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Conveyancing Costs & Recommendation's
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Hi everyone, Have just had a breakdown of conveyancing costs from the solicitor we were thinking of using (first time buyers) and it's come back quite high. It includes something listed as 'fee for solicitor to act for lender' which is down as £420 including VAT. This isn't something I'm able to find anything about online - does anyone know if this is a usual cost? Or is it something I need to ask the solicitor to clarify? Thanks in advance!
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Every other firm will also (assuming you're buying with a mortgage) quote on the assumption they're acting for your lender as well (which is the norm where you're buying with a mortgage) - the only difference is that this firm has separated that out. So you want to look at the overall fees.xewecan said:Hi everyone, Have just had a breakdown of conveyancing costs from the solicitor we were thinking of using (first time buyers) and it's come back quite high. It includes something listed as 'fee for solicitor to act for lender' which is down as £420 including VAT. This isn't something I'm able to find anything about online - does anyone know if this is a usual cost? Or is it something I need to ask the solicitor to clarify? Thanks in advance!0 -
Assuming you have a mortgage, the solicitor has to do some work for the lender. You incur the cost of this - it is the same for all lenders pretty much.
Purchasing a freehold property under £500k, you are probably looking at around £1400 plus stamp duty if using a conveyor belt company or £2,500 plus stamp duty if using a local firm... Ball park figures. If leasehold, you can probably add around £250-500 to those figures.
Get some quotes though, I did a quote for a client on Friday who was about to go with the agents recommended firm. The guys we use were about £900 cheaper! The solicitors were using a local company. We were using a conveyor belt firm we have used for a few years.I am a Mortgage AdviserYou 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.0
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