Conveyancing fees...

Matt_T_3

So going through with our first house purchase, first time buyers so purchase only. Was offered £1000 cashback from our EA if we used their mortgage broker and conveyancers. We knew they would charge more than we could probably find elsewhere but thought we would use them anyway as chances we wouldnt get quotes £1000 cheaper elsewhere (plus theyve deducted £1000 from the mortgage so we save on interest over the mortgage term).

However, weve just got the conveyancing quote through, its over twice what i have been quoted on the net. Was just seeing if people could put their opinions on what their charges are like and if they are charging for any unnecessary or overpriced services?

Conveyancing fees - £649
ID Validation - £10 per applicant
VAT - £117.08
Stamp Duty - £2170
Land Reg - £280
Conveyancing Searches - £126.90
Land Tax Allowance - £88.13

I realise the £649 is about 3 times more expensive than online quotes but nothing i can do about that (is there?) What are the searches and land tax allowance charges as online quotes havent displayed these?

Also, it states this seperate from the quote...

If you are financing your purchase with a mortgage, where we are instructed by your lender and under the terms of your mortgage offer you are responsible for your lenders legal costs, our fees will be £150 plus VAT per mortgage secured on the property

Does this mean they will add £150 to the bill? As we are having a mortgage.

This is the quote i got from ConveyQuote...
Solicitors Fees
Standard Legal Fee - Purchase - £98.00
Mortgage on Purchase - £80.00
Stamp Duty Land Tax Return - £50.00
VAT on Fees (currently 17.5%) - £39.90

Disbursements
Searches* - £0.00
HMLR Search Fee - £5.00
Bankruptcy Search Fee - £5.00
HMLR Registration Fee - £280.00
Bank Telegraphic Transfer - £45.82 (inc VAT)
Electronic ID Fee - £15.00

TOTAL Legal Fee** - £618.72

Thanks for any advice!

LadyLawyer

Yes, it is unnecessary to charge you separately for acting for your lender together with stamp duty land tax return (it's another charge for filling in a form); the ID validation charge also seems a bit cheeky to me.

You should have been warned in writing by the agents and brokers that they will be receiving a financial incentive from the solicitors for this work, i.e. they could in fact be charging less and not paying the agents/brokers to give them the work. It sounds as if your estate agents are seriously overcharging you if they can afford to give away £1,000 too - they will only be getting say £200 of the legal fees.

Richard_Webster

The first quote works out at £874 plus VAT (if you include the SDLT form completion and extra fee for the mortgage) which I reckon is a good 50% or more over the top of what is reasonable.

The other quote looks far too cheap and suggests either that they are hiding some more extras in small print they will hit you with later, or that they are operating a "pile em high and sell em cheap" philosophy which means that yours will always be at the bottom of the pile....

Phone some local solicitors and ask for detailed estimates including all likely extras.

If the seller is prepared to reduce the price by £1,000 (you are not telling me that the estate agents are finding the £1,000 are you?) then why shouldn't the seller be approached direct to agree to sell for £1,000 less because he should end up being no worse off if he does. Whatever happens you are only going to get a mortgage based upon your lender's maximum LTV ratio on the price as discounted.

Matt_T_3

Richard_Webster wrote: »

The first quote works out at £874 plus VAT (if you include the SDLT form completion and extra fee for the mortgage) which I reckon is a good 50% or more over the top of what is reasonable.

The other quote looks far too cheap and suggests either that they are hiding some more extras in small print they will hit you with later, or that they are operating a "pile em high and sell em cheap" philosophy which means that yours will always be at the bottom of the pile....

Phone some local solicitors and ask for detailed estimates including all likely extras.

If the seller is prepared to reduce the price by £1,000 (you are not telling me that the estate agents are finding the £1,000 are you?) then why shouldn't the seller be approached direct to agree to sell for £1,000 less because he should end up being no worse off if he does. Whatever happens you are only going to get a mortgage based upon your lender's maximum LTV ratio on the price as discounted.

The online quote is recommended from here...
(cant post a link but - theadvisory.co.uk/conveyancing-reviews.php)

Hence feeling its a legitimate company and price. Although further research shows searches are pretty vital so should be added to their price.

The vendor is not offering the £1000 cashback, it is the EA, its a Barnard Marcus offer, from my research its only valid if both vendor and buyer use the EA approved conveyors and brokers, hence why they get their money back and more over the 2 clients.

So we've attained our quoted price is too high in general, but can i argue any of these with the particular firm or will they just turn around and say "sorry but thats what we charge, go somewhere else otherwise"?

chickenist

What did you decide about this firm? We are wondering exactly the same thing... they are recommended but are very cheap - does anyone else have any experience of them?