Spiralling Solicitor’s Fees for New Build Shared Ownership House

ImranBro

Aren't these two figures for the same thing? I imagine you will be paying one or another rather than both.

Sorry yes I retyped the same thing. It should read New build Supplement for the second entry.

Original post edited.

Crashy_Time

Loanranger wrote: »

Imran, ignore Crashy Time and all of his unhelpful remarks. He is posting in the hope that someone will decide to rent instead of buy and thus send the property market into a crash. Just ignore him.
As for the charges, I have no idea unfortunately. If it were me I would pay up and get on with my life.

A few posts either way won`t affect the eventual outcome for the property market IMO. He has been lured into negative equity by government incentives to prop up builders and banks balance sheets, and I am commenting on the irony of then going on to complain about a few hundred £ worth of charges. However the OP is probably right, these charges should have been flagged up beforehand?

JamesR22

Hi,

I agree, although you were provided with a 'quote' or 'estimate' to start, the additional charges you mention really should have been included in this I feel, especially if you made them aware of the New Build and Shared Ownership combination.

Just for information, I am going through a similar process, and had the following quote/breakdown from one solicitor:

Legal Fee
Legal Fee £720.00

Disbursements
Land Registry Search Fee £3.00
Search Pack (Approx) £300.00
Land Charges Search Fee £4.00
Stamp Duty Land Tax n/a
Land Registry Fee£190.00

Additional Fees
Leasehold Fee £180.00
Telegraphic Transfer Fee £42.00
Client ID Check £1.00
Mortgage Fee £90.00
New Build £120.00

Total: £1,650.00

In the end I went with another solicitor recommended by the housing association who quoted £1,259.50. Incidentally they haven't mentioned anything in their quote which is shared ownership or new build specific, so I could well find myself in the same position come final bill!

They cover themselves by providing an 'estimate' rather than fixed costs should anything require more time and effort to sort out. At the end of the day though, they should have accounted for the basics IMO.

Thanks

agrinnall

ImranBro wrote: »

For a couple of reasons:

2. Having identified Nationwide as my lender, I couldn't find anyone local to me that was on their lender's panel.

I find that difficult to believe, Nationwide are one of the biggest lenders in the UK and they are represented, well, nationwide. The chances of there not being a single local solicitor on their panel seems to me to be very small.

Crashy_Time

agrinnall wrote: »

I find that difficult to believe, Nationwide are one of the biggest lenders in the UK and they are represented, well, nationwide. The chances of there not being a single local solicitor on their panel seems to me to be very small.

Does doesn`t it?

ImranBro

I find that difficult to believe, Nationwide are one of the biggest lenders in the UK and they are represented, well, nationwide. The chances of there not being a single local solicitor on their panel seems to me to be very small.

Literally I went one day onto the High Street and asked all the conveyancing solicitors. None of them were on Nationwide's lender's panel! I looked around online and the quote Nationwide provided (via LMS) was the cheapest.

The housing association did recommend solicitors that now seemed a lot cheaper but I decided to go via Nationwide. Guess I should have looked a little harder.

ImranBro

Further update.

I emailed LMS (not my solicitor directly) re why the costs weren't included in my quote. After a bit of to'ing and fro'ing they struggled to find who gave me the original quote.

I told them it was Nationwide. They've pointed me back to them saying I need get in touch with them as they were the ones to provide the quote and that LMS are a Independent company and work on behalf of multiple lenders!!

I've emailed the original consultant at Nationwide that gave me the quote. Surprise, surprise, no reply.

Looks like I'm not going to get anywhere with this am I???

wordsearch

ImranBro wrote: »

Further update.

I emailed LMS (not my solicitor directly) re why the costs weren't included in my quote. After a bit of to'ing and fro'ing they struggled to find who gave me the original quote.

I told them it was Nationwide. They've pointed me back to them saying I need get in touch with them as they were the ones to provide the quote and that LMS are a Independent company and work on behalf of multiple lenders!!

I've emailed the original consultant at Nationwide that gave me the quote. Surprise, surprise, no reply.

Looks like I'm not going to get anywhere with this am I???

In all honesty it's probably best to just pay it and hope nothing more comes up. If they're anything like Barclays, Barclays averaged about two weeks to reply to anything and the most important response I needed from them took them three months despite almost daily prodding!