Which offer to accept?

20122013

RHemmings said:

Even though I used a local solicitor, I did all my ID checks online. I did drop off documents in person, however. 

Would you mind me asking when this was and was it over £50 + VAT for the ID check?
The solicitors I was going to use was about 3 hours away and said I MUST attend their office and costs £50 + VAT for the check. When I did the ID check with another estate agent  6 months ago there was no charge and it was a phone verification and then submitting documents online.  

RHemmings

20122013 said:

RHemmings said:

Even though I used a local solicitor, I did all my ID checks online. I did drop off documents in person, however. 

Would you mind me asking when this was and was it over £50 + VAT for the ID check?
The solicitors I was going to use was about 3 hours away and said I MUST attend their office and costs £50 + VAT for the check. When I did the ID check with another estate agent  6 months ago there was no charge and it was a phone verification and then submitting documents online.  

This was in December 2023. I can't remember how much the ID check was. I think I paid for as part of the bigger bill. I've had a look through emails from my solicitors, and I can't seem to (quickly at least) find the overall bill. 

I can't remember exactly which documents I took to their office, sorry. But, I do know that I had to use a rather annoying and difficult to use phone app for some ID verification. That may have been for AML checks. 

I found several email threads talking about me completing the ID check, but I didn't find the one giving the link (or similar) I needed to follow. Sorry. 

EDIT: I have confused things in my mind. The application ID check was for another company, not my solicitors. (My purchase was a bit non-standard.) The information I could find from my solicitors seems to suggest that I provided them with documents (which I dropped off at their office, about 700m from my place of work) and that may have been that. Though, there were a lot of bank statements that had to be provided. 

This is getting a bit complex. I'm not sure if this information is generic enough to be useful for you. I hope it is vaguely useful. 

FlorayG

20122013 said:

RHemmings said:

Even though I used a local solicitor, I did all my ID checks online. I did drop off documents in person, however. 

Would you mind me asking when this was and was it over £50 + VAT for the ID check?
The solicitors I was going to use was about 3 hours away and said I MUST attend their office and costs £50 + VAT for the check. When I did the ID check with another estate agent  6 months ago there was no charge and it was a phone verification and then submitting documents online.  

I think they can charge what they like. I recently paid £28 for ID check, a friend using a different solicitor paid nothing

20122013

Appreciate the replies, all very helpful - aside from the fees, I am interested to find out what document is genuinely needed? in particular for AML ? would there be any reason as seller would be require to provide a number of years of bank statements showing all transactions and show how much total asset  I have?

This is what I am expecting to provide for the ID checks:

Current Home address

Photo ID / passport

Utility bills (within 3 months)

Bank statement showing (full name, address and bank account details)

anything else I have missed?

20122013

I have just accepted an offer and would like to know what would be the less risky way to transact  money  eg fees to solicitors and agents and receiving the buyer's funds and anything else I might have missed?  As it might take a few days to set up a new account and I want to be prepared as I anticipate there are other things I need to do and have not done / thought about. 

anselld

20122013 said:

I have just accepted an offer and would like to know what would be the less risky way to transact  money  eg fees to solicitors and agents and receiving the buyer's funds and anything else I might have missed?  As it might take a few days to set up a new account and I want to be prepared as I anticipate there are other things I need to do and have not done / thought about. 

That is all done by your conveyancing solicitor.  You simply need an account to be able to receive the proceeds after everything else is done.  You may need to pay a small amount "on account" to the Solicitor when they are instructed.

Bigphil1474

OP, the AML checks will be as complex as your finances are. In a straightforward sale and purchase using sale proceeds and maybe a mortgage, there's nothing much to check. If you were selling a house for £200k and buying a £1m mansion with £800k you had under your mattress, you'd struggle. I used £50k of my savings from an inheritance towards our purchase last year and it became a bit of a mare due to me moving the money round regularly to get a good savings rate. I ended up sending statements from 3 different accounts, at least one for around 2 years before they were satisfied. They aren't checking what you are worth, just where the money for your purchase is coming from. 

If you are selling your house and buying another, you won't actually see any money from the sale yourself unless you are downsizing, so don't worry about that. We paid our solicitor some upfront money (about £300), and they sent us an invoice for the balance at the end, as we were paying it separately to the purchase. We just did it like a normal online payment.

20122013

I had read some post about where to put the sell proceeds but cannot find them now.. I think it was either into a NS&I account or use a saving platform  https://www.flagstoneim.com/ or https://www.raisin.co.uk. has anyone has experienced with these? as it will be over £85K, I may need to spread it over a number of accounts but the interest rates are reducing now..

20122013

Does anyone know about how the transactions work ? how the buyer's fund (they have a mortgage) will reach my account?   does the fund goes through my solicitor ? or the buyer solicitor transfers it directly to my bank account? 

Tiglet2

20122013 said:

Bigphil1474 

If I am only selling then it should be more straight forward, for some reason I keep thinking I am the buyer. the 'main' fees I will paying will be to the solicitor and Estate agent and banks.  I sense I am going to have to find a bank to park the sell proceeds.

I am using the solicitor who did the purchase for me to sell it as well, as this was years ago, I will need to do the ID checks etc again. Their email: 

'We thank you for your email and confirm that our charges in connection with your proposed sale will be as per the attached revised estimate, on a 'fixed fee' and 'no sale no fee basis on the first transaction', meaning that our fees will not increase without your agreement, neither will you pay us any fees if the first transaction does not proceed.

Please note that the costs of the disbursements are set by third parties (e.g. Inland Revenue and the Land Registry) and therefore any changes are beyond our control. We also attach herewith our instruction forms and terms of engagement. Kindly complete, sign and return the instruction form as we are unable to act for you until such time as we have received your written authority. All other documents are also attached for your attention.'

May I check I have understood, the solicitor fee (above): no sell no fee for the first buyer, if it falls through, and have another buyer and if this sell falls through then the solicitor will be due their fees?

I am trying to think there is anything else I have missed as it seems to straight forward (I  now I am at the early stage but to me it is the most important part)

OK, they've offered a fixed fee, but that means if they discover extra work needs doing, they will tell you first before adding to the fees.  You could say that you don't agree, but then they can't do a thorough job for you.  However, on a sale, rather than a purchase, there shouldn't be anything extra to add.

A 'no sale no fee' basis will only be applicable for their fees, not any third party costs, such as paying for Land Registry or Council documents (sorry, I'm not sure if you have also instructed them in a purchase).  If the sale falls through (not just changing your mind, but because the buyer cannot continue with the transaction), they won't charge you any of their fees.  However, if you find a new buyer, who also cannot complete on the sale, then they will charge their fees according to how much of the work they have done for you.