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  • FIRST POST
    • parkrunner
    • By parkrunner 22nd Oct 19, 7:18 PM
    • 2,316Posts
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    parkrunner
    Does this seem ok for a quote from the EA?
    • #1
    • 22nd Oct 19, 7:18 PM
    Does this seem ok for a quote from the EA? 22nd Oct 19 at 7:18 PM
    Daughter is bying a seven year old flat and is a first time buyer, do these figures from the EA look about right for the value of the property? Thanks, any questions and I'll try to find out.

    https://imgur.com/a/E8Hp13R
    It's nothing , not nothink.
Page 1
    • Slithery
    • By Slithery 22nd Oct 19, 7:30 PM
    • 2,065 Posts
    • 3,436 Thanks
    Slithery
    • #2
    • 22nd Oct 19, 7:30 PM
    • #2
    • 22nd Oct 19, 7:30 PM
    Why would the vendors EA be doing your daughters conveyancing?
    • G_M
    • By G_M 22nd Oct 19, 7:45 PM
    • 50,192 Posts
    • 62,616 Thanks
    G_M
    • #3
    • 22nd Oct 19, 7:45 PM
    • #3
    • 22nd Oct 19, 7:45 PM
    Your daughter should find her own conveyancer. I'm a great believer (not everyone is) of using a local firm you can pop in to.


    But not one recomended or chosen by the estate agent. Especially when buying, as the EA acts for and is paid by the seller not the buyer.
    • steampowered
    • By steampowered 22nd Oct 19, 7:45 PM
    • 3,717 Posts
    • 3,830 Thanks
    steampowered
    • #4
    • 22nd Oct 19, 7:45 PM
    • #4
    • 22nd Oct 19, 7:45 PM
    The fees look rather high to me.

    Is this a conveyancer who was referred to your daughter by the EA? The normal advice is to steer clear from EA referrals. EAs will typically refer to the conveyancers which pay the highest commission, not those that provide the best service.

    It looks like your daugher is being asked to cover a 599 broker fee. It looks like this is the backhander being paid by the conveyancer to the EA for making the referral.

    Your daughter should get some quotes from independent conveyancers/solicitors. Either call round local firms or use an online comparison website.
    • davilown
    • By davilown 22nd Oct 19, 9:32 PM
    • 1,518 Posts
    • 956 Thanks
    davilown
    • #5
    • 22nd Oct 19, 9:32 PM
    • #5
    • 22nd Oct 19, 9:32 PM
    If she’s just purchasing that’s a really expensive quote - should half that.

    Go local and on recommendations
    Back in Debt 214,500 on a 230,900 mortgage) Overpayment 37 pm - Aim to be Mortgage free by 2034
    27000/27000 paid off Feb 2010 since LBM Jan 2007!
    • D_M_E
    • By D_M_E 22nd Oct 19, 9:46 PM
    • 2,812 Posts
    • 72,993 Thanks
    D_M_E
    • #6
    • 22nd Oct 19, 9:46 PM
    • #6
    • 22nd Oct 19, 9:46 PM
    It looks like they are also charging vat on the backhander as well, not to mention that they have hidden the vat element in the middle instead of putting it as the final item before the total.

    As already said by others she should find her own solicitor - the charges would likely be around half or less than what's detailed in your image.
    • kinger101
    • By kinger101 22nd Oct 19, 9:57 PM
    • 4,859 Posts
    • 6,861 Thanks
    kinger101
    • #7
    • 22nd Oct 19, 9:57 PM
    • #7
    • 22nd Oct 19, 9:57 PM
    Run away. Has she already seen the broker? I've never used one, and it's not really necessary unless you have something unusual about your finances or the property (self-employed, debt history, flat above commercial premises). A bit of googling tell you what multiples lenders go to.

    Also - you don't need a will to buy a property.
    • AnotherJoe
    • By AnotherJoe 22nd Oct 19, 10:03 PM
    • 16,268 Posts
    • 19,524 Thanks
    AnotherJoe
    • #8
    • 22nd Oct 19, 10:03 PM
    • #8
    • 22nd Oct 19, 10:03 PM
    OP, great post, you've probably saved your daughter about 2k as a result once she finds a conveyancer that isnt a shyster and doesn't bung in unwanted and unneeded costs..
    I see the broker may be one of those "dodgy" lifetime fee companies there was quite a lot of controversy about a few years back when a firm of conveyancers refused to honour one, but as said does she even need to pay a fee?
    • kinger101
    • By kinger101 22nd Oct 19, 10:12 PM
    • 4,859 Posts
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    kinger101
    • #9
    • 22nd Oct 19, 10:12 PM
    • #9
    • 22nd Oct 19, 10:12 PM
    I hope the vendor negotiated the EA's fee down. 1.75% plus VAT!
    • parkrunner
    • By parkrunner 23rd Oct 19, 1:03 PM
    • 2,316 Posts
    • 3,713 Thanks
    parkrunner
    Thanks for all the replies, I'm going with her to EA tomorrow as the offer has been accepted so will help her to look around.
    It's nothing , not nothink.
    • sillyhilly
    • By sillyhilly 23rd Oct 19, 1:09 PM
    • 174 Posts
    • 237 Thanks
    sillyhilly
    Take a quick look at comparison sites if you're not particularly interested in going local:

    https://www.reallymoving.com/quote-forms/conveyancing
    • caprikid1
    • By caprikid1 23rd Oct 19, 1:10 PM
    • 907 Posts
    • 973 Thanks
    caprikid1
    Pretty much all of these fee's are high, they seem to have got her on every commission angle possible, sales guy must be rubbing his hands.






