Help with legal fees quote for property purchase?

empfun

Hi folks!

Please could somebody review the below quotation and see if it is fair based on £210K property. Also I don't know what exactly some of the services are and can they be skipped or fees waivered? Thanks a lot for advice and replies!
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Professional Fee £499.00

Leasehold Supplement £150.00
(Additional cost associated with the legal work required for a leasehold property is applicable in the Professional Fee.)

Less credit/debit card payment £0.00

Disbursements
Green Environmental Search Package (inclusive of V.A.T) £149.00
(Enquires made with regard to environmental matters, chancery and home information including planning, crime, amenities and education. Additional specialist searches may be required depending on your property location (e.g. mining, brine, etc.) Your conveyancer will advise if these are applicable.)

Bankruptcy Search Fee (V.A.T. Exempt) £6.00
(The Bankruptcy Search is carried out by the conveyancer on behalf of the lender to check for bankruptcy against each individual.)

Other Fees
Acting for Lender £115.00
(Fee applied if your conveyancer is acting for your mortgage lender - only applicable if you are purchasing with a mortgage.)


Telegraphic Transfer Fee £39.00
(When funds are transferred to the vendors solicitors or to transfer any balance of proceeds to your bank, a telegraphic transfer fee is incurred for each transfer.)

Stamp Duty Land Tax Return Preparation £75.00
(Your conveyancer is required to submit a Stamp Duty Land Tax return form on your behalf.)

V.A.T. on the above fees £153.66
(Government Charges. Charges will be made by the government in relation to your purchase. These are detailed below and should be included when you are budgeting for your move.)

Land Registry Charges (V.A.T. Exempt) £220.00
(The charge raised by the HM Land Registry to register the change of ownership. The fee varies with the purchase price.)

Stamp Duty (V.A.T. Exempt) £2,100.00
(Percentage of the purchase price. A Government purchase tax on most residential property over £125,000. Stamp duty may not be payable in the area where you are buying. Please visit www.inlandrevenue.gov.uk/so for a list of exempt regions or await clarification from your conveyancer.)
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homer_j_3

£3506 is the total price if I have added correctly.

Doing a quote on the system that I use to search over 150 different solicitors, there are quite a few coming out around £500 cheaper than this on a 210k purchase on my postcode.

The fact remains that you may want face to face service. You need all of these as they are part of the conveyancing process. I would shop around.

empfun

Hi Homer!

Thank you for your reply. What is the leasehold supplement charge? Also the telegraphic transfer fee sounds rather extortionate.

lkalka

empfun wrote: »

Hi Homer!

Thank you for your reply. What is the leasehold supplement charge? Also the telegraphic transfer fee sounds rather extortionate.

The leasehodl charge is applied because the property you are buying is a Leasehold not a Freehold. There is more legal work to be carried out because of this. I only know because I'm in the same situation. The telegraphic transfer is about the same amount I have been quoted to.

homer_j_3

TT charge is for the solicitor to send any surplus funds to you. If you have only borrowed what you need to buy and no surplus funds are coming then this shouldn't be charged.

Trying_to_be_good

homer_j wrote: »

TT charge is for the solicitor to send any surplus funds to you. If you have only borrowed what you need to buy and no surplus funds are coming then this shouldn't be charged.

I thought the TT fee paid to the solicitor was for them to send the new money to pay off the old mortgage with the old lender? The one you pay to the new lender covers the new lender sending the funds to the solicitor? Is there also a fee for the solicitor sending the monies to the seller's solicitor? I'm getting a bit lost with my chain of 'logic'!

homer_j_3

A TT fee is payable whenever there is a money transfer. It will be used for different reasons through the buying selling process.

hogweed

One thing you might want to check is whether your quote covers selling your old property AND buying the new one. I’m about to move, and every solicitor I contacted quoted me a price which turned out to be only for the purchase, then added on about £700 for the sale when it was time for me to sign! THIS WAS AFTER ASKING ME FOR DETAILS OF BOTH PROPERTIES.

Ask them for a total, bottom-line figure, ie everything you will have to write a cheque to them for. If it's different from what they told you up front, they are trying to mislead you, and you should walk away.

I have saved myself £5-700 by eventually finding an honest one – assuming honest solicitors do in fact exist.