How to understand solicitors fees - auction properties

Archer1

Registered User
Messages
8
I'm looking at buying a small unfinished property that is being sold by bank through an auctioneer. I got the documents from the auctioneer but was recommended to have a solicitor look through them to see if any issues. I know nothing about this so made appointment with a solicitor and brought all documents - solicitor said they charge 300 euro for this. This is not the conveyancing fee, just the fee to look through the documents and make some kind of report I suppose . Does this seem correct?
Can anybody recommend what to look for when buying a house that is being sold by receiver, what kind of documents, etc and how do I learn about solicitors fees? Any advice appreciated.
 

Palerider

Frequent Poster
Messages
1,349
If you are not savvy reviewing the legal pack of a distressed property then do pass these along for a Solicitor to review, shop around and if you are successful in getting contracts exchanged then you can use the same Solicitor for the conveyancing.

Some areas worth mentioning that will be in the legal pack..
Has the seller the legal right to contract for the sale.
Will all liens be cleared and good title guaranteed.
Who pays for sundry items like the mapping of the property.
Any issues with planning permission, any local qualifications to the approved planning.
 

Archer1

Registered User
Messages
8
Thank you. Any idea if this is a normal enough solicitor's fee for this work? How does one understand solicitor's fees or shop around?!
Had someone who has bought a few auction properties look over documents as well and said the docs look straightforward.
 

mf1

Frequent Poster
Messages
4,149
300 euro is not cheap - but then the pitfalls of buying a distressed property are legion.

If people have a relationship with a solicitor, the solicitor will, typically, not charge to review one, or at most, two sets of title deeds without charge as they will be getting the actual conveyancing transaction.

Otherwise, there is a cost attached in reviewing deeds to enable a purchaser acquire a saleable property.

Shopping around involves calling multiple solicitors and asking for a quote.

"Had someone who has bought a few auction properties look over documents as well and said the docs look straightforward. "

Does this person have Professional Indemnity Insurance? If not, do not rely on their advice.

Of course, if you are a cash purchaser ( so no darned Lending Institution asking pesky questions and requiring a Solicitors Undertaking to furnish a Certificate of Title) and are unconcerned about a dubious title , that you will never be able to sell on, you are free to decide that you don't need a solicitor and can review a title yourself.

This is not advisable

mf
 
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