Flat rate conveyance

K

Kilkenny Tax

Registered User
Messages
19
Is there a list of providers that do this. A friend of mine is purchasing a house and doesn't want to hand over '000s to the solicitor.

I know there's a few firms in dublin that do it, has anyone any links (or advice even)?

Thanks
 
Er, we do! REA charge a fee, dependent on the size of the mortgage, which includes the professional fee of a panel solicitor and a full refund of the commission paid to us by the lender - normally 1% of the loan amount.

Sarah

www.rea.ie
 
There are lots of threads on this issue already in existence. Use the search feature available from the navigation menu near the top of the page to root them out. For example:
Don't forget that only the solicitor's professional fee will be flat rate/fixed and the additional outlay (ancillary charges relating to the conveyancing and due to parties other than the solicitor - e.g. Land Registry/Registry of Deeds, stamp duty etc.) may not be predictable in advance and VAT will also apply. It's not necessarily a good idea to choose a solicitor or other professional service provider on price alone to be honest.
 
What I'm talking about is a flat fee, as opposed to a rate (sorry!).

My friend (and I agree with him) is not prepared to fork out 1% of the purchase price. The work involved in the conveyance of a €200k 2 bed apt is the same as the work involved in the conveyance of a €500k 5 bed house (in the same development).

He's looking for something along the lines of: €599 + VAT.
 
Kilkenny Tax said:
He's looking for something along the lines of: €599 + VAT.
Click to expand...

Sounds very ambitious. I haven't seen a solicitor's professional conveyancing fee that low in a long time if ever! Also it will be:

Solicitor's fee + outlay + VAT

where outlay includes additional non solicitor charges such as those outlined in this thread. and are often as much again if not more than the solicitor's fee. These charges are mostly or all non negotiable.

To be honest I would be more inclined to get a good/reliable solicitor (preferably by recommendation from somebody whom I trusted) and pay the going rate for a proper job (after negotiating if necessary). Scrimping on stuff like this and surveying etc. might result in corners being cut that come back to haunt the buyer later.
 
Kilkenny Tax,

I used a solicitor in Kilkenny who was very reasonable and helpfull, is your friend a first time buyer? I can provide conact details for the solicitor and she will quote for the work up front.

Sarah W,

How do REA make their profit if they give a full refund of their commission from the provider, just curious ?


Regards,

Ikeano
 
Ikeanoamback said:
Sarah W,

How do REA make their profit if they give a full refund of their commission from the provider, just curious ?


Regards,

Ikeano
Click to expand...

We charge a fee, out of which we pay the solicitor. This means we earn less per case then a 'traditional' mortgage broker but we are expanding the business by over 50% every year so we must be doing something right :)

Sarah

www.rea.ie
 
Sarah,

What is the fee based on, ie. 200K mortgage how much do REA charge ??

Regards,


Ikeano
 
On €200k the fee is €1995 + VAT (€2413.95) and outlays and the commission refund would be €2000 hence net fee, including VAT and solicitor but excluding outlays, is €413.95.

Sarah

www.rea.ie
 
Sarah,

Seems very reasonable,thanks for the info,

Regards,

Ikeano
 
Make no mistake, Cut Price Conveyance is Cut-Price Service.
I have asked several questions here and if the Cut-Pricers had credible answers they would have defended thier position. E.g. The work is done by clerks so mistakes are more regular. Of course people will be lucky but there is no safety net if you are not. I have had an issue spanning almost 7 years and The Law Society are a hindrance to having it rectified as they seek to protect their member, and which is what they arer there for, make no mistake! My property is still not mine legally after all these years and given what has happened I believe I am fortunate; I am told that I could have lost it! I shudder the minute I hear about Cut-Pricers!

My advice is to get a local firm and agree a price with them but be sure they don't farm the work back to Cut-Pricers!
 
Kingdom-man,

Without getting into the details of your mess with your solicitor, I think that the cut-price service provided by most solicitors is probably sufficient for more "straightforward" transactions that are going on all the time.

I asked a personal <lawyer> friend if his firm could represent us for our purchase, and got a quote of aroundabouts 4k, which we didn't take him up on. However, he was able to recommend a friend of his who was in the "cut-price" business, who offered 990 plus outlay plus VAT. While I'm sure a better deal could be done, I was happy with this. When I queried my mate about how they could do it for so much cheaper, he said they used the low introductory rate to build up a relationship with the client and hopefully ply for future business.

As far as I'm concerned, the lower the cost the better, <within reason>. I find that a good attitude to take is that if you don't know how someone makes their money, you need to find out - to satisfy the <within reason> bit. Unfortunatley, I can't see any justification for the big fees that some lawyers are charging for what appears to be a relatively straightforward transaction in most cases.
 
Totally agree with you, most conveyances are straightforward and I am at a loss how solicitors can change such fees. It is disgrassful!
 
I wonder is there any connection between the trend towards cut-price, minimal-service solicitor services and the plight of the FTBs mentioned in the following article who now face unpleasant and unexpected stamp duty bills on their purchases...?

[broken link removed]
 
I have no idea if there is a link but I cannot imagine that the mess described in the linked article would have arose if the purchasers concerned were advised properly on the stamp duty implications of their finance/purchase arrangements. I understand that solicitors are normally responsible for dealing with stamp duty arrangements for clients.

From what some people have said on these pages, some cut-price solicitors don't meet their clients to discuss particular issues relevant to the individual client, others have a reputation for discouraging across-the-desk discussions. Now I am wondering are there buyers out there who end up consequently without the benefit of proper legal advice on their purchase. Correct me if I'm wrong.
 
Ubiquitous,

Price does not always equate to quality!

The majority of work involved in conveycing will normally be completed by clerks/legal executives, this is not confined to the "cut pricers", value for money is the important factor, paying € 2000 + outlay + vat as opposed to € 800/900 + outlay + vat does not guarentee a superior quality of service.

Finding a balance between price and quality of service should be the aim of the customer. I certainly wouldnt disregard a lower fee on the basis that it could mean a lower quality service.


Regards,

Ikeano
 
I agree that price doesn't equate with quality.

However, as I mentioned above, the fact remains that some cut-price solicitors (some named previously on this board) have a specific policy of not holding meetings or comprehensive discussions with their conveyancing clients. I just wondered was this a reason why some ftbs have apparently misunderstood their stamp duty status, as indicated by media reports today.
 
You must log in or register to reply here.
Back
Top