Finding Conveyancer for a FTB

The_Palmist

Hi Folks, I have just had my offer accepted and mortgage agreed in principle. Seeing the bank on Monday for a full application. I have just realised that I need a solicitor as well.
Any tips on finding a cheap but genuine conveyancer in Bradford. I obtained some online quotes from evolvedconveyancing : £330
conveyancing-cms : £548
I have absolutely no experience in this, any help would be much appreciated.

thanks

davilown

quadruple the first quote and x2.5 the second and that seems to be the going rate (without the hidden extras) for reputable solicitors

Richard_Webster

You need to break down those figures more and check all the small print and terms and conditions.

Do they include Searches (which ones?) and Land Registry Fees?

Is the solicitor charging for completing the Stamp Duty Land Tax Form (still has to be completed to claim the exemption)?

Is there an extra charge for acting for the lender on the legal work relating to the mortgage?

Richard_Webster

Hi Folks, I have just had my offer accepted and mortgage agreed in principle. Seeing the bank on Monday for a full application.

So you are buying then, not selling?

Sale Costs

Quote is for selling, not buying

Standard Legal Fee £99.00
Identity Check £10.00
Bank Transfer £45.00
Mortgage Lender Fee £55.00
No Move No Fee £60.00
VAT on our Fees £53.80

Disbursements
Land Registry Entry and Plan £8.00

Total cost of your Sale £330.80

£99 is stupidly low so there will probably be some hidden extras somewhere in the small print that you will end up paying 80% of the time!. Some firms say in their small print that they charge £150 if they have to ask any extra questions (and they nearly always do).

They may well charge more for a purchase anyway and you will have a Land Registry Fee which will depend on the price - how much are you paying for the property? As they have given you a quote for a sale they haven't included searches either.

The_Palmist

Ahh yes noticed that mistake.
New breakdown:

Purchase Costs

Standard Legal Fees
£99.00
Identity Check
£10.00
Bank Transfer
£45.00
Mortgage Lender Fee
£95.00
No Move No Fee
£60.00
VAT on our fees
£61.80
Disbursements
Land Registry Fee
£200.00
Land Registry Search
£4.00
Land charges/Bankruptcy search (per person)
£2.00

Total cost of your Purchase
£576.80

jjlandlord

The_Palmist wrote: »

Mortgage Lender Fee
£95.00

I'm no expert, but why would your solicitor charge you a 'mortgage lender fee'?

The_Palmist wrote: »

No Move No Fee
£60.00

So there's an extra fee in order not to pay his fees if the sale falls through? Makes sense...

Richard_Webster

Quote:
Originally Posted by The Palmist
Mortgage Lender Fee
£95.00
I'm no expert, but why would your solicitor charge you a 'mortgage lender fee'?

Mortgage lender is separate client of solicitor but won't pay the solicitor and expects borrower client to pay for legal work done for the lender. Most solicitors include acting for the lender in their main fee so this is just a way of disguising the real fees.

Ahh yes noticed that mistake.
New breakdown:

Purchase Costs

Standard Legal Fees
£99.00
Identity Check
£10.00
Bank Transfer
£45.00
Mortgage Lender Fee
£95.00
No Move No Fee
£60.00
VAT on our fees
£61.80
Disbursements
Land Registry Fee
£200.00
Land Registry Search
£4.00
Land charges/Bankruptcy search (per person)
£2.00

Total cost of your Purchase
£576.80

Still missed out cost of searches which could be another £100-£300 depending on which searches are done and what the local authority in the area charges for its local search.

Don't think OP read Evolved's Terms and Conditions which are accessed by a link towards the bottom of the page with the quote on:

Estimates are given in accordance with our terms and conditions.

See below "Evolved''s website still refers to Home Information Packs and is written as if the searches are still provided in such a pack but deep in the terms and conditions it says that HIPs have been abolished so the searches will be needed!

As OP is buying for more than £40,000 there will be a Stamp Duty Land Tax Form to complete (to claim the exemption) and the charge extra -

Stamp Duty Land Tax (completion of SDLT 1 form) £60

Do not think that as an FTB you don't have to pay the tax and therefore the form does not need to be completed. It does. Some firms will hope that you assume this charge is not applicable to you. If there is such a charge hidden away you will have to pay it.

