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Conveyancing Fees
sld2606
Posts: 14 Forumite
Hello All,
Not sure if i have posted in the right section or not, apologies in advance.
A question regarding conveyancing fees:
We are a first time buyer with a help to buy ISA. The purchase price is £239,000.00. Our solicitors initial quote for conveyancing was £1265.60 which included Help to buy ISA fee etc. We made an initial payment to the solicitor for £350.00. So according to my calculations I would need to make a final payment of £1265.60 - £350 = £915.60
Our completion date is 17/12/18 and have now received a final completion statement with an outstanding balance due to solicitors for £1277.79 which he has calculated as follows:
Purchase Price: £239,000.00
Solicitors Cost: £1265.60
Total: £240,265.60
Less:
Initial Payment: -£350.00
Deposit Paid: -£23,900.00
HTB ISA Bonus: -£772.81
Mortgage Advance: -£213,965.00
Balance to pay Solicitors: £1277.79
No where on the initial letters that we received from the solicitors states that the final fees would be calculated this way. I have asked him and he says this is the normal way of calculating final fees.
I am just a bit confused if the way i calculated the balance to be paid (£915.60) is correct or the way the solicitor has calculated it (£1277.79) is correct?
Would be grateful if anyone could help explain.
Not sure if i have posted in the right section or not, apologies in advance.
A question regarding conveyancing fees:
We are a first time buyer with a help to buy ISA. The purchase price is £239,000.00. Our solicitors initial quote for conveyancing was £1265.60 which included Help to buy ISA fee etc. We made an initial payment to the solicitor for £350.00. So according to my calculations I would need to make a final payment of £1265.60 - £350 = £915.60
Our completion date is 17/12/18 and have now received a final completion statement with an outstanding balance due to solicitors for £1277.79 which he has calculated as follows:
Purchase Price: £239,000.00
Solicitors Cost: £1265.60
Total: £240,265.60
Less:
Initial Payment: -£350.00
Deposit Paid: -£23,900.00
HTB ISA Bonus: -£772.81
Mortgage Advance: -£213,965.00
Balance to pay Solicitors: £1277.79
No where on the initial letters that we received from the solicitors states that the final fees would be calculated this way. I have asked him and he says this is the normal way of calculating final fees.
I am just a bit confused if the way i calculated the balance to be paid (£915.60) is correct or the way the solicitor has calculated it (£1277.79) is correct?
Would be grateful if anyone could help explain.
0
Comments
-
Deposit + HTB + Mortgage = £238637.81.
So you have a balance of £362.19 to pay to make up the price. Which is the difference between your two figures.0 -
Deposit + HTB + Mortgage = £238637.81.
So you have a balance of £362.19 to pay to make up the price. Which is the difference between your two figures.
Thanks davidmcn, was just confused being a FTB, have used quite a few conveyancing calculators but none show the final balance being calculated this way. Just thought that the solicitor was trying to get more money off me lol.
Thanks for your quick reply.0 -
I'm surprised there are no additional disbursements (paymets to others) that have been added.
No solicitor can accurately predict exactly what disbusements will be required - they can only predict their own fees.
But as david says - you are not being ripped off!0 -
I'm surprised there are no additional disbursements (paymets to others) that have been added.
No solicitor can accurately predict exactly what disbusements will be required - they can only predict their own fees.
But as david says - you are not being ripped off!
Thanks G_M, The solicitors own fees are £595 + VAT the rest are disbursements.0 -
A completion statement will usually account for payments in, payments out and the surplus or shortfall to/from you at the end.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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