The nervous wait to exchange....

[mattyfez]

Yeh I agree with both the above.
Employing a local solicitor, assuming they are good (always Google reviews) might be a tad more expensive, but an extra hundred quid for a service that's gonna cost you a grand+ anyway is neither here nor there, as you'll get a much more personal responsive service (in theory).

My local solicitors for example are charging me £600 for the work. (that's just thier administration /labour fees).

That's not including search fees, land registry fees etc. But they are all defined fixed costs that my solicitor sorts out anyway.

 

[dlockers]

Guess it is region dependant. My local firm is £4k (£1.5k sell, £2.5k buy). A bit further out was £3.5k (£1.4k sell, £2.1k buy). Quango online firm was £2.2k all in.

 

[mattyfez]

Guess it is region dependant. My local firm is £4k (£1.5k sell, £2.5k buy). A bit further out was £3.5k (£1.4k sell, £2.1k buy). Quango online firm was £2.2k all in.

Might well be..

I'm in yorkshire


Legal fees (incl VAT) 600.00
AML Electronic ID check (incl VAT)3.00
Indemnity Insurance Legal fees (incl VAT)48.00
Chancel Indemnity Insurance fees (incl VAT)12.00
Telegraphic Transfer Admin Fee (incl VAT)48.00
Disbursements
Searches (incl VAT)189.80
HM Land Registry Fee100.00
Land Registry search (incl VAT)7.20

 

[maj]

Having used Strike to sell my last house I can see the appeal of them as long as you're happy to arrange and do the viewings etc. You can even use your own photos for the advert to save money there too. Makes you wonder why EA charge what they do for same service. Not sure where they make their money though, commission perhaps? To give Strike some credit they were fine for the sale and negotiating part, just wish I hadn't gone with PPL as their recommended solicitor but it seems my wait of 6 months for exchange and completion is quite quick compared to some on here.

I believe Purple Bricks use them too.

 

[dlockers]

Might well be..

I'm in yorkshire


Legal fees (incl VAT) 600.00
AML Electronic ID check (incl VAT)3.00
Indemnity Insurance Legal fees (incl VAT)48.00
Chancel Indemnity Insurance fees (incl VAT)12.00
Telegraphic Transfer Admin Fee (incl VAT)48.00
Disbursements
Searches (incl VAT)189.80
HM Land Registry Fee100.00
Land Registry search (incl VAT)7.20

Is that to buy?

 

[mattyfez]

I'd always ask for a brakedown of fees, becuse it's all fixed cost stuff, aside from how much the solicitor charges for thier time.

 

[mattyfez]

Is that to buy?

Yes to buy, to clarify.

 

[traveyb]

Congrats, we had a painful experience too last year. 8 months later we are well settled and the house is coming on nicely

Thanks, it's much appreciated! It's seems unreal that it's almost over - also a bit of a reality check!

Does it typically take 8 months ?

Should i expect a similar timeline when i eventually put in an offer and its accepted?

I don't belive so. I was just unlucky(?) I guess. If it wasn't for the mess up with the solicitors, a restriction that shouldn't of been on the title and then my mortgage offer expiring on the day that the restriction was fixed - we would have been done months ago. I'm sure once I get the keys and I walk through the door, I will have forgotten about most of it!

 

[tamzzy]

This is my conveyancing cost breakdown:

Purchase
Legal Fees£ 300.00
Legal Fees VAT at 20%£ 60.00

Supplements
Purchase Help To Buy ISA Fee£ 49.00
AML ID Check£ 20.00
Telegraphic Transfer Fee£ 25.00
Lawyer Checker£ 14.00
OneSearch Conveyancing Search Pack£ 183.33
VAT at 20%£ 58.27

Disbursements
Stamp Duty (SDLT)£ 4,000.00
Land Registry Fee£ 150.00
Bankruptcy Search£ 2.00
Land Registry Pre Completion Search£ 3.00

Total:£ 4,864.60

 

[mattyfez]

This is my conveyancing cost breakdown:

