Conveyancing - Help Please

Fatenbread

lee636 wrote: »

Ive since found out that the above charge (£300 for the searches) is the following:

Environmental Search a Planning Search and a Chancel Repair search and if there is no HIP we carry out a Local Authority and Drainage Search.

There is a HIP in place already and i believe its under 6 months old. Ive had a quick look on www.homecheck.co.uk and all of the searches come to around £100-£150 in total.

Am i missing something obvious?

Thanks again!

They aren't charging you £300 for the searches - they are asking you to make a payment on account in respect of any searches required.

Whent the sale completes you will get a schedule of solicitor fees and disbursements. If the disbursements were less than the payments on account you have made (ie if the HIP negates the need for the local authority & drainage searches), you will get the difference paid back to you.

NB "Disbursements" is just the technical term for "money we have paid to third parties on your behalf". Only the fees go direct to the solicitor.

lee636

So in essence they are covering all bases on an 'in case we need it' basis? Makes more sense now! The

One last thing....Standard Leasehold/Managed Freehold Properties Supplement Costs (if applicable) £150.00 Plus VAT


The property we are buying is freehold and the other 5/6 parts/flats in the conversion self manage the communal side of the grounds etc. Would that mean it wouldnt apply to us?

Fatenbread

lee636 wrote: »

So in essence they are covering all bases on an 'in case we need it' basis? Makes more sense now! The

One last thing....Standard Leasehold/Managed Freehold Properties Supplement Costs (if applicable) £150.00 Plus VAT


The property we are buying is freehold and the other 5/6 parts/flats in the conversion self manage the communal side of the grounds etc. Would that mean it wouldnt apply to us?

If you are buying a house with a freehold, it is not payable.

If you are bying anything leasehold, or a flat that has the share of a freehold (and that freehold is management by a flat management company or similar), then you will pay it. It's a supplemental fee because leaseholds / share of freeholds involve more contracts, so more work for your lawyer.

lb364

Fatenbread wrote: »

lee636 wrote: »

The buyer (ie you) pay the stamp duty. There's no getting away from this (other than buying a cheaper house - the threshold is around £200k).

It's £250k for a FTB

G_M

lee636 wrote: »

The property we are buying is freehold and the other 5/6 parts/flats in the conversion self manage the communal side of the grounds etc. Would that mean it wouldnt apply to us?

What?! This is a converted house? With 6 or 7 'parts/flats' (including the one you are buying?
yet you believe you are buying a freehold property?

Either you are mistaken or you have a legally very dodgy arrangement - avoid.

Richard_Webster

Fatenbread wrote: »

Quote:
Originally Posted by lee636

The buyer (ie you) pay the stamp duty. There's no getting away from this (other than buying a cheaper house - the threshold is around £200k).
It's £250k for a FTB

Obviously OP has to be careful that he and anyone buying with him are both FTBs within the HMRC criteria which is not the same as that used by a lot of mortgage lenders, and is much stricter.

timmyt

Fatenbread wrote: »

lee636 wrote: »

Were FTB so the stamp duty is nonsense.
[/QUOTE]

Stamp duty is a tax payable (by the buyers) based upon the purchase price of the property. So not nonsense, I'm afraid.

FTB's don't pay sdlt under £250k, so be accurate or do not POST!

timmyt

Fatenbread wrote: »

If you are buying a house with a freehold, it is not payable.

If you are bying anything leasehold, or a flat that has the share of a freehold (and that freehold is management by a flat management company or similar), then you will pay it. It's a supplemental fee because leaseholds / share of freeholds involve more contracts, so more work for your lawyer.

wrong again. freehold you can pay it if there is an estate charge for communal maintenance.

sebtomato

lee636 wrote: »

Hi all,

I've just obtained a conveyancing quote from a very local solicitor and wanted an outside opinion if something is glaringly wrong with it. Im not too fussed if something is a few quid more than the average but more so if something just overpriced dramatically etc. All prices below have inc VAT.

I am currently going through a purchase using Fidler and Pepper solicitors, and it's going well. They are very responsive.

If you want to compare with your prices, you can see their website for a quote at: http://www.fidler.co.uk/conveyancing-solicitors/online-quote.cfm

lee636

G_M wrote: »

What?! This is a converted house? With 6 or 7 'parts/flats' (including the one you are buying?
yet you believe you are buying a freehold property?

Either you are mistaken or you have a legally very dodgy arrangement - avoid.

Sorry, share of the freehold. Its a Victorian conversion, common for this area.