Cost of Conveyancing

elder1

I've just had an offer on a house accepted, but it is a corporate sale and they have stated they want the sale completed within 28 days!!!! I have a mortgage in principal and the property is worth just over £56,000, and so far the price for conveyance is coming in at around £1282 and guarantee they can do it within 28 days......is this even possible given the length of time with mortgages taking? Does this seem like a lot in regards to the price of conveyancing? Kind of feel like I'm over a barrel as if I want the property I have to be willing to move fast, but fast comes at a cost.....:eek:

kingstreet

I'd expect conveyancing costs of about £450 + VAT + disbursements in our area of the West Midlands.

The conveyancer can only progress once the mortgage offer is issued, so you need both components running well to be able to complete in 28 days.

elder1

Sorry yes, the costs include all VAT+disbursements. I have a appointment in the morning with my mortgage advisor and am using Virgin Money for the mortgage lender. Originally I thought this would take several months, not four weeks.

kingstreet

I have no way of knowing the breakdown of your £1,282 charges as you haven't posted them, but I'd say for a purchase at £56,000 they are OTT and you are probably paying a £300 referral fee to a firm of estate agents for their expensive and poor quality conveyancing service who will have as much chance of meeting your deadline as anyone else at a much lower price.

Please clarify.

Cypherite

Is this a repossession? They usually have short turnarounds.

ACG

That is very high for a £56k purchase price.

It probably is about £300 out - if those timescales were not there it would probably be around £400 out.

elder1

Thanks for the responses and much appreciated. I thought it might have been a repo, but was told by the estate agents today that it was a part exchange???. I managed to call around to a few conveyancers who thought around or just over £1050, but most were that busy they did not feel they could do the conveyance within the 28 days, so I guess I have to pay the fee......fingers crossed it all goes without any problems and can complete by the end of the month. I don't think with all the stress and fee's that I want to do this again. It's like a whirl wind and everything is in a spin. I viewed the property last Saturday, enquired about it on Tuesday, spoke to a mortgage advisor on Thursday and put in a offer to the EA, on Friday got a mortgage in principal, and found out on the Friday that the offer had been accepted but have 28 days to complete. Had another appointment this morning with my MA and they finished off the application.....so I guess we will see how it progresses. It's quite un-nerving being a first time buyer and looking at all the fees etc. that must be paid.

Thrugelmir

Don't be bullied. Keep the process moving and if push comes to shove. You should be able to gain a time extension.