Purchase
Legal Fees£ 300.00
Legal Fees VAT at 20%£ 60.00

Supplements
Purchase Help To Buy ISA Fee£ 49.00
AML ID Check£ 20.00
Telegraphic Transfer Fee£ 25.00
Lawyer Checker£ 14.00
OneSearch Conveyancing Search Pack£ 183.33
VAT at 20%£ 58.27

Disbursements
Stamp Duty (SDLT)£ 4,000.00
Land Registry Fee£ 150.00
Bankruptcy Search£ 2.00
Land Registry Pre Completion Search£ 3.00

Total:£ 4,864.60

You should probably remove the stamp duty from that bill, as that is also a fixed cost, but depending on your circumstances, it could be zero, or it could be thousands, thats up to HMRC rather than your solicitor.

Intersting that your AML ID Check is £ 20.00, and mine was £3.00, maybe its a typo and I'm paying £30?

 

[mattyfez]

It seems your solicitor is bumping up the AML charge according to this: https://www.accountingweb.co.uk/any-answers/cheapest-aml-electronic-id-checks

EDIT:
Purchase
Legal Fees£ 300.00
Legal Fees VAT at 20%£ 60.00

But your legal fees are pretty damn cheap, so, swings and roundabouts.

 

[tamzzy]

@mattyfez

I had a few quotes and the ID check were between £15 and £30
The house I'm buying is £380k so my SDLT is 5% of £80k, so without those I'm paying £864 for the conveyancing - which is reasonable I suspect

I had quotes ranging from £600-£1800 exc SDLT which is madness lol

 

[mattyfez]

maybe if its a smaller firm, they dont buy the AML checks in bulk, hence the higher cost?

cost per search depends on how big a bulk you're prepared to pay for. Last time we topped up we went for 450 at £767.50, so ~£1.71/search

 

[tamzzy]

maybe if its a smaller firm, they dont buy the AML checks in bulk, hence the higher cost?

possibly...but I suspect it still wouldn't cost £30 even if they only bought a single search. I'm sure they're making a hefty profit from it lol

 

[mattyfez]

possibly...but I suspect it still wouldn't cost £30 even if they only bought a single search. I'm sure they're making a hefty profit from it lol

true, but if your legal fees are less than £400, I'd probably not bother worrying about it, assuming thay are doing a good job

 

[Kohaashi]

We offered on a property in February and have been ready to complete since early April but are waiting on the top of the chain to obtain grant to probate. Apparently they only applied for it end of March. Hoping the governments estimate of 8 weeks is accurate.

 

[tamzzy]

true, but if your legal fees are less than £400, I'd probably not bother worrying about it, assuming thay are doing a good job

exactly! total cost for the whole conveyancing process seem reasonable enough...

(and my mortgage application for 10 yr fixed @ 2.35% got accepted 48h ago - just in time before the rate rise today #lucky)

 

[mattyfez]

Oh, that sounds ok, just plan for what the interst rate on you mortgage deal might be after ten years as you might be exposed.
Over pay if possible, or invest spare money in something safe as an emergency mortgage fund once the 10yr fix is expired!

Best case scenario you won't need it so you can use it to pay for gas and electricity or childrens uni fees or whatever

 

[mattyfez]

We offered on a property in February and have been ready to complete since early April but are waiting on the top of the chain to obtain grant to probate. Apparently they only applied for it end of March. Hoping the governments estimate of 8 weeks is accurate.

I hate to break this to you but probate typically takes 6 months minimum, in case anyone contests the will of the deceased.

As in if anyone doesn't contest within 6 months of the initial grant of probate it's generally deemed a done deal, legaly speaking.

If the person selling the house to you does not technically own it, then they can't legally sell it.

 

[tamzzy]

Oh, that sounds ok, just plan for what the interst rate on you mortgage deal might be after ten years as you might be exposed.
Over pay if possible, or invest spare money in something safe as an emergency mortgage fund once the 10yr fix is expired!

Best case scenario you won't need it so you can use it to pay for gas and electricity or childrens uni fees or whatever

haha yes indeed lol.
planning to overpay £400-500/mth so i should be mortgage-free in 15 years (that's the plan anyway)