Conveyancing quotes seem expensive

Verdana

Hi All,

I am new to the home buying process, being a first time buyer. I have given an offer on a leasehold flat for 98000 in a nice area in Manchester and have received some quotes for conveyancing which I am quite shocked about.

Two online quotes have given me 650 legal fees plus 360 disbursements so just over 1000. A local firm has given me a quote for legal fees 795 and disbursements 538.40 with total of 1333. I think this is a rip off frankly especially since 36 for bank transfer and 18 in case management fee which I think should've been included in the legal fee amount 795 already. They also quote separately 48 for [FONT=&quot]Land Transaction Return Fee and 30 in due diligence fee which have not been quoted by the online conveynancer. [/FONT]

I am a no chain cash buyer and to me, I've got the cash just sitting in my bank account ready to transfer to the vendor's solicitor for free, don't know why it costs solicitor 36 to the same? From looking online it seems conveyancing should be 500-800 for a low value property like mine.

Please give an opinion on if these quotes seem too high?

Plus the flat I want to buy is in the same block as where I rent so I know all about the locality. I don't know if this means I don't need to do local, environmental and drainage searches?

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lika_86

Sounds about right to me, if not a bit on the cheap side.

Leasehold properties require more work that freehold purchases as your conveyancer will have to review and advise on what may be quite a hefty lease.

The £36 for the bank transfer will be so that money gets transferred to the seller via CHAPS on the same day, BACS just won't cut it on completion day, your money can take all the time it likes to get to the solicitor pre-exchange or completion.

If you aren't getting a mortgage then you might be able to avoid some of the searches but it's not advisable at all as just because you live in the area doesn't mean you're an expert on the risks that might be disclosed.

Be shocked if you want but it seems reasonable to me and, in my experience proper legal advice is not something to skimp on.

Surrey_EA

lika_86 wrote: »

proper legal advice is not something to skimp on.

Can't put it any better than this really.

When putting down £100k of your own money I'd want to make sure a professional has looked into everything to avoid problems down the line.

Trying to save a couple of hundred pounds, and potentially ending up with an inferior service does not seem worth the risk to me.

To quote John Ruskin:

"It's unwise to pay too much, but it's worse to pay too little. When
you pay too much, you lose a little money - that's all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot - it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.”

G_M

Verdana wrote: »

Hi All,



Two online quotes have given me 650 legal fees plus 360 disbursements so just over 1000. A local firm has given me a quote for legal fees 795 and disbursements 538.40 with total of 1333. I think this is a rip off frankly especially since 36 for bank transfer and 18 in case management fee which I think should've been included in the legal fee amount 795 already. They also quote separately 48 for [FONT=&quot]Land Transaction Return Fee and 30 in due diligence fee which have not been quoted by the online conveynancer. [/FONT]

Read the small print and make sure you know exactly what is (& more importantly is NOT) included in each quote. Cheaper quotes often have hidden 'extras'.

Decide if you want the convenience/reassurance of being able to pop in for an explanation, or to collect/deliver signed papers fast (or, worst case to complain in person!).

Check if you'll get the same person throughout, or your letters/enquiries will be passed to whoever next is available in the 'conveyancing room'.

Check if you'll have a solicitor? A Licenced conveyancer? Or an admin assistant 'managed' by someone qualified who is overseeing 20 other admin assistants with 20 cases each.....

read:

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

Mollie90132

Quoting the message above Check if you'll get the same person throughout, or your letters/enquiries will be passed to whoever next is available in the 'conveyancing room'.

Check if you'll have a solicitor? A Licenced conveyancer? Or an admin assistant 'managed' by someone qualified who is overseeing 20 other admin assistants with 20 cases each.....
*****************************
RE above, you are right,
I had a really bad experience of 'Free Legal' conveyancing. Felt the company kept pushing for Power of Attorney. They were too difficult to get a hold of and get answers from. When it got more complicated the person dealing with me said she had to wait until she spoke with a solicitor. I would always go for a local conveyancing firm.

Kynthia

As a cash buyer you don't have to have the searches. However do you intend to sell one day and are your buyers likely to need a mortgage? If so then I would suggest you get searches too so that you don't buy somewhere that has an issue that might put mortgage lenders off.

alchemist.1

I would expect to pay £600- £800.00 plus vat + disbursements for a good recommended solicitor. This would be on a freehold property. Leasehold would be more expensive.

If you want an online conveyancing factory then you can get it cheaper but if there is anything out of the ordinary then they usually struggle.

PS if you feel the costs are too high, you do have the option of dealing with the conveyancing yourself. Wouldnt recommend it but if a few hundred is making the difference/

davidmcn

alchemist.1 wrote: »

PS if you feel the costs are too high, you do have the option of dealing with the conveyancing yourself. Wouldnt recommend it but if a few hundred is making the difference/

OP is a first time buyer so I presume has a mortgage - in which case they'll still need to pay for a solicitor to act for the lender.

alchemist.1

davidmcn wrote: »

OP is a first time buyer so I presume has a mortgage - in which case they'll still need to pay for a solicitor to act for the lender.

He is a cash buyer.

davidmcn

alchemist.1 wrote: »

He is a cash buyer.

Oops. Not enough coffee yet...