Average solicitors fees?

nubsj

Hello

we are buying a house for £202,000

i've got 2 quotes for the conveyancing

one local

one online

they are all in the region of £1350 which includes land registry & searches (but no stamp duty as we're FTB)

does this seem about right? i'm sure it does but want to check we're getting a good deal before throwing myself into it

thanks

kingstreet

Disbursements vary from area to area. The thing you need to check is the fee payable, plus any "extras" which might be added.

For example, a solicitor I use regularly would probably charge you a flat £550 + VAT and that would include any work done for your mortgage lender, phone calls, letters etc. Disbursements, such as land registry, local search, drainage search, environmental search and telegraphic transfer fees would be on top. They would only charge more for a "difficult" leasehold property.

Others might quote a lower fee but then add additional costs as if they are disbursements, rather than extra charges they are using to bump up their fee.

£1,350 sounds a bit high. I would say closer to £1,200 would be more reasonable for my area. Not sure about yours.

Richard_Webster

Let's see the breakdown of the £1,350 as it looks a little high to me.

I think you ought to be able to save £50-£150 on that figure.

nubsj

breaks down as:

£650 basic fee (+VAT - £130)
£280 land registry
£250-300 searches


i've spoken to another solicitor, picked at random from google (but in the town where i work)

£299 (+VAT) basic fee
£280 land regsitry
£97 searches
£8 Land regsitry deeds search
£4 Bankrupcy search
£20 courier for deeds exchange
£55 indemnity insurance

the second chap seemed nice, and thorough, but my worry is the first came remommended by a friend who recently used them for their house prurchase

the second is an unknown quantity.....

Tigerite

We were quoted £1113 for a £177k purchase which broke down as:

£450 basic fee (+ VAT £90)
£85 mortgage fee (+ VAT £17)
£155 searches (local, drainage, completion)
£280 land registry fee
£36 telegraphic transfer fee

lkmc01

We are looking at £350 for a £85,000 house

kingstreet

Tigerite wrote: »

We were quoted £1113 for a £177k purchase which broke down as:

£450 basic fee (+ VAT £90)
£85 mortgage fee (+ VAT £17)
£155 searches (local, drainage, completion)
£280 land registry fee
£36 telegraphic transfer fee

Anyone explain what this was?

Richard_Webster

Quote:
Originally Posted by Tigerite
We were quoted £1113 for a £177k purchase which broke down as:

£450 basic fee (+ VAT £90)
£85 mortgage fee (+ VAT £17)
£155 searches (local, drainage, completion)
£280 land registry fee
£36 telegraphic transfer fee
Anyone explain what this was?

They add on for acting for the mortgage lender to make their original estimate look lower than it actually is!

Another estimate has £55 for "indemnity insurance". As they won't know the details of the case to be able to say that a particular kind of indemnity will be needed there I suspect it is to do with the solicitor's own professional indemnity insurance and just another way of bumping up a low fee!

Tigerite

It basically means their fee is £535 + VAT, including any work done for the mortgage lender as you mentioned above. If I was lucky enough to be a cash buyer then I guess I'd get the £85 + VAT "discounted"

timmyt

kingstreet wrote: »

Disbursements vary from area to area. The thing you need to check is the fee payable, plus any "extras" which might be added.

For example, a solicitor I use regularly would probably charge you a flat £550 + VAT and that would include any work done for your mortgage lender, phone calls, letters etc. Disbursements, such as land registry, local search, drainage search, environmental search and telegraphic transfer fees would be on top. spot on! They would only charge more for a "difficult" they never are just the conveyancers these days are not as well trained like some of us to know our way around leashold docs leasehold property.

Others might quote a lower fee but then add additional costs as if they are disbursements, rather than extra charges they are using to bump up their fee. spot on!

£1,350 sounds a bit high. I would say closer to £1,200 would be more reasonable for my area. Not sure about yours.

as per red above, can't improve on it.

timmyt

nubsj wrote: »

breaks down as:

£650 basic fee (+VAT - £130)
£280 land registry
£250-300 searches


i've spoken to another solicitor, picked at random from google (but in the town where i work)

£299 (+VAT) basic fee you'll get the cleaner for that, definately no one with any legal qualification
£280 land regsitry
£97 searches
£8 Land regsitry deeds search
£4 Bankrupcy search
£20 courier for deeds exchange never heard of it, pure profit so add it to the £299 (such a break down gives us solicitors a bad name)
£55 indemnity insurance same reason !!! it to the £299

the second chap seemed nice, and thorough, but my worry is the first came remommended by a friend who recently used them for their house prurchase

the second is an unknown quantity.....

good luck paying less than £500 plus VAT on any house sale or purchase