Internet Conveyancing?

[davido140]

Anyone used one of these Internet conveyancing firms?

I've heard nothing but bad things, but that's from estate agents and they get a kick back from the solicitors when they give them business.

They are looking like being £800-£1000 cheaper!!!

Cheers

Dave

[Oggs]

I and others have used PHer Rude boy (john)

Very helpful top bloke

Sorry never used internet conveyancing.

[Rude-boy]

davido140 said:

Anyone used one of these Internet conveyancing firms?

I've heard nothing but bad things, but that's from estate agents and they get a kick back from the solicitors when they give them business.

They are looking like being £800-£1000 cheaper!!!

Cheers

Dave

Your post sounds a little odd. Are you using a tied agent, such as Countrywide or an indi?

If the latter there is unlikely to be any form of kick back and if you are unsure you can call them and ask. They have to be upfront with it they are paying a referral fee to the agent or not. Most Indi agents recommend on personal relationships (solicitors often have to market properties for executors who, if they are not solicitors in the first place, often leave it to the Solicitors to deal with so it can be a back scratching exercise)

If it is Countrywide or the like then there will almost certainly be a referral fee payable to the agent and that will be a large percentage of the legal fee you are paying from the agreements I have seen.

Once that is put to bed and you are left with comparing a high street firm with an internet based one you need to consider:-

1. Who are you dealing with? Will the personal dealing with your matter ever actually speak to you or will it all be done on the internet and by post?

2. What are the qualifications of the person dealing with your matter. Will it be someone who has dealt with commercial and residential property day in and out for 10+ years or someone who has never had any formal training and is told to refer anything that they are unsure about to Mr Exceedingly stressed and unapproachable?

I have to dash off and deal with a number of matters this afternoon which limits the time I can devote to typing a full reply to this question but IMO the one thing that is the most important to do is speak to people you know and or trust and listen to who they used and how they found the transaction and their legal representative. I could blow smoke about how fantastic I and my colleagues are but it's worth naff all to you compared to the opinion of someone who has used my services!

You should also think about the type of property you are buying. If it is a 3 bed Persimmon semi, less than 10 years old, but not new build, and on an estate of 300+ houses and with no alterations, you are looking at about the most basic job. If you are looking at a listed property with a couple of acres some would say you would be a moron to use an internet firm.

I would certainly be interested to know what you have been quoted and on what for there to be a £800-£1,000 spread in the quotes though.

Without legal fees, for a £450k purchase you would be looking at:-

SDLT = £13,500 (3% of whole PP from £250,001>£500k, 4% of whole PP 500,001>£1m)
Local, Water, Enviro and Plan Searches:- @£300 all in
Land Registry Fee = £280 (Jumps to £550 if £500,001>£1m)
TT fee = £18
Pre Comp Searches = £8-£12.

For that value purchase you would be looking at estimated legal fees of £900-£1k(+VAT) freehold £1k-£1200(+VAT) leasehold I would have thought, subject to knowing more about the Property and area.

[btsidi]

Check the small print for additional charges

[Vron]

Many tales of woe in moneysavingexpert.com about internet conveyancing. I paid £750 for mine.

[davido140]

It's a large chain of agents, I was phoned earlier today by a very keen sales person, quoting big numbers!

I'll gather quotes and post some specifics.

[davido140]

Here's a quote I got online. This is pretty much £1000 cheaper than I was quoted by the estate agent, and it's a no-move no-fee basis (£120 option). Perhaps I dont understand the process, but what can go wrong? other than it taking a bit longer (3-4 extra weeks?) because they arent the most efficient. It's not a race after all. Feel free to correct me!

Sale and Purchase Costs
Standard Legal Fee £198.00
Identity Check £10.00
Bank Transfers x2 £90.00
Sale Mortgage Lender Fee £55.00
Purchase Mortgage Lender Fee £95.00
No Move No Fee £120.00
VAT on our Fees £113.60

Sale Disbursements
Land Registry Entry and Plan £8.00
Purchase Disbursements
Stamp Duty £2,250.00
Land Registry Fee £280.00
Land Registry Search £4.00
Land charges/bankruptcy search (per person) £2.00

Total cost of your Sale and Purchase £3,225.60

[Rude-boy]

davido140 said:

It's a large chain of agents, I was phoned earlier today by a very keen sales person, quoting big numbers!

I'll gather quotes and post some specifics.

Right. Simple answer. I am 95% sure that once I have the details in front of me it will be a question of if you go with them you will be paying iro £800 for a £350 job. Guess who gets the rest?

Would be good to have some of this information out in the open and I will look at the topic again in the morning to see if there is anything I can add. I am sure that we can keep it the right side of name and shame but if the powers that be get aerated over it or you want to discuss in private we can revert to PM.

This sort of thing really needs to be dealt with once and for all so that a topic can be referred back to every time the question comes up because it is not comparing apples with apples.

I know a chap who charges five figure sums for the job he does but what he does is far over and above what others do. I know a firm that charges the same as I do and I wouldn’t employ their ‘top person’ as my secretary when it comes to conveyancing. One thing is sure and that is that I can’t remember if I have ever heard anyone say what a fantastic job a bucket shop conveyancer did, yet I can remember 10’s if not 100’s who have either said never again or wouldn’t touch it with yours mate.

[davido140]

Selling at £181,000 freehold RG21
Buying at £225,000 freehold OX10

Mortgages to sort at both ends, 2 buyers for OX10.

I was quoted £4300 by the agents people by the way.

Let me know what you think!

Cheers

Dave

Will PM you the name of the agency.

Edited by davido140 on Monday 8th August 17:54

[Engineer1]

I'd use a real solicitors Internet conveyancing will be fine provided you are an easy job, but have issues need stuff doing quick and suddenly the fact you are a number on a board in a "call centre" office, as opposed to Mr Davido who they have met and know, and who may well do his will, or other legal stuff with them if they keep him sweet.

[MGTS]

The above quote of £3,225.60 does not include Local Authority search fee (circa £200 ish depending on where you live) and drainage search (circa £50). Both of these are absolutely necessary and the mortgage company won't lend without them being in place.

There's £250 of the difference straight away (which will be a £250 extra surprise for you down the line).

I'd be cautious of using solicitors who either didn't know they have to do these searches, or just didn't include the costs in your quote

Also, I suspect they will also try and charge say £100 for filling in the SDLT form which is required for your purchase - as mentioned above, check the small print!

[davido140]

Thanks chaps, traditional solicitor it is then.

However, how much should I be paying for the house values quoted?

The £2050 + stamp duty, no completion, no fee, seems a bit steep, based on a recent move of similar values of a friend and my brother they both paid about £1500 + stampduty.

[zaphod42]

I'm paying £1500 including all searches, excluding stamp duty, from a mid sized firm of solicitors.

[Rude-boy]

YHM, although it is from the work account.