Conveyancing fees - Auctions ??

long_b

Hi

We're going to an auction in a couple of weeks and have hired a solicitor to do the initial conveyancing.

Has anyone any experience of what type of fees we would have to pay if we don't get to buy the property ?

Thanks

antoinolachtnai

Well, all he's doing is having a look at the title to see if it looks sound.

I assume you have agreed with your solicitor that you will pay 1 or 0.5 percent of the value +vat + expenses for the conveyancing.

If so, I wouldn't expect to pay anything, other than any expenses incurred. If you don't buy this property, you'll buy another in a couple of months. He'll get his money one way or the other. Even .5 percent is good money for conveyancing a property (unless it's a broom cupboard or something).

In large transactions, this 'no foal no fee' structure is not unusual.

I assume now that you aren't going to give the solicitor the runaround, asking him to look at loads of different deeds.

No harm to pick up the phone, ring the solicitor and tell him that it's your understanding that there'll be no charge until you actually buy a house.

long_b

Thanks antoinolachtnai.