Query Re: Conveyance Quote

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  • mrs. sparkle
    started a topic Query Re: Conveyance Quote

    Query Re: Conveyance Quote

    Just purchased a BTL via auction and I am reviewing the quote provided by the conveyancer.

    Included in Disbursements were the following

    - Land Registration Fee
    -Searches
    -Bankruptcy Search Fee
    -Land Registration Search

    My query is around the cost of 'Searches'

    When the property was purchased, the legal pack (provided by the auction) included info relating to'searches' made to the Local Councils, the Environmental Agency, and Water Authorities etc. All of the data provided is as recent as 2-3 months old

    So i wanted to ask whether it is necessary for the conveyancer to charge me for this?

  • mrs. sparkle
    replied
    My conveyancer has informed me that as the searches were all done within the last three months, he is happy with those as contained in the legal pack

    However the conveyancer has stated that bridging lenders occasionally insist on their own 'official search, which differs from the person local authority search'.

    So the conveyancer states that he needs to wait for the lender to appoint a solicitor first in order to clarify whether a new search is required or not..

    When this will be? who know? All of this feels like a lot of unnecessary heel dragging...

    The conveyancer has also informed me that as searches can take two weeks, he's asking me whether he should order the docs now as a precaution

    Leave a comment:


  • Lawcruncher
    replied
    If the borrowing is not being secured a bankruptcy search should not be needed. According to how the search is made the fee is only a pound or two.

    Leave a comment:


  • mrs. sparkle
    replied
    Lawcruncher If i have what you are saying correct, basically the fee to obtain 'searches' info is pointless as I am already committed to purchasing the property..

    If that is the case then I'll ask the conveyancer to remove this charge

    Things like this do not fill me with a lot of confidence when it comes to solicitors/conveyancers.. Surely he should know not to include this in his quote.

    ​​​​​​​I won't be taking out a mortgage on the property. Instead, I will be obtaining bridging finance.. In this situation is a bankruptcy search necessary?

    Leave a comment:


  • Lawcruncher
    replied
    You are committed to buy the property. Since (a) the auction contract will almost certainly provide that you take the property subject to anything revealed by any searches supplied in the information pack and (b) you have seen the searches, even if not current, there is little point in doing the usual pre-contract searches. A bankruptcy search is not necesssary if you are not taking out a mortgage. A Land Registry search is essential as it provides protection.

    Leave a comment:

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