Conveyancing quote reasonable?

Procrastinator333

Hello,

I got this quote for conveyancing. It is for a property in South London and the solicitor is based locally. It looks a little on the steep side to me, but perhaps that is because it appears to be pretty much fully inclusive and a much more personal service.

"Solicitior fees – £725 plus VAT
Local Search - £224
Drainage Search - £54
Environmental Search - £53
Bankruptcy Search - £4
Land Registry Search - £4
Stamp Duty – First Time Buyer exemption applies if you have not owned property previously. £2,280 if the exemption does not apply.
Land Registry Fee - £280
Telegraphic Transfer Admin Fee (in respect of sending completion monies to the seller’s solicitors) - £40 plus VAT

I would confirm that my fees cover the work involved in acting for your lender, completing the Stamp Duty Land Tax form on your behalf together with all telephone calls, correspondence and attendances etc. Accordingly, unless there are serious undue complications, the sum charged at completion will be the figure stated above.

In terms of dealing with the purchase, I would have conduct of the file and you are more than welcome to have my direct line and e-mail address. I am also happy for clients to drop into the office without appointment if they have any problems or queries or just for an update. I place great emphasis on offering a personal service that will hopefully make the whole process a lot less stressful."


I think I would like some confirmation around what happend if it falls through and also a breakdown on what the local search includes. But if that is all ok, this looks to me like I'm paying a bit more than I need to, but in exchange for that I should be getting a decent service. Anything I have missed?

Thanks!

G_M

£725 is at the high end, but it seems to include everything - none of the 'hidden extras' you sometimes get. Acting for lender, SDLT completion etc all included. You're also getting good access.

Yes, you could shop around and by carefully comparing what's included or not in other quotes get a cheaper price, but you may lose the accessibulity and/or having a solicitor do the work end to end (I assume this is a solicitor?).

Most places, if the deal falls through, will charge a % based on how much work they've done. You can sometimes agree a 'no sale no fee' contract.

Google ' local search' - it's standard and if you're getting a mortgage you'll have no choice - you lender will insist.

Procrastinator333

Thanks for that, and yes, this was direct from the solicitor, so I think being able to call / drop in and speak direct is a good plus. I'm keen for this to progress quickly, so don't mind if I'm paying a bit extra for quality and speed of processing.

The other thing that should help is that I called up the solicitor of the seller. I initially asked if they could do the sale from my side too. I didn't think they could and the answer was no, but they suggested this firm as one they work with on a regular basis.

So I think I have it about as covered as it can be. Just wanted to be sure I'm not missing anything.

timmyt

Procrastinator333 wrote: »

Hello,

I got this quote for conveyancing. It is for a property in South London and the solicitor is based locally. It looks a little on the steep side to me, but perhaps that is because it appears to be pretty much fully inclusive and a much more personal service.

"Solicitior fees – £725 plus VAT
Local Search - £224
Drainage Search - £54
Environmental Search - £53
Bankruptcy Search - £4
Land Registry Search - £4
Stamp Duty – First Time Buyer exemption applies if you have not owned property previously. £2,280 if the exemption does not apply.
Land Registry Fee - £280
Telegraphic Transfer Admin Fee (in respect of sending completion monies to the seller’s solicitors) - £40 plus VAT

I would confirm that my fees cover the work involved in acting for your lender, completing the Stamp Duty Land Tax form on your behalf together with all telephone calls, correspondence and attendances etc. Accordingly, unless there are serious undue complications, the sum charged at completion will be the figure stated above.

In terms of dealing with the purchase, I would have conduct of the file and you are more than welcome to have my direct line and e-mail address. I am also happy for clients to drop into the office without appointment if they have any problems or queries or just for an update. I place great emphasis on offering a personal service that will hopefully make the whole process a lot less stressful."


I think I would like some confirmation around what happend if it falls through and also a breakdown on what the local search includes. But if that is all ok, this looks to me like I'm paying a bit more than I need to, but in exchange for that I should be getting a decent service. Anything I have missed?

Thanks!

At last.

Now that is a well prepared quote and explanation (ok I wouldn't have said 'file' but instead 'your purchase'). Higher than most (but not by much) but you are in London. Sounds good.

Now just make sure they are either a solicitor or legal executive.

Let us know how it goes, but I think you sound like you'll be in good hands.

Procrastinator333

Thanks. Will check those points, but all seems good, so should be able to accept the quote and get things moving quickly!

5t3ve

I'm at the finishing straight of a purchase in South London. I paid a very similar amount to you, I think the only difference being that I paid 625+vat for fee's - which also included everything.

Your quote seems reasonable, if not slightly on the higher end of the scale - but then again you have to pay for quality - and an extra 100 is well worth it if you get a good service.

As echo'd in several other threads, dont be tempted by a much cheaper quote - you'll either have the stress of dealing with a less sufficient solicitor, or you'll end up getting stung at the end with extra bills!

kingstreet

Incidentally, there should be no problem using the same firm as your vendor, as long as each issue is dealt with by different solicitors within the firm.

When we bought this place, our vendor used the same firm. Fortunately, they had instructed someone else in the firm, so I got my usual contact.

timmyt

kingstreet wrote: »

Incidentally, there should be no problem using the same firm as your vendor, as long as each issue is dealt with by different solicitors within the firm.

When we bought this place, our vendor used the same firm. Fortunately, they had instructed someone else in the firm, so I got my usual contact.

if we are talking about solicitors then the same office CANNOT act unless both vendor and buyer are 'established clients' of the firm.

if they are not, then the same firm can act IF they have another office and one the parties chooses to use the firm's other office.

the aim is to stroke a balance of some sort of indepedent legal advice.

Richard_Webster

I also agree that the estimate given and its tone seems reasonable. You might get the work done slightly more cheaply outside London but the downside is that you do have a solicitor on your doorstep that you can drop stuff into etc.

I do get a certain number of clients from London but i always stress that I am happy to work for them but they have to accept that I am not local and therefore sometimes stuff that can't be e-mailed etc and has to be posted will delay things slightly.

johnno71

I would say £725 plus vat for legal fees is on the high side, but not outrageous. You can get it a lot cheaper online, though of course there is the risk that you may not get the same level of service.

As for the disbursement costs (searches, etc) they should be fixed based on the local authority, etc, so should not vary from quote to quote. If they do vary it means someone is trying to pad their bill by overcharging on the disbursements.

jahudson72

I am buying and selling and using the same guy in London, I used him before and he was awesome. He came recommended to me and I wouldn't use anyone else for anything he's that good. He charges 625.00 + VAT so a bit cheaper than your guy but he's south east. So, all in all sounds good. You generally get what you pay for so it's worth the extra cost I reckon. Good luck.