Conveyancing Quote

redev2005

Hi

I have been speaking to a broker and they arranged a quote from a conveyancer. As a first time buyer I am not sure if the the quote is fair. Anyone able to give me any advice on the below quote for a 160K purchase?

I really appreciate the support from this forum.

Lawyer's Fees:
Legal fee 460.00
Mortgage fee 75.00
Stamp Duty Land Tax fee 55.00

Additional Costs:
Search Pack 265.00
Land Registry fee 190.00
Stamp Duty Land Tax 1600.00
Land Registry Searches 20.00
VAT on Lawyer's Fees and
Searches
175.00
Total £2840.00

Seems a massive amount of money, but maybe I am niave.

Thanks
Ben

Jules__2-2

I would get a few more quotes! We just got it cheaper than that with a second quote at about £2500 (£152k property) but I suspect I could have found cheaper still if I had not been so under pressure from the EA at that point.

Best of luck anyhow, we are first time buyers too and it's scary lol!

shonzyd

im a FTB buying a new build prop so no chain. My legal fees are £810. Thought that was expensive lol!!!

G_M

redev2005 wrote: »

Hi

I have been speaking to a broker and they arranged a quote from a conveyancer. As a first time buyer I am not sure if the the quote is fair. Anyone able to give me any advice on the below quote for a 160K purchase?

I really appreciate the support from this forum.

Lawyer's Fees:
Legal fee 460.00
Mortgage fee 75.00
Stamp Duty Land Tax fee 55.00
So lawyers fees actually £590.
Most firms will not treat SDLT as an extra! £590 is not the cheapest but no exhorbitant either if the firm is good.

Additional Costs:
Search Pack 265.00
Land Registry fee 190.00
Stamp Duty Land Tax 1600.00
Land Registry Searches 20.00
VAT on Lawyer's Fees and
Searches
175.00
Total £2840.00
These are 'disbursements' and are outside the solicitor's control. They will be the same wherever you go.

Seems a massive amount of money, but maybe I am niave.

Thanks
Ben

Read this here on costs..

Consider whether you want a local chap where you can pop in to sign documents (ratjer than post), and speak face to face if you have queries.

Internet conveyancing may be cheaper though.

tim123456789

Jules_ wrote: »

I would get a few more quotes! We just got it cheaper than that with a second quote at about £2500 (£152k property) but I suspect I could have found cheaper still if I had not been so under pressure from the EA at that point.
!

2/3rds of the quote is money that you have to pay to HMG. How much differece is a 50 quid saving on the Lawyer's fee going to majke

FWIW I have a quote of 1245 for a LH flat at 125K (so no 1600 WSDLT to pay). Which I thought quite reasonable

Richard_Webster

I broadly agree with what GM has said. Although the SDLT form fee is just a way of making the top line fee look cheaper, the overall figure of £590 + VAt is not unreaosnable. Also it is fairly noraml to charge around £30 + VAT for the CHAPs transfer to complete a purchase and this does not appear to have been included.

I would expect the Land Registry searches to be slightly lower and the search pack looks particularly expensive unless mining searches are included.

My standard cost for searches is £260 including VAT and this includes:

Local search
Environmental Search
Plan Search Plus
Water/Drainage Search
Cahncel Reair Indmenity Policy in lieu of search
Land Registry and Bankruptcy Searches.

This includes a private local search. A few lenders require an official Council local search and this can be more expensive. If the official search is cheaper than the private one then we will usually do the Council one and pass on the savings.

I also give poeple the option of saying they want to make a saving on the £260 if their lender does not require some searches (most major lenders don't require the Environmental Search and I do not know any who do require the Plan Search) or they are a cash buyer.