remortgage solicitor fees

crackle999

Hi there,

I'm just wondering if someone can give me advice on how much the solicitor/conveyancing fees would be when remortgaging a 250k property,

Is £950 fee too high? low? or average?

Thanks

Leon_W

Roundabout £400 should cover it.

£950 is way too much.

crackle999

Thanks Leon... that's what I've been thinking as well...

They've given me a break down of their charges, the figueres im showing are approximates and inc VAT:

Legal Fees: £500
acting for bank £60
acting on redemption £35.25

land registry search fee £6
land registry fee £70
local search fee £177.23

bankruptcy search £2.00

indemnity premium £58.75

letters, telephone calls £35
telegraphic transfer fee £35

I'm not familiar with most of these, but do you know what areas they have over charged on? thanks

NeilQuinn

Just done a quick quote with an online conveyancing firm we use & it came out at £359. Couldn't be exact without the postcode but it won't be much more.

digp

try https://www.solicitors.com

Mummy_Cookie

crackle999 wrote: »

Thanks Leon... that's what I've been thinking as well...

They've given me a break down of their charges, the figueres im showing are approximates and inc VAT:

Legal Fees: £500
acting for bank £60
acting on redemption £35.25

land registry search fee £6
land registry fee £70
local search fee £177.23

bankruptcy search £2.00

indemnity premium £58.75

letters, telephone calls £35
telegraphic transfer fee £35

I'm not familiar with most of these, but do you know what areas they have over charged on? thanks

I would not like to say where in the quote you have been overcharged because legal fees very much depend on where you live and the service you are after but the solicitors should break the quote down into what are their charges and what are disbursements so I can help you out there:-

Solicitors' charges

Legal fee £500
Acting for Bank £50
Acting on redemption £35.25
Letters, telephone calls etc £35
telegraphic transfer fee £35
Indemnity premium £58.75

Disbursements (these are pretty standard payments that have to be made out to third parties on your behalf so would not really vary between solicitors)

Land registry search fee £6
Land registry fee £70
Local Search fee £177.23
Bankruptcy Search fee £2

Basically all of the "solicitors' charges" are legal fees it is just broken down in a quote to appear more pleasing to the eye as it where. The telegraphic transfer fee is partially a solicitors' charge and partially a disbursement. The solicitors will have to pay a fee to their bank for the transfer but that would be (depending on the bank) somewhere between £10 and £25, the remainder of the fee is actually payable to the solicitor.

I would recommend getting a comparable quote from another firm and then you can look at the two and see where the legal fees differ, if at all. That is normally the best way of checking what kind of deal you are getting.

It may also be worthwhile checking with your new Mortgagee because they often have links with large legal firms that offer a discount if you go through them.

HTH and good luck with the re-mortgage - I hope it all goes smoothly for you.

crackle999

Thanks for all the advice and information.

The remortgage already went through, but I was just a little bemused by the high solicitor fees when I received the invoice.

I don't think I can do much about it now, I'll just have to make sure I get different quotes next time before going ahead.

Anne3333

Ooh thats extortion! At work we use one who only charges £299 including vat and general disbursements. You would have to pay the £35 for telegraphic transfer but everything else is included. You have been ROBBED!

RavingMad

Quick question, are local searches required when doing a remortgage? We bought our house 3 yrs ago and our lender said it might not be required but best to ask the solicitors handling our remortgage

Cheers