Solicitor fees nearly £2k above estimate..

TheGame7

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lynzpower

the stamp duty is not 246k, clearly its the purchaase price of the 2nd property- have they given you a clear and proper figure for this?

silvercar

stamp duty would be 1% ie £2,460.

without knowing your mortgage redemption figure, it is difficult to work through to the end.

it seems that you are being charged 498 on the sale and 1052 on the purchase.

Land Registry Fees £220.00 -
Fee payable to C £155.10 -
Chancel Indemnity Policy £145.88

I don't know about these. My solicitor didn't charge separately for completing the land reg paperwork - though I know a lot do. Who/ what is C?

sarahb

Is there a redemption figure for an existing mortgage missing from this somewhere ? Could this be a different figure than what you were expecting ?

Your legal fees on the sale are only £498.62 and total legal fees etc on the purchase (inc stamp duty) are £4,033.14 so the discrepancy must be from elsewhere.

I personally can't see where the figure of £130,365.94 comes from. Anyone else ?

Richard_Webster

Is there a redemption figure for an existing mortgage missing from this somewhere ? Could this be a different figure than what you were expecting ?

Your legal fees on the sale are only £498.62 and total legal fees etc on the purchase (inc stamp duty) are £4,033.14 so the discrepancy must be from elsewhere.

Yes, I think we are getting at it. Firstly the figures do not make any sense if there is no amount put in to redeem the mortgage on the place you are selling. If you add the net proceeds of the sale - £124,501.38 to £199,371 new mortgage you get £323,872.38 - way over the amount needed plus costs to complete the purchase. I think that the figures miss something out - where does the £130,365.94 come from?

However, it is very common to put all the figures into one "pot" and then end up with a balance required. This isn't necessarily all the solicitor's costs - it could be costs plus a small discrepancy between the net sale proceeds and the amount available on the purchase. For instance people often do their sums assuming a round figure for their existing mortgage redemption figure but forget that even without penalties there can be some admin fees and interest for the current month payable. Also the mortgage amount received often has deductions for fees. It could be those items which are nothing to do with the solicitor that are increasing the final figure.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

TheGame7

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TheGame7

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sarahb

TheGame7 wrote: »

P.S. We own our own property outright.

In that case, as Richard Webster said above, there should be a considerable surplus after the net proceeds from the sale of your property and the mortgage advance (if the £199k figure is correct).

I confess I am totally confused !

regularsaver1

what were those fees?

TheGame7

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