First time buyer fees advice apreciated

jakehill307

We are first time buyers and have just had an offer accepted on a house. We have just had a meeting with the mortgage advisor at the estate agent selling the house and we are now looking for advice from you guys.

They made a big sell on us going with their solicitors and mortgage advisor as it will make the whole process simpler and easier.

My first question is, is this true? Is it really that hard to go through this process using solicitors and a mortgage we can source ourselves? I want it to be as easy as possible but don't want to be ripped off for the privilege.

Secondly, they charge £680 for solicitor and £500 for mortgage advice/application, is this a fair price?

They said the solicitor fee includes everything other than survey, land registry, ID and stamp duty.

The mortgage advisor found us a deal which would save us £320 over the 2 year fixed period compared to the best deal we could find online. I don't mind paying out the additional £180 it would effectively cost us... if it does make it as easy as they say.

Thanks in advance for any help.

betmunch

Is this a Connells or Countrywide Estate Agent by any chance. If so do some research on the associated services and you will find they have terrible service standards!

What was the name of the EA?

ACG

Without knowing the purchase price its difficult to say, but I would say if you are purchasing for £200k or less then the price quoted is about £100-150 too much on the solicitors.

In terms of the broker, personally I think that is about right - but again without knowing the Mortgage amount and your circumstances its difficult to say.

jakehill307

Apologies for the lack of information, it is a £130k house and we are looking at a LTV of 85%. The estate agent is Your Move.

kingstreet

jakehill307 wrote: »

We are first time buyers and have just had an offer accepted on a house. We have just had a meeting with the mortgage advisor at the estate agent selling the house

Shame you didn't ask for the advice BEFORE the EA sales pitch so you could have gone in forearmed and actually ask a few pointed questions...

They made a big sell on us going with their solicitors and mortgage advisor as it will make the whole process simpler and easier

Really? Quelle surprise! IME all they want is more money per sale. Poor quality mortgage service, not whole market, fee charged, tied for insurance, pushed into poor quality and expensive conveyancing...

My first question is, is this true?

Absolutely not. I'd say their poor quality mortgage and conveyancing services actually make the process longer and less hassle-free.

Is it really that hard to go through this process using solicitors and a mortgage we can source ourselves? I want it to be as easy as possible but don't want to be ripped off for the privilege.

I'd say you can obtain better services, lower prices, better rates, less hassle and greater peace of mind if you head in the exact opposite direction to anything to do with corporate EAs in this country.

Secondly, they charge £680 for solicitor and £500 for mortgage advice/application, is this a fair price?

Nope. Is the mortgage fee for "lifetime service" and "come back to us for a remortgage and you'll never pay us another fee" as that seems to be proving untrue with many corporate EA firms.

They said the solicitor fee includes everything other than survey, land registry, ID and stamp duty

So it includes local search, environmental search, TT fees, VAT etc? Do you have that in writing?

The mortgage advisor found us a deal which would save us £320 over the 2 year fixed period compared to the best deal we could find online. I don't mind paying out the additional £180 it would effectively cost us... if it does make it as easy as they say

Can't comment on the deal, but what made you choose a two year fixed rate? A two year tracker would probably be cheaper and may have no early repayment penalties to switch to a fix if rates start to rise. A five year fixed rate may buy you more security if that is what you prefer.

Having not seen a factfind, there is no way if we can tell if a two year fix suits you, or the person trying to sell to you. I suspect the latter, TBH.

Debtslayer

Estate agents will always push their solicitors etc as they make more money
Personally (and we were first time buyers) use your own local solicitors, preferably a recommended one, but if not ring round and get 3 quotes and see who you prefer, not just based on cost. Choose who you feel will do the best job for you
For mortgage use an Independant whole of market mortgage broker who will know the best deals and lenders for you. A good broker will definitely make the whole process a lot easier.
It's not usually recommended on here to use any associated with the Estate Agents

marksoton

jakehill307 wrote: »

We are first time buyers and have just had an offer accepted on a house. We have just had a meeting with the mortgage advisor at the estate agent selling the house and we are now looking for advice from you guys.

They made a big sell on us going with their solicitors and mortgage advisor as it will make the whole process simpler and easier.

My first question is, is this true? Is it really that hard to go through this process using solicitors and a mortgage we can source ourselves? I want it to be as easy as possible but don't want to be ripped off for the privilege.

Secondly, they charge £680 for solicitor and £500 for mortgage advice/application, is this a fair price?

They said the solicitor fee includes everything other than survey, land registry, ID and stamp duty.

The mortgage advisor found us a deal which would save us £320 over the 2 year fixed period compared to the best deal we could find online. I don't mind paying out the additional £180 it would effectively cost us... if it does make it as easy as they say.

Thanks in advance for any help.

No,No,NO! Do not do it. You want both independent mortgage advice and most definitely your own independent legal representation.