Legal Costs

tuck60

Hi All,

I am currently looking to buy a shared ownership property and have been shopping around for the legal fees. I am seeing quite a big difference in costs on some of these.

Anything from £3000 total cost down to £1400 total costs.

Is it common to see a difference like this?

Thanks

davidmcn

Where are the differences if you look at the breakdowns? I suspect somebody isn't including stamp duty (or has miscalculated it).

bobobski

I agree with David - all the quotes I received were all inclusive, e.g. VAT, search fees, SDLT. Are all of yours?

tuck60

Below is a quick summary of the 3 quotes I received:

Option 1
Our fees - £650 plus vat £130
If acting on behalf of Lender - £100 plus vat £20
Leasehold element (if the property is leasehold) £100 plus £20 VAT
Help to buy (If this applies) - £100 plus £20 VAT
Disbursements - £20 (approx)
CHAPS FEE - £36
There would be an additional £120 charge for the leasehold element. Therefore the total conveyancing quote would be £1,298.00 including the local authority search.


Option 2
Purchase Fee: £415.00
Leasehold Fee: £140.00
Telegraphic Transfer Fee: £22.44
Purchase Fee Vat: £115.49
Bank Telegraphic Transfer Fee: £10.08
Land Registry Priority Search Fee: £3. 00
Identificati on Search: £4.80
Local Search Fee: £70.00
Mining Search Fee: £40.00
Water Search Fee: £30.00
Land Registry Fee: £95.00
HTB Isa Fee £60.00
No Sale No Fee: £50.00
Bankruptcy Search Fee: £2.00
Stamp Duty: £350.00
Total: £1407.81


Option 3

Costs for your proposed purchase £499.00
Costs based on completion of first mortgage £150.00
Leasehold additional review and enquiries £200.00
Fees for management and completion of Local, Chancel, Enviro and Water Search Pack £234.04
Fees for management and completion of Stamp Duty Land Tax Return £120.00
Fees for management and completion of Bank Transfer Fee (per transfer) £37.50
Fees for management and completion of Electronic Identity Search (per name) £8.33
VAT also to be added to the above
Disbursements
Land Registry and Land Charge Search Fee £12.00
Stamp Duty Land Tax (payable to Government) ** £345.00
Land Registry Fee £95.00

TOTAL - £1,950.64.


Apologies for the length but as as you can see the total price varies across the 3.

I am very new to this so was curious as to whether or not any are missing important info? Any insight would be greatly appreciated.

Thanks

wjr4

Stamp duty should be the same for all. I didn't include it in the fees when we bought our house as technically it isn't a legal fee.. it's payble to the government not the solicitor for their work. Our legal fees were just under £1200 inc VAT (essex).

sevenhills

When I put my detail in here

https://www.moneysupermarket.com/conveyancing/

The cheapest was around £950. I preferred a local one, as the cost was the solicitor was similar, I went with them.
I am RTB so it may be cheaper than some others.

bobobski

Re help to buy, see this: http://www.lawsociety.org.uk/support-services/advice/articles/help-to-buy-isa-schemeconveyancing-solicitors-role/.

When I sent that to my conveyancer, she cut her fee for this element down to £50 + VAT pretty sharpish. See also https://www.helptobuy.gov.uk/help-to-buy-isa/faq/.

I went for a local solicitor (so I could eyeball her if need be) who I had a good "feeling" about. There's not a lot of magic to it really. I also specifically asked each firm who exactly would be doing the work - as far as I'm concerned I'm paying for a solicitor so I want a solicitor.

HTH.

tuck60

Thanks for the help to buy link. I will push back on the prices stated on those.

Do any of the above seem to be missing any key info? I know option 1 doesn't list the stamp duty fee so this will be added.

Thanks