Conveyancing cost sanity check

disciple432 · 20 October 2019 at 4:26PM

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?

Thrugelmir · 20 October 2019 at 5:01PM

Obtain alternative quotes for peace of mind. Many of the costs listed are unavoidable.

amnblog · 20 October 2019 at 5:40PM

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.

ACG · 20 October 2019 at 6:45PM

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.

Tom99 · 20 October 2019 at 7:20PM

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 · 20 October 2019 at 8:53PM

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 · 20 October 2019 at 8:55PM

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 · 20 October 2019 at 9:01PM

trex227 wrote: »

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

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 · 20 October 2019 at 9:25PM

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 · 20 October 2019 at 9:38PM

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.

trex227 wrote: »

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.

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. :think:

trex227 · 20 October 2019 at 9:58PM

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.

Conveyancing cost sanity check

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