Coveyancing Fees

ni0106

Hi, we are in the process of selling our home, this is a big step in clearing our debts as we have 6 charges secured on the property. We have accepted an offer, and Im in the processing of getting quotes for conveyancing. One of the companies I was interested in using gave an original quote of just over £400, I contacted them today to say that there would be additional creditors to pay off and their quote went to £1400, this is for dealing with the creditors. Im wondering if there is anyway for me to deal with the creditors myself as this is a huge chunk and may actually result in not all our debts being paid.


We've never sold a house before, we are not rebuying we are renting from family so that we can have a fresh start.


Thanks for any advice

jbainbridge

Get some more quotes?

Flat_Eric

ni0106 wrote: »

Hi, we are in the process of selling our home, this is a big step in clearing our debts as we have 6 charges secured on the property. We have accepted an offer, and Im in the processing of getting quotes for conveyancing. One of the companies I was interested in using gave an original quote of just over £400, I contacted them today to say that there would be additional creditors to pay off and their quote went to £1400, this is for dealing with the creditors. Im wondering if there is anyway for me to deal with the creditors myself as this is a huge chunk and may actually result in not all our debts being paid.


We've never sold a house before, we are not rebuying we are renting from family so that we can have a fresh start.


Thanks for any advice

You've mentioned the Charges are secured on the property which means they will be noted against your property title at the Land Registry.

Your solicitor will need to offer a clean title to the buyer's solicitors i.e. all the charges will need to be removed so the solicitor will need to get in touch with all the creditors who have registered a charge against your property and find out the settlement figure etc.

This I suspect is why the original quote you received has been revised and I agree with the other poster, worth getting other quotes.

Its probably unlikely that you can deal with the creditors yourself as most won't give the discharge documentation until they have received the money they are owed.

Its possible your solicitor will be able to get this (the discharge documentation which would be handed over to the buyer's solicitors on completion) in anticipation of the creditors receiving the money. Usual practice is for your solicitor to offer undertakings (a promise) to the creditors not to do anything with the discharge documents (i.e. hand them over) until they have the money from your sale to pay them.