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  • FIRST POST
    • disciple432
    • By disciple432 20th Oct 19, 4:26 PM
    • 14Posts
    • 2Thanks
    disciple432
    Conveyancing cost sanity check
    • #1
    • 20th Oct 19, 4:26 PM
    Conveyancing cost sanity check 20th Oct 19 at 4:26 PM
    Hi,
    Apologies if this is too basic a question, but I'm buying a first home and the process is quite daunting.


    I've made an offer and it's been accepted, using Purple Bricks.


    The seller is using the Purple Bricks conveyancing service and I'm of a mind just to do the same, just to simplify things, for my benefit (ie I don't have to source a solicitor and deal with hidden costs) and perhaps because it may expedite the process.


    I've been given a quote for conveyancing costs, it's coming in at ~£1600, could I ask if it seems reasonable. I am happy to pay a slight premium to ease things, but does this figure seem generally ok and what should be expected?


    Last edited by disciple432; 20-10-2019 at 4:28 PM.
Page 1
    • Thrugelmir
    • By Thrugelmir 20th Oct 19, 5:01 PM
    • 65,425 Posts
    • 57,563 Thanks
    Thrugelmir
    • #2
    • 20th Oct 19, 5:01 PM
    • #2
    • 20th Oct 19, 5:01 PM
    Obtain alternative quotes for peace of mind. Many of the costs listed are unavoidable.
    ““there really is no such thing as ‘the future’, singular. There are only multiple, unforeseeable futures, which will never lose their capacity to take us by surprise.””
    ― Niall Ferguson
    • amnblog
    • By amnblog 20th Oct 19, 5:40 PM
    • 11,337 Posts
    • 4,569 Thanks
    amnblog
    • #3
    • 20th Oct 19, 5:40 PM
    • #3
    • 20th Oct 19, 5:40 PM
    It’s about the going rate with, no doubt, a little profit built in for Purple Bricks. Leaseholds are more expensive as there is much more work.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ACG
    • By ACG 20th Oct 19, 6:45 PM
    • 19,631 Posts
    • 11,181 Thanks
    ACG
    • #4
    • 20th Oct 19, 6:45 PM
    • #4
    • 20th Oct 19, 6:45 PM
    I would say its about £300 give or take more than the company we use.

    It is about right if you were using a local high street solicitor.
    I am a Mortgage Adviser
    You 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.
    • Tom99
    • By Tom99 20th Oct 19, 7:20 PM
    • 5,064 Posts
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    Tom99
    • #5
    • 20th Oct 19, 7:20 PM
    • #5
    • 20th Oct 19, 7:20 PM
    Purple Bricks have sold the property and are now going to undertake the legal work for both you and the seller.
    Personally I would appoint a different solicitor to be sure they were batting on my side.
    • trex227
    • By trex227 20th Oct 19, 8:53 PM
    • 30 Posts
    • 26 Thanks
    trex227
    • #6
    • 20th Oct 19, 8:53 PM
    • #6
    • 20th Oct 19, 8:53 PM
    Do you know what form the quote is for? There’s no mention of fees for bank transfers or ID checks which are common additional fees
    • trex227
    • By trex227 20th Oct 19, 8:55 PM
    • 30 Posts
    • 26 Thanks
    trex227
    • #7
    • 20th Oct 19, 8:55 PM
    • #7
    • 20th Oct 19, 8:55 PM
    That should say firm, which firm of solicitors/conveyancers is the quote for? I know in the past PB had a few firms on their panel
    • disciple432
    • By disciple432 20th Oct 19, 9:01 PM
    • 14 Posts
    • 2 Thanks
    disciple432
    • #8
    • 20th Oct 19, 9:01 PM
    • #8
    • 20th Oct 19, 9:01 PM
    That should say firm, which firm of solicitors/conveyancers is the quote for? I know in the past PB had a few firms on their panel
    Originally posted by trex227

    So they way it seems to work is it's a standard rate.


    And yes PB have a panel.


    My understanding is come Monday I'll be on the system and if I want to go ahead using the PB conveyancing service I will be assigned a solicitor from their pool.


    On querying yesterday, it will be a different solicitor to the one the seller (who is also using PB) has, to avoid any conflict of interest, but yes as you say payments are still coming through PB to both solicitors.
    • trex227
    • By trex227 20th Oct 19, 9:25 PM
    • 30 Posts
    • 26 Thanks
    trex227
    • #9
    • 20th Oct 19, 9:25 PM
    • #9
    • 20th Oct 19, 9:25 PM
    I’d check if bank transfer fees and ID checks are included in that fee as there is no mention of them.

