Solicitor Fee's for moving, is this average?

kr15snw

We've accepted an offer for 107k for our place and it looks like we'll be purchasing our next property for about 190k (just waiting to hear back).

We've been looking around for solicitors and we've remembered one of our friends is a solicitor and so asked for a quote. But as neither of us have moved before (well hubby bought this place 14 years ago and can't remember!) we have no idea if this is good or not!

This is what she's said:

Solicitor fees - £400 plus VAT (£480.00)

Bank Transfer fee (for sending purchase money) £20 plus VAT (£24.00)

Local Search - £88.00

Drainage Search - £48.60

Environmental Search - £50.04 (although this is not compulsory, I do strongly advise clients to have this search done. It will reveal if there is any flooding risk, ground contamination, ground subsidence and any other environmental factors which may affect the property – If you are confident there are none, then you can choose not to carry out this search, so can deduct this fee)

Chancel Liability Policy - £20.00 (protects you from having to pay for repair of churches or historical buildings in the area – Again if you are confident there are none, then you can choose not to have the policy, so can deduct this fee)

Stamp Duty – 1% of purchase price – so if £190k, then £1,900.00

Land Registry fee - £200.00

Land Registry search fees - £8.00

Total: £2,818.64

Thanks in advance guys, really new to this! I will admit this is lower than our mortgage broker estimated, he reckoned it would be about £1000 more for solicitor and stamp costs.

ChrisEvanson

Sounds very cheap. I am paying £450 plus vat for selling and same for buying, plus the fees you mention, which are fixed fees. You are paying £400 plus vat for both?!

kr15snw

So except her fee everything else are fixed fee's?

I know they say search's but the mortgage company will arrange for us to have surveys done I assume? What sort of price are we looking at for this?

Yorkie1

Is that definitely the fees for both the purchase and the sale?

KateLiana27

That's pretty much exactly what we're paying for buying alone.

ChrisEvanson

kr15snw wrote: »

So except her fee everything else are fixed fee's?

I know they say search's but the mortgage company will arrange for us to have surveys done I assume? What sort of price are we looking at for this?

Mortgage company simply does a basic valuation. A homebuyers survey is around £200-250, a full structural survey I think is about double that.

G_M

Searches and surveys/valuation are completely different things.

Are you getting a mortgage? Check whether the £400 fee includes acting for the mortgage lender or whether this is extra.

Does the £400 fee include completing the SDLT form for you, or is this an extra? (should be included, but some conveyancers.......)

Are there any 'admin' type extra fees? Photocopying? Post? legal indemnity insurance? Again, these should all be included in the basic £400 fee, but some conveyancers are cheeky and add them in the small print as extras.

Are you buying a Freehold or Leasehold? If lease, is there an extra charge for this or is it included in the basic £400 fee?

kr15snw

We are getting a mortgage and have a mortgage broker, surely we'd pay him fee's?

Ill check about the SDLT and admin fees.

We;re buying freehold

ChrisEvanson

The mortgage broker should have made their fees clear, which may (but may not) include a fee for them and an arrangement fee for the lender. I certainly have not had to pay any legal fees for 'acting for the mortgage lender' as queried above, not sure what the op is referring to there.

G_M

There is a legal process involved in setting up a mortgage. The mortgage lender has to be satisfied that the property is legally safe to lend money against. the 'Charge' (mortgage) has to be registered against the property with the Land Registry, and a legal agreement has to be made between lender and borrower.

A solicitor does all this on behalf of the mortgage lender or bank. Sometimes the bank appoints their own solicitor (and sends the bill to you, the borrower!) but usually, because it is cheaper, the same solicitor acts for both the bank AND the borrower, since some of the work is duplicated.

Where the solicitor is acting for both the buyer (borrower) AND the bank (lender), they may quote an all-in-one fee, or they may charge separately for each. You need to check whether the £400 is an all-in-one fee, or whether there will be an additional charge for acting for the bank.

This has nothing to do with the financial advisor's fee (if any) for arranging the mortgage.

kr15snw

Just spoke to her and that's buying and selling, no add on fee's for any administration or forms. Plus they will also sort out with the bank the paying off of old mortgage and taking out of new one.

Apparently solicitors are cheaper down here and she's cutting us a 'mates rate deal'.

Didn't realise it was so cheap!!