quote for conveyancing will exclude the cost of searches, stamp duty, land registry fee etc ..... these are simply "passed on" to the buyer. The conveyancing quote is for the legals to ensure that the title is properly transferred to the buyer .... and nothing else.

LA searches could be £300-400

lemontree

Although it would seem that there are extra charges when conveyancing I still think it is sharp practice by a Solicitor not to mention this in order to obtain the business.

puddy

i dont understand auctions, dont you get the searches and survey done before you bid on the property? what if there is something awful going to happen to the property or the locality and you dont find out until after the auction, you are already committed to buy it then at the price you bid for it, you cant back out can you??

Debt_Free_Chick

lemontree wrote: »

Although it would seem that there are extra charges when conveyancing I still think it is sharp practice by a Solicitor not to mention this in order to obtain the business.

I can see your point, but these extra charges are the same whichever solicitor you use. The only way to compare different solicitors' costs is to look at the conveyancing fee, only.

Perhaps solicitors assume that we all know about these extra costs?

I remember buying my first property 20 years ago and although there was no stamp duty, I was shocked at the "additional charges" as I wasn't aware of them - I guess you don't know what you don't know, even if what you don't know is "common knowledge".

lotto-dreamer

Debt_Free_Chick wrote: »

I can see your point, but these extra charges are the same whichever solicitor you use. The only way to compare different solicitors' costs is to look at the conveyancing fee, only.

Perhaps solicitors assume that we all know about these extra costs?

I remember buying my first property 20 years ago and although there was no stamp duty, I was shocked at the "additional charges" as I wasn't aware of them - I guess you don't know what you don't know, even if what you don't know is "common knowledge".

The conveyancing fee only can also be a bit misleading - most solicitors will give you an estimate of their "fees" for conveyancing based on the purchase/sale price (as long as the matter is straightforward and doesn't become longwinded and incur additional costs) However, it doesn't stop there.

Unfortunately, what they don't often include in their fees are things you may find additional when you get your bill - such as postage and copying, stamp duty land tax form (purchase only and this has to be filled in and submitted to IR whether stamp duty or not) which can be up to an additional £75 + vat The form is relatively quick to fill in for the solicitor but complicated if you don't have all the details which are usually on solicitor's file - (I do feel this is 'money for jam' though) etc. These fees are over and above any fixed price estimate you may have been given.

On top of this the disbursements are unavoidable and don't go directly into solicitor's pocket.

Overall though, if you look at what estate agents get paid - solicitor's fees are usually much less.

But, yes, solicitor's invoices can be a nasty shock.