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Can anyone recommend a good solicitor who will advise on the legal pack for a reasonable price e.g. £50-100?
(*Moderator note: Member has not passed probation and is therefore not allowed to make recommendations.*).
Thanks Lee, I'll look up Jane.
Hi again David,I am curious as to why you are only willing to pay £100.00 for someone to look over a pack for what might be a very substantial asset. In property, like other sectors, you tend to get what you pay for.I would expect to pay three to four times that, but always suggest that people negotiate that the pack fees are deducted from the conveyancing fees, should the bid be won, and the purchase go ahead.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks for the tip on that Vanessa: "negotiate that the pack fees are deducted from the conveyancing fees, should the bid be won, and the purchase go ahead"
Though I have to say that I'm not sure what the overall cost of buying a property at auction would be, in addition to the costs of buying the property, such as conveyancing.
the amount of conveyancing work for auction purchases is much less than for private treaty but its so hard to get solicitors to give a reasonable quote to reflect this!
I would also be interested in recommendations for competitive priced conveyancers.
I think the CMA should look into this as the so called free market doesnt seem to be working properly.
Conveyancing can cost from £500.00 if you use a "sausage factory" conveyancing firm, up to circa £1750.00 if you use a bespoke service. The cost will depend on the complexity of the transaction and whether the property is leasehold or freehold, leasehold being slightly more expensive.
Well yeah, I thought the whole point of auctions was caveat emptor, which is why you have the legal pack to highlight the issues, so I don't really see what value I'd be getting for paying for bespoke or non-sausage-factory conveyancing,
I think you have misunderstood my input. I was giving a broad outline of conveyancing costs, not suggesting which option you use for auctions, although the costs are similar. However, I personally would not use a cheap conveyancer when buying at auction, precisely due to CAVEAT EMPTOR.
Thanks for clarifying Vanessa. So my point really is, even if an issue was found during the conveyancing - my sense is that I'd be stuck with the property anyway, because I've committed to buy it at auction.
For my own benefit, I looked up this definition of conveyancing, below on google, to remind myself of what's involved, it seems to comes down to admin and searches, but my assumption is that I can't pull out even if they find something in the searches, without losing my 10% deposit.
One of the first things a solicitor or conveyancer will do when instructed is to conduct vital searches with organisations such as local authorities and utility companies to ensure that there are no building plans afoot – an enormous prison next door, for example.
These searches will also reveal if there are sewers running close to the property, if the area is categorised as a flood risk and whether it has any financial liabilities hanging over it from past inhabitants.
He or she will also advise you of any "incurred costs" such as stamp duty, check the contracts drawn up by the seller’s solicitor or conveyancer – which set out vital details such as the sale price and the property boundaries – and liaise with your mortgage lender to ensure it has all the information it needs to proceed.
Once the process is at an end, he or she will also pay all the related fees on your behalf (with money you have transferred to the company account) and register you as the new owners of the property with the Land Registry.
That is correct. That's why the auction pack is so important. Spending circa £450.00 to find out that you shouldn't buy a property that will financially sink you is money well spent! But I agree, its a curly one!.