Solicitors Fees........ WOW So much

Danandsarah

Hi Guys, us again, after some more advice.

We have recently had a quote from our solicitors for Residential Conveyencing and it has scared the living day lights out of us coming in at a hefty £4329.07 (Inc Vat). now £2500.00 is for our stamp duty which leaves an additional £1829.07 in fees etc. I have listed the details below and wondered if this is normal? a fair price? any thing we can not have done etc to keep these costs down.

All excluding VAT
£500 Purchase fee (Value of house at 250,000)

£200 Additional legal fees on developer incentive requiring second charge.

£30 Purchase Telegraphic transfer admin fee

£6 Land registry searches
£4 Bankruptcy search fee
£280 Land registry fee
£2500 stamp duty
£52.50 Local search indemnity insurance for exchange if purchasing off plan and no fixed date for completion
£70.50 Drainage & Water Search (If no HIP)
£41.95 Enviromental search
£23.50 Identity check fee
£47.00 Post, tele * copying charges
£100 Local authority seach for completion if no HIP
£50 Miscellaneous disbursements
£88.13 Mortgage/ Lanlord registration fees
£176 Delelopers engrossment fee
£31.49 No search chancel indemnity insurance


All of the above seems a lot???? is it normal.

Everyones help is very much appriciated.

CloudCuckooLand

Your solicitors, or the one provided by the developers ?

To reduce costs, tell the developer to pay the stamp duty !?

Voyager2002

I do suggest that you get some alternative quotations. I am surprised that you are being asked to pay your solicitors for the identity check, and I would also ask them why chancel indemnity insurance is needed. I would certainly question the figures for 'miscellaneous disburements' and for photocopying.

Danandsarah

Thanks, its actually the one recommended from the builders.

We have already pushed the price down so much with them i dont think think they will do this for us. But i will try my luck.

Are all these fees really needed, its a new build

PasturesNew

Most of that lot aren't solicitor fees, you'd be paying them even if you were doing your own conveyancing.

mclaren2005

Developers engrossing costs that's excessive, they are usually around £75.00. Mortgage /Landlords Registration fees is it Leasehold then? A Land Registry search is only £4.00 why are they charging you £6. Why are they charging postage etc when they are charging £500 surely this should be included in their fees. Additional Legal Fees because the developer wants a second charge this is excessive. If you are a First time buyer there is no stamp duty up to £250000 but if either you or your partner have owned a house either alone or with some else, you will have to pay it. Think you are being majorily ripped off! If you get other quotes be careful of internet based ones because they start off cheap and you get loads of add ons!!!

CloudCuckooLand

Danandsarah wrote: »

its actually the one recommended from the builders...

What a surprise. How did I know to ask that question..?!

Get your own solicitor - from a family or friend recommendation - even if not cheaper, you need them to protect your interests.

On a new build, one of the common problems is the build over-running. If your mortgage offer expires or a job is lost, you could be tied into buying something you can no longer fund - you need to have get-out clauses - which a developer's pet solicitor will probably not mention.

Eric1

Danandsarah wrote: »

£200 Additional legal fees on developer incentive requiring second charge.
£176 Delelopers engrossment fee

what the ... are these?

Danandsarah wrote: »

£47.00 Post, tele * copying charges
£50 Miscellaneous disbursements

my solicitor charged 0

clutton_2

engrossment is a posh word for typing.....

keith969

Danandsarah wrote: »

Thanks, its actually the one recommended from the builders.

We have already pushed the price down so much with them i dont think think they will do this for us. But i will try my luck.

Are all these fees really needed, its a new build

You are getting shafted because you are buying off plan and using the developer's solicitor. But these fees may pale into insignificance compared to the difference between what you are paying and the property resale value...

ginandtonic1988

I work for lawyers and we specialise in new build and we do not charge anymore for the new builds then we do the second hand propertys. If anything you may get a better deal on fees as the builder want the lowest fees for their client as possible. Anyway see my comments below regarding fees:-

£500 Purchase fee (Value of house at 250,000) Ok standard fee

£200 Additional legal fees on developer incentive requiring second charge - is this per charge? I only charge 100 plus vat per charge for newbuild, check how many charges you have, if your homebuydirect you may find you have two charges plus your main lender if your shared equity then its one charge plus your main lender.

£30 Purchase Telegraphic transfer admin fee - ok

£6 Land registry searches, correct
£4 Bankruptcy search fee, correct
£280 Land registry fee, correct
£2500 stamp duty, correct
£52.50 Local search indemnity insurance for exchange if purchasing off plan and no fixed date for completion, required only if your search runs out before you complete
£70.50 Drainage & Water Search (If no HIP) wouldn't bother with a drainage search for new build
£41.95 Enviromental search - correct if you want this search, this is optional
£23.50 Identity check fee - we don't charge this as I check clients identity the old fashioned way!!
£47.00 Post, tele * copying charges - is this not included in your legal fees?
£100 Local authority seach for completion if no HIP - correct
£50 Miscellaneous disbursements .......?? ask them to explain I don't think you would need this much
£88.13 Mortgage/ Lanlord registration fees correct if management company, are you buying a freehold or leasehold?
£176 Delelopers engrossment fee, this is a little high but not unusual
£31.49 No search chancel indemnity insurance, this is an optional extra

Hope this is of some help for you and goodluck with your purchase.