    What is the estate agent ? I have heard the lifetime broker fee can be a bit dodgy, 600 is a high broker free 250-500 is more the norm.
    I would also add the conveyancing fee is probably 30% over or more...
    • need an answer
    • By need an answer 23rd Oct 19, 1:27 PM
    • 2,336 Posts
    • 2,818 Thanks
    need an answer
    TBH...going to any local solicitor and getting them to deal with the purchase is likely to be cheaper than that quote.

    If purchasing something that's leasehold expect it to cost a little more in permissions/fees but even then it should be at least half of that price quoted.

    I think she could aim more in the region of 1000
    in S 57 T 19 F 50
    out S 51 T 16 F 67

    2017 -32 2018 -33 2019
    • Crumble2018
    • By Crumble2018 23rd Oct 19, 1:44 PM
    • 179 Posts
    • 167 Thanks
    Crumble2018
    TBH...going to any local solicitor and getting them to deal with the purchase is likely to be cheaper than that quote.

    If purchasing something that's leasehold expect it to cost a little more in permissions/fees but even then it should be at least half of that price quoted.

    I think she could aim more in the region of 1000
    Originally posted by need an answer

    Is that including searches etc too? We are paying around 1700 to buy a leashold flat - and that was average amongst local solicitors. But that is the total including all searches etc.
    • need an answer
    • By need an answer 23rd Oct 19, 1:52 PM
    • 2,336 Posts
    • 2,818 Thanks
    need an answer
    Is that including searches etc too? We are paying around 1700 to buy a leashold flat - and that was average amongst local solicitors. But that is the total including all searches etc.
    Originally posted by Crumble2018
    Every leasehold is different...I have bought a couple in the past 4 years and its not the searches that push up the cost per se its the charges and fees for sundries usually associated with the management of the lease.

    The lowest I've paid has been 1000 and the highest 1500
    in S 57 T 19 F 50
    out S 51 T 16 F 67

    2017 -32 2018 -33 2019
    • newsgroup_monkey
    • By newsgroup_monkey 23rd Oct 19, 2:01 PM
    • 807 Posts
    • 984 Thanks
    newsgroup_monkey
    One of the issues I had trying to find a conveyancer was getting one on my mortgage lenders panel (Coventry).
    If they're not on the panel, Coventry charge an additional 250+VAT (I think it was).


    I used Conveyancing calculator.
    https://www.conveyancingcalculator.co.uk/


    They were upfront with the kick back (150), did the searches themselves (and provide them to the solicitor). They also guarantee that the conveyancer is on the panel which did me a favour - my initial conveyancer said they were, but when it came to it, they weren't and apparently wouldn't then sign up to it so I changed quickly without any charges.


    Total was around 950 which included a couple of extra things (Part of my deposit was gift and another part probate which means additional ID checks).


    The actual legal fees (including the kick back) were 400 + VAT which seems pretty reasonable considering the work they had to do. The other main things were searches (250) and Land Registry (135). Then fees for the above (60 inc)

    To put into perspective, I asked a few local firms directly (not via EA) and they ranged from 1250 to 1450.
    The smaller the monkey the more it looks like it would kill you at the first given opportunity.

    • Yalpsmol
    • By Yalpsmol 23rd Oct 19, 2:24 PM
    • 207 Posts
    • 229 Thanks
    Yalpsmol
    I bought a leasehold (house) property this year and it was less than half if the quote! And I dont know if it varies area to area but our solicitor was in an expensive part of the country (south west, outskirts of Bristol).
    Dont touch them with a barge pole
    • mourning
    • By mourning 23rd Oct 19, 2:40 PM
    • 32 Posts
    • 11 Thanks
    mourning
    I'm using an online conveyancer. MyHomeMove (Check the reviews). You get an online portal, and can see when the conveyancer has made phone calls/emails.

    You get a spinny progress wheel showing how far you are in the process.

    Get a quote from them.

    I doubt i'm allowed to with Forum rules, but you can get 100 off if someone refers you.

    But regardless, i'd recommend them for a quote anyway.

    I'm a FTB, by fees equated to around 1100 for a property of 245k.
    Last edited by mourning; 23-10-2019 at 2:42 PM.
    • Monkeysocks42
    • By Monkeysocks42 23rd Oct 19, 3:58 PM
    • 49 Posts
    • 33 Thanks
    Monkeysocks42
    I'm using an online conveyancer. MyHomeMove (Check the reviews). You get an online portal, and can see when the conveyancer has made phone calls/emails.

    You get a spinny progress wheel showing how far you are in the process.

    Get a quote from them.

    I doubt i'm allowed to with Forum rules, but you can get 100 off if someone refers you.

    But regardless, i'd recommend them for a quote anyway.

    I'm a FTB, by fees equated to around 1100 for a property of 245k.
    Originally posted by mourning
    I'm always wary of these online conveyancers as it seems like pot luck as to whether you get assigned to someone good or someone really rubbish. I'm going to take a look at their reviews though as their prices are obviously cheaper than a high street solicitor who I'd never get in to see in person anyway as I'm at work whenever they are open!
    • zesh90x
    • By zesh90x 23rd Oct 19, 4:09 PM
    • 58 Posts
    • 18 Thanks
    zesh90x
    Personally recommend getting a quote from the Conveyancing Index - that's what i did, also if there any delays the index actually gets in touch with your conveyancer selected and helps you sort it all out.

    Worked out well for me largely... some delays on the exchange, but that's just due to the conveyancer going on holiday, the index contact person got involved and sorted it right out.
    Last edited by zesh90x; 23-10-2019 at 4:52 PM.
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