Buried deep in the "terms and conditions" Evolved have:

Home Information Packs are no longer required to be provided by the seller of a property. We will therefore advise of search costs as soon as we are able.

In cases where searches are required there will be additional costs to you as the purchaser including additional disbursement fees.

Also buried very deep is the note:

Please note all searches carry a legal fee of £25.00 plus vat.

So not only to you have to pay the actual costs of the search they charge you £25+ Vat for doing each one.

And (which in some ways is reasonable- but again not charged by many firms):

If you instruct us to exchange contracts with less that 10 working days between formal exchange and contracts appropriate legal costs will be applied for expedited completion.

It is very common for the period between exchange and completion to be less than 10 working days.

And:

Standard Mortgage Lender Fees

Charges in respect of the legal work undertaken by Us in acting for Your Mortgage Lender on a standard residential mortgage will be payable by you in accordance with the Your Mortgage Lender’s Mortgage Conditions and at a charge of £55.00 plus VAT for per mortgage, charge or loan discharged on a property sale transaction. A separate charge of £95.00 plus VAT will be payable in respect of each mortgage, charge or loan taken out on a property purchase transaction and where possible we will charge the fee in accordance with Your Mortgage Lenders Mortgage Conditions. In the absence of such a fee detailed in Your Mortgage Lender’s Mortgage Conditions we will charge the fee in the sum described in this clause. The Standard Mortgage Lender Fee covers the normal work associated in acting for a mortgage lender and advising a borrower. This work includes advising you on the legal aspects and implications of charging your new property, specific legal advice in relation to the particular mortgage where applicable, preparation of the Mortgage Deed and obtaining an executed Mortgage Deed from you. The Standard Mortgage Lender Fee does not cover additional legal work that may be required by your Mortgage Lender such as obtaining Consent Deeds from additional occupiers, Deeds of Guarantee or the additional work required in advising on tenancy issues on Buy to Let Mortgages. It also does not include dealing with Mortgage Special Conditions that are complex or time consuming.

As far as I understand it this means that if the lender specifies a fee for the mortgage work in Section 8 of the formal mortgage offer (which can vary between about £100 and (particularly with RBS & Nat West) around £800, they will charge that fee rather than the £95. Why don't you contact Evolved and get them to say quite specifically in writing that they will charge you the £95 rather than anything set out in the formal mortgage offer (which is put there so the lender can calculate the APR and the offer says it is only an estimate and the conveyancer may charge a different fee - but some firms charge this fee anyway.)

chesneyoctopus

This is clearly a situation where the headline rate advertised and quoted will turn out to be considerably less that the final bill. Choose a local solicitor who will usually not add on additional charges, such as a fee for putting searches in hand.

The_Palmist

I went to a local solicitor who is asking for £997 and estimates a time period of 6-8 weeks. A bit too slow in my opinion. I asked CMS for a full all inclusive quote and they sent me this.

Quote A
Total Solicitor Fee:
£255.00
Disbursements:
£536.63
VAT:
£51.00
Total (inc VAT):
£842.63
Quote B (Wakefield)
Total Solicitor Fee:
£345.00
Disbursements:
£536.63
VAT:
£69.00
Total (inc VAT):
£950.63
Quote C
Total Solicitor Fee:
£255.00
Disbursements:
£536.63
VAT:
£51.00
Total (inc VAT):
£842.63

THE DISBURSEMENTS LISTED BELOW ARE INCLUDED IN YOUR QUOTE:
HM Land Registry Search
£4.00
Telegraphic Bank Transfer
£24.00
HM Land Registry Fee
£200.00
Bankruptcy Search
£2.00
ID Check
£6.00
Conveyancing Searches
£300.63


Searches includes:
Local Authority Search £134.00, a water authority search which costs £50, an environmental search which costs £55.63, a chancel check which costs £23.50 and I have checked and the property you are buying is in a coal mining area so you will need a coal mining search which costs £37.50

The_Palmist

£850 -£950 seems to be a common range. I just want to make sure that there are no more hidden charges before I instruct one.

thanks for all useful advise.

Pupnik

The_Palmist wrote: »

£850 -£950 seems to be a common range. I just want to make sure that there are no more hidden charges before I instruct one.

thanks for all useful advise.

That sounds right but add an extra 20% for VAT.