FTB, is the solicitor's fee I am going to pay reasonable?

yurri

I am trying to understand whether the quote I've been given by the agency's affiliated solicitor is reasonable.


I can't be very picky because I want to start the searches as soon as possible (I am leaving for a couple of weeks this week and don't want the flat to go back on the market). As expected, the agency that is selling the property is pushing me into going with their solicitors.


The total quote for £260K flat in London is £1700-ish (VAT included, Stamp Duty is not). I guess the only possible variable in the breakdown is solicitor's fee which is £960 (VAT included) which I am afraid is a bit too high. However, it looks like everyone I know who bought the property recently was paying roughly in that range.


The problem is that any online calculator I try gives me under £1000 total figure (not just the fee)! I strongly suspect this is underestimation is a marketing trick, but as I said I don't have time to make dozens of phone calls to figure out.


While I don't mind paying somewhat more given my circumstances, parting with extra several hundred would be ridiculous. Can you by any chance tell me if this price looks normal these days? Thank you.

drdpj

Don't use the solicitor suggested by the estate agent! They're getting a kick-back (hence high fee). Often they're over-priced "conveyancing warehouses" that take foreve

That does sound rather over the top for a purchase. I'd think around £500 for fees, inc. VAT (this is Manchester, but shouldn't be an outrageous amount more in London), with the other bits and bobs (searches/stamp duty) on top.

That fee probably probably won't include the "electronic transfer fee" but really should include everything else (including document storage etc which some firms seem to try and separate out to disguise costs).

charliewocka

We are paying the following for our purchase of £588k:


Solicitor - £925
Searches - £275
Land charges / bankruptcy search - £4
Land registry search fee - £6
Bank fee - £40
Land registry fee - £540


plus stamp duty on top of these.

benjus

I paid £903 (including VAT, excluding disbursements) for purchasing a flat in Greater London last year (although the solicitor was based where I used to live near Nottingham).

That was based on a basic fee of £675 + VAT plus a few separate fees for SDLT form completion etc.

yurri

Thanks everyone. I was indeed suspicious about going with the solicitors suggested by the agency, but it doesn't look way off comparing to what other people pay. Given my circumstances I think I will accept their quote.

benjus

Up to you, but if the firm you've been recommended is a conveyancing warehouse you may come to regret it. Have you checked out the firm?

charliewocka

We are dealing with a conveyancing 'warehouse' as mentioned as our vendor is using them. Nightmare and causing so much stress.


Does the £1700ish include all searches, registrations etc?

yurri

Yes, judging by terminology they use ("allocated solicitor" etc.) and the fact emails are coming from at least two different company domains it is a "warehouse" and this may very well bite me in the future, thanks for making this clear

But my primary concern was about the price and while it doesn't look cheap, I also now understand it isn't very high above the market either so at least I am not ripped off (apparently).

Paully232000

In the north west and paid approx £800 pounds for purchase about 18 months ago.

I am sure that it was less than £1700 (or thereabouts) for both the sale and purchase when we last moved. This was with a local solicitor.

G_M

1) it's not cheap, so you're paying extra
2) it's a warehouse, so it will be a nightmare
3) you have clearly not read the T & Cs, so you'll be paying for hidden 'extrs' that will be added to the bill later

I have no idea why you are determied to go ahead.

No any idea why you posted here for advice since you seem determined to ignore it.

Read:

http://www.theadvisory.co.uk/conveyancing-quote.php

then walk down you local High Street and pop into 2 (3?) solicitor's offices. Ask to see a solicitor about a conveyancing quote. Go with the one that you feel comfortable with and that gives you a proper written quote that incudes everything (see link above)

I can't be very picky because I want to start the searches as soon as possible

It'll take you 2 hours.

And save you £hudreds.

And save you immense stress.

And speed up your purchase.

yurri

Thanks for pointing that out, I will read everything again. I appreciate everyone's responses.

Regarding the price, I have asked the same question on Reddit as well: reddit.com/r/UKPersonalFinance/comments/3gggf1/first_time_buyer_is_the_solicitors_fee_i_am_going/ - here is where I got the idea about it being normal.