Solicitors Fees? 28 June 2005 at 5:36PM in Mortgages & endowments 10 replies 2.2K views

Legacy_user

We are thinking of moving our mortgage but will incur solicitors fees. Can anyone tell me how to work out approximately how much we would be expected to pay for these fees. ie is it normally a percentage of the amount borrowed.

Thanks

dunstonh

It varies depending on your region. A fixed fee is the ideal solution and the best way to find out is phone around several solicitors to compare.

payless

some lenders have remortgage deals that include the basic legal work, or some give a contribution towards legal costs- although in some cases it worth paying your own and getting a lower rate

Costs will vary - seen as low as £350 ( inc extras) from some internet sites although make sure you get an total figure.

Fairdo_2

There was a thread a while back now that asked for comparison of these intenet/postal/telephone firms (I like to call conveyor belt conveyancers - has a ring doesn't it!!!???)

I am sure there were several firms being quoted at £300. I'm sorry that I can't remember the title of the thread. (I think it was something as simple as "Can anyone find a cheaper solicitor" or "Got solicitor for £300, can anyone find cheaper")

However, as payless rightly says, I think the average tends to be £350.

I personally haven't found cheaper and have not had the time to trawl, as mortgages are my bag and I either recommend people visit local solicitors with good reputation and pay for what they get, or that they look at fees assisted deals.

herbiesjp

Have to agree with Fairdo - you get what you pay for normally.

Cheaper does not necessarily mean better - have a word with some local firms and compare prices. Ask some friends if they have had dealings, good or bad, with any firms - they may then point you in the right direction

GreenB_2

From experience it's ben about £350 + Expenses (search etc) + VAT.

To be on the safe side I would budget £500 total and then you can always go for a meal with the change!

System

Thanks for the replies. I have recently changed jobs to work for a bank and I may be entitled to a staff mortgage but with the Revenue charging 22% as it's classed as a Benefit in Kind and the possibility of having to pay solicitors fees to move from the Woolwich tracker we are currently on I'm not sure if there will be any significant saving. I'll just have to wait until I get a quote for the mortgage from my employer.

Mortgage_Master

If you're happy with the conveyor belt style of conveyancing and shop around you should be able to get it done cheaply.

For remortgage customers we've got an all inclusive deal in place at £280 (upto £100k mortgage), £300 (upto £200k mortgage) & £330 (upto £500k mortgage). (+ £75 if leasehold). It's a lost leader so expect to pay a little bit more than this.

payless

Mortgage_Master wrote:

If you're happy with the conveyor belt style of conveyancing and shop around you should be able to get it done cheaply.

For remortgage customers we've got an all inclusive deal in place at £280 (upto £100k mortgage), £300 (upto £200k mortgage) & £330 (upto £500k mortgage). (+ £75 if leasehold). It's a lost leader so expect to pay a little bit more than this.

Confused - if all inclusive, why expect to pay more?

Mortgage_Master

Hi Colin, sorry badly phrased...

What I mean is, expect to pay a little more than this when shopping around as the prices above are what we offer as a lost leader.

I've always found cheap legal fee packages fine for remortgage business but would recommend using a local solicitor for sale & purchases.

payless

Mortgage_Master wrote:

I've always found cheap legal fee packages fine for remortgage business but would recommend using a local solicitor for sale & purchases.

tend to agree