Conveyancing Quote Comparison

GillsMan7

Hi,

My partner is a FTB and has received two conveyancing quotes, both of which are cheap, with one being extremely cheap. Is there anything missing from these quotes that would lead to her being hit with more charges? No Stamp Duty is due (property is < £120K), and the property is a second floor (top floor) one bed flat, and it's a leasehold (120 years on lease).

First Quote (£998)

Legal Fees (£540)
Land Registry Fee (£200)
Telegraphic Transfer (£35.25)
Local Authority Search (£93)
Environmental Search (£54)
Drainage and Water Search (£55)
HMLR (Final Search) (£4)
Bankruptcy Search (£2)
Chancel Search £18

Total - £998

Second Quote (£503)

Legal Fees (£210)
Bankruptcy Search (£5)
Bank TT Fee (£40)
Property Searches (£0) (extra charges if there is no valid HIP)
Land Registry Search (£5)
Land Registry Fee (£200)
Electronic ID (£20)
Electronic SDLT Submission (£15)

The small print says that in the event a HIP isn't available (which it won't be) a search pack including Environmental, Drainage and Local Authority searches may be purchased for "approx £249". So even then, the price comes to £752.

Are there any searches/products missing from either of the above two quotes which are likely to be incurred during the move?

Thanks!

ginandtonic1988

Check the small print of your quotation?

GillsMan7

ginandtonic1988 wrote: »

Check the small print of your quotation?

Yeah, I have and am aware of the terms and extra charges. What I'm asking for is whether there are any other searches/costs that experienced buyers know are likely to be introduced that aren't referred to in the quotation.

Yorkie1

Given it's a leasehold I'd be asking whether there will be any further charges relating to the lease transfer, investigation of management company's accounts / service charges etc. Leasehold costs are usually higher because of the additional work required there.

Given the comparators which you've listed, it does appear that the second firm is charging higher for identical issues and I would wonder what else they will charge from the T&Cs to recoup what initially appears a too cheap to be true figure. I'd be concerned at the level of the fee-earner dealing with your case.

G_M

Do these quotes both include or exclude:
* acting for mortgage lender (if relevant)? If not, how much extra is this?
* delaing with the lease?

Check the smallprint for hidden extras:
* professional indemnity insurance
* post/admin
* preparing SDLT
* etc
(yes - some sneaky conveyencers add these on!)

More here.

Richard_Webster

Even the first quote seems cheap for a flat - you did tell them it was a leasehold flat you were buying and you did tell them if you were getting a mortgage and you have read all their small print to check for extra charges?

I agree with TimmyT - the second estimate seems too low - nothing at all will be explained: "Please read the lease. If you are happy with its wording please sign the following documents...." As if the average lay person is expected to understand lease wording. The extra cost of bankruptcy and Land Registry Searches, although small, seems to suggest that they are adding on extras here and there and that the actual cost will be a lot higher when the small print is read through carefully.

The first estimate looks more realistic so on a straight choice I would go for that....