    One thing to consider is maybe as much as £400 of that fee will be a kickback to PB. So the conveyancer/solicitors firm won’t be getting much per case so it’s possible you could end up with a junior staff member dealing with your case alongside as many as 100 others so service might not be great. You could get lucky though but I’d say chances of poor service are much higher in these kinds of set up compared to a conveyancer you source yourself.
    • disciple432
    • By disciple432 20th Oct 19, 9:38 PM
    • 14 Posts
    • 2 Thanks
    disciple432
    Thanks for the comments all, really helpful just to hear opinions and weigh up different options.

    Half of the issue is, I have looked at website conveyancing sites and often the priced breakdown doesn't correlate with what PB have listed so you feel like they're conveniently missing out certain charges just to pull you in. I would just like an all-inclusive price at a decent rate.

    PB have said it includes everything and in a way although it sounds like it may be slightly above standard rate, it's tempting just because there's no worry of extras.

    I’d check if bank transfer fees and ID checks are included in that fee as there is no mention of them.

    One thing to consider is maybe as much as £400 of that fee will be a kickback to PB. So the conveyancer/solicitors firm won’t be getting much per case so it’s possible you could end up with a junior staff member dealing with your case alongside as many as 100 others so service might not be great. You could get lucky though but I’d say chances of poor service are much higher in these kinds of set up compared to a conveyancer you source yourself.
    Originally posted by trex227
    Bank fees and ID checks, I will definitely query this tomorrow thanks, if they come back and say it's included under one of the categories I think this will be a plus in their favour, if it's an extra then that will be a worry given what I've been led to believe.

    And yes the PB kickback, perhaps, having a knockback on solicitors fees is a good point.
    Last edited by disciple432; 20-10-2019 at 10:18 PM.
    • trex227
    • By trex227 20th Oct 19, 9:58 PM
    • 30 Posts
    • 26 Thanks
    trex227
    Having worked in conveyancing for 7 years for me service would be a much bigger consideration than cost (especially given the PB quote is very an much average price quote for a leasehold purchase).

    If you know anyone who has bought/sold recently ask for a recommendation- and ask for a specific conveyancer name as service can vary wildly in the same firm depending on which staff member you get!!

    Buying is stressful and it’s much better to have a proactive conveyancer who is easy to contact and keeps you informed.
    • teamgb
    • By teamgb 20th Oct 19, 11:59 PM
    • 98 Posts
    • 62 Thanks
    teamgb
    I completed on a leasehold Flat with a Garage plus a freehold garden area on Friday. We had number of complications which made extra work for the local solicitor I used. This is the breakdown of my final bill received yesterday.


    Cost of the Purchase 425.83.
    Reporting on searches 36.67.
    Bank transfer 30.00.
    Search fees 108.33.
    Official copy document 3.00.
    OS1 search 3.00.
    ---------
    Total 606.83.
    VAT 120.17.
    ----------
    Paid 727.00.


    Plus HMLR fee 95.00.
    • zesh90x
    • By zesh90x 21st Oct 19, 12:34 PM
    • 58 Posts
    • 18 Thanks
    zesh90x
    In a similar situation having made a purchase through purple bricks.

    They initially quoted £1600 for myself too, after getting on the phone and telling them I've had a better deal they offered to reduce it to £1441.80, but even then I managed to get a conveyancer who agreed to £1139, and has provided a solid service so far and has good reviews online.

    They aren't local to me but they've done a perfect job so far, happy to put you in touch if you like.

    Having done some research I decided to not go with purplebricks conveyancers as the feedback didn't appear to be too positive.

    Good luck!
    Last edited by zesh90x; 21-10-2019 at 12:37 PM.
    • disciple432
    • By disciple432 21st Oct 19, 1:15 PM
    • 14 Posts
    • 2 Thanks
    disciple432
    In a similar situation having made a purchase through purple bricks.

    They initially quoted £1600 for myself too, after getting on the phone and telling them I've had a better deal they offered to reduce it to £1441.80, but even then I managed to get a conveyancer who agreed to £1139, and has provided a solid service so far and has good reviews online.

    They aren't local to me but they've done a perfect job so far, happy to put you in touch if you like.

    Having done some research I decided to not go with purplebricks conveyancers as the feedback didn't appear to be too positive.

    Good luck!
    Originally posted by zesh90x
    Similar.

    Phone round today, my local solicitor quoted £1190.40, fixed everything included, and very similar to your quote it seems.

    I have no idea if the Purple Bricks recommendation would do a good job or not but this local one has a good reputation and it's nearly £500 cheaper. So probably going to just go with them.

    Thanks for the advice all.
    Last edited by disciple432; 21-10-2019 at 1:21 PM.
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