First time buyer, no clue what I'm doing. Mortgage broker or not?

blizeH

Just got this in response:

Thank you for email. Congratulations again!

With regards to Dee & Griffin, the local firm of solicitors. This isn't a company which has a connection to us in anyway, We have been working very closely with them for over 12years now. They provide a very good service and work on a NO SALE, NO FEE BASIS. Which is excellent.

On the mortgage side, Unfortunately John is in a meeting at the moment but as far as I am aware he was able to come up with some really good rates and exclusive deals last night so it might be worth having another chat with him before you make any further decisions. I will get him to perhaps give you a quick call later on if this is ok?

The first bit sounds a bit contradictory to me. And the second bit I'm not sure on at all.

Should I say thank you with regards to the solicitors, and can I have a couple of days to think about it, and with regards to the second one thank you but I'd rather not waste any more of his time?

Thanks again guys...

Horizon81

It's time to be forceful and tell then you do NOT want their broker or recommeded solicitor and you want no further correspondance with them.

At the end of the day the EAs are salespeople, skilled in the art of negotiation and you aren't. Stop being so polite and tell them flatly that you are arranging your own mortgage and choosing your own solicitor.

They'll probably come back and tell you that your missing out on the best deals but its all just patter. It's time for 'no more mr guy'!

blizeH

Done! thanks Horizon. I haven't ruled out 100% their own solicitor but have already started enquiring to different places. I informed the lady of this and will hopefully have decided within a couple of days anyway, so we'll see how it goes.

The broker is definitely a no go for me, and I said as such. I'd feel bad using up any more of that guy's time anyway!

blizeH

Just been quoted £3,300 including the stamp duty from the solicitor here, a fairly considerable £600 more than it would be using the EA's own solicitor.

Is it generally worth that much extra to have a completely impartial and independent solicitor? Of course I'm going to ask and shop around a little more but I'm just curious as to that particular one.

Cheers

Horizon81

£600 more? I'd expect to pay no more than that for the total solicitors bill!! (excluding stamp duty of course). When phoning around solicitors for quotes you should ask for a breakdown of their costs so you can see how they arrive at their figure. Land registry registration, searches, bankrupty check etc are standard and shouldn't vary between solicitors. All solicitors charge a 'fee' for their legal costs which is on top of all these. I wonder if the EA's recommended solicitor only quoted you a price for their legal costs but not the total cost including the searches.

I've never been offered a solicitor via an EA before but would tend to agree with the sentiments of those on page 1 of this thread that there is a conflict of interests and you should try and find your own solicitor.

blizeH

Thanks again Horizon, seems I was slightly out, but it's still £500 more which is a very considerable amount.

http://www.deeandgriffin.co.uk/quotes.asp?id=3 - Looks like £550 here plus VAT and 'disbursements' - which is pretty vague to be fair. Will give them a call when I get home.

I need to request a breakdown of the things you mention too though, good shout thanks!

chickaroonee

I'd personally go with whoever you find who is recommended to you (within a reasonable budget of course). Cheapest is not always best for a solicitor! And in any case you need a detailed quote for it to be comparable, as some will include searches and and so on, some will only quote their work if that makes sense.

Your solicitor is key to the whole process going through - a good solicitor still charges much less than most EAs and in my opinion, are much, much, much more important.

blizeH

Thanks - I'll be considerate of that then. I have heard good things about the one recommended by the EA too, a friend has used them and said the transaction went through very smoothly, so it does go in their favour a little. But I definitely need to research this a little more.

The broker has phoned me twice since I said I wasn't interested in a deal! He just quoted me £15.36p/m I think for both life insurance, and critical health insurance, but I think that just pays out the mortgage amount over the duration. I'm hoping to overpay a lot so think I'll give it a swerve, unless I really should take it. He did say it was 'unethical' to try and arrange a mortgage for me without insurance, which I took with more than a pinch of salt...

Fire_Fox

blizeH wrote: »

With regards to Dee & Griffin, the local firm of solicitors. This isn't a company which has a connection to us in anyway, We have been working very closely with them for over 12years now. They provide a very good service and work on a NO SALE, NO FEE BASIS. Which is excellent.

On the mortgage side, Unfortunately John is in a meeting at the moment but as far as I am aware he was able to come up with some really good rates and exclusive deals last night so it might be worth having another chat with him before you make any further decisions. I will get him to perhaps give you a quick call later on if this is ok?

You need to get tougher, honey, they are trying every which way to bully you into doing things their way. No connection means they don't share a parent company or directors, it DOESN'T mean there aren't any kickbacks going on. If you have clearly stated you will not be using their mortgage broker why does he need to ring you? I would be unhappy that the estate agents are not respecting my wishes.

blizeH

I agree, thanks FF. That's why I said it was contradictory to me. Also I don't like the way it seems there are some additional charges which weren't mentioned.