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Lender Conveyancing Charge
Lifes_Grand_Plan
Posts: 1,099 Forumite
After searching for the best buy mortgage for my intended purchase, I came across the HSBC Fee Saver 5 year Fix at a good rate.
Just started going through the application and despite being a "fee saver" it stated that I would need to pay a £295 conveyancing fee.
"Please note ......<snip>.....This fee is in addition to the fees that your own solicitor/conveyancer will charge in respect of conveyancing work carried out on your behalf."
Is this a normal charge that all lenders charge?
A bit disappointed really that MSE's comparison clearly states "setup fees £0" yet really its £300 to pay.....
Amusingly (in a "laugh or you'd cry" way) a Love Money article about hidden mortgage fees from 2011 stated about conveyancing fees:
"However, these fees are often inflated and standard fees above, say, £125 are simply too high."
Just started going through the application and despite being a "fee saver" it stated that I would need to pay a £295 conveyancing fee.
"Please note ......<snip>.....This fee is in addition to the fees that your own solicitor/conveyancer will charge in respect of conveyancing work carried out on your behalf."
Is this a normal charge that all lenders charge?
A bit disappointed really that MSE's comparison clearly states "setup fees £0" yet really its £300 to pay.....
Amusingly (in a "laugh or you'd cry" way) a Love Money article about hidden mortgage fees from 2011 stated about conveyancing fees:
"However, these fees are often inflated and standard fees above, say, £125 are simply too high."
A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
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Comments
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It will be the solicitors fee for dealing with the conveyancing on behalf of the lender.0
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The easiest way I find to dscribe this fee is that its a fee you will pay as such.
You will have received a quote from a solicitor. The price they have given you will include that.
(or should have, as its usually included with all the searches and things like that).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My solicitors quote was itemised as:
Purchase of Property for £XXX.XXX
Our costs 585.00
VAT on our costs at 20% 117.00
Disbursements
Stamp Duty X,XXX.00
Local Search 100.00
Drainage and Water Search 53.00
Environmental Search 49.80
Land Registry (OS1) Search (against sellers’ title) 3.00
Land Charges K18 Bankruptcy Search 4.00
Land Registry fee *135.00
Would it be included in the £585 then do you think ACG?A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.0 -
It will be included in the total - some of the work the lender wants doing will be the searches.
So in that total figure of £1000ish plus stamp duty looks like it will be included in there.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
This is not what you think it is and is there in one form or another in all mortgage products. As ACG says, you are already paying it via your Solicitor.
Another case of the regulator being so keen on 'transparency' that the customer is confused.
Speak to HSBC and or your solicitor for a full explanation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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