Taff Posted March 5, 2020 Posted March 5, 2020 Morning, has anyone used ecology for funding. My beef is not with ecology they have been the most helpful company so very pleased we have chosen them. My solicitors, I don’t think they have worked on behalf of ecology before! So we’ve provided everything prior to solicitor conveying, directly to ecology, like I mean everything! the pack they ask for is rather robust. This I thought reduces the work of the solicitor, therefor solicitors costs. My solicitor was involved with the purchase of the land last year so has probably everything in hand and up to date given that it was very recent. Received solicitors terms this morning in excess of 1k ? surely that cannot be right!
Jeremy Harris Posted March 5, 2020 Posted March 5, 2020 Quite a few solicitors seem to have standard rates for things like drawing up a mortgage deed, but over £1k seems a bit steep. We used Ecology, and I think our solicitor charged around £400 for the mortgage deed. Might be worth shopping around and getting another price, as there's not a lot of work involved in doing this, and Ecology don't seem to be any more demanding than any other lender as far as the mortgage deed work is concerned.
Taff Posted March 5, 2020 Author Posted March 5, 2020 We’ve had this solicitor forever and does all our bits and pieces it’s a large company so you would think they would look after people. Unless he hasn’t got a clue what the conveyance for ecology entails! But he should as he’s been sent everything from ecology.
Ralph Posted March 5, 2020 Posted March 5, 2020 We are just about to do our first draw down of funds from Ecology and the only thing holding it up has been the solicitor being a little slow. I think our bill from them is going to be about £300 with another £250 for the valuation. Unless there is something exceptional with your build there is not that much they have to do.
Taff Posted March 5, 2020 Author Posted March 5, 2020 They were involved in the purchase of the land so they have everything on file even signed utility bills and pictures of us from the last process from last year. However he needs to do this again ? really!
Taff Posted March 5, 2020 Author Posted March 5, 2020 37 minutes ago, Ralph said: We are just about to do our first draw down of funds from Ecology and the only thing holding it up has been the solicitor being a little slow. I think our bill from them is going to be about £300 with another £250 for the valuation. Unless there is something exceptional with your build there is not that much they have to do. 38 minutes ago, Ralph said: We are just about to do our first draw down of funds from Ecology and the only thing holding it up has been the solicitor being a little slow. I think our bill from them is going to be about £300 with another £250 for the valuation. Unless there is something exceptional with your build there is not that much they have to do. Is that just for the draw down?
Ralph Posted March 5, 2020 Posted March 5, 2020 The £300 is for the conveying, £250 for the initial valuation then every time you need a re-valuation to release further funds I think it's £125. The initial draw down goes through your solicitor then subsequent ones go direct into your account.
Taff Posted March 5, 2020 Author Posted March 5, 2020 Thanks for that, sounds like my solicitor is a tad greedy! Thanks all rant over, I’ll just get on with it. When this is complete I’ll not be using them again
Bozza Posted March 5, 2020 Posted March 5, 2020 My self build mortgage is through Ecology and I was just speaking to them yesterday/today to release latest funds. They are superb to deal with so far. Easy to speak with friendly etc, personable flexible and quick to respond. It was the first time my solicitor had dealt with them and he reported from his perspective they were also excellent to deal with. My solicitor wasn’t cheap for the conveyencing but he’s excellent so happy to pay for that. Pay peanuts get monkeys.
Ralph Posted March 5, 2020 Posted March 5, 2020 Just now, Bozza said: Pay peanuts get monkeys. If only that were true. Some of the highest quotes I've had for this build came from trades that subsequently turned out to be absolute cowboys.
Dreadnaught Posted March 5, 2020 Posted March 5, 2020 (edited) 15 minutes ago, Ralph said: Some of the highest quotes I've had for this build came from trades that subsequently turned out to be absolute cowboys. Off topic but I tend to agree. I am yet to detect a correlation between cost and quality on anything I have done so far in my build. In fact, I might be detecting a hint of the converse. Edited March 5, 2020 by Dreadnaught 1
sean1933 Posted June 13, 2020 Posted June 13, 2020 Appreciate this is a bit of an old thread but I'm just about to submit papers to Ecology and need to get a solicitor onboard. Our purchase solicitor was expensive and slow, I wont be using them again. Does anyone have a recommendation for a good but wont cost the earth solicitor? Thanks in advance.
Hopeful Posted October 16, 2020 Posted October 16, 2020 At the same stage now myself, got quotation from my solictor and its £1100....who can i use instead?!
Bitpipe Posted October 16, 2020 Posted October 16, 2020 A quick google threw up this, I'm sure there are plenty more - https://www.theconveyancingnetwork.com/index.cfm/online-conveyancing-quote/remortgaging/
eandg Posted October 16, 2020 Posted October 16, 2020 I was on with ecology last week and they advised to budget £2-300 for registering the charge.
PeachyBeechy Posted February 23, 2021 Posted February 23, 2021 Could anyone help, we're in the same situation with Ecology and high solicitor's quotes for legal work. If anybody could offers the name of a solicitor that wasn't too expensive for them it would be appreciated. Our local ones have quoted between 1k and 2k! Ecology suggests the legal work should cost 2-3 hundred.
Haylingbilly Posted February 24, 2021 Posted February 24, 2021 I have just completed on an Ecology mortgage and we have a local conveyancing firm who acted for me - they charged £500 plus vat and £40 plus vat for the bank transfer fee. I would recommend them. I can message you the details or if it is acceptable can post them on here (I am not sure if we are allowed to post recommendations like this?) 1
Barryscotland Posted February 25, 2021 Posted February 25, 2021 On 23/02/2021 at 19:49, PeachyBeechy said: Could anyone help, we're in the same situation with Ecology and high solicitor's quotes for legal work. If anybody could offers the name of a solicitor that wasn't too expensive for them it would be appreciated. Our local ones have quoted between 1k and 2k! Ecology suggests the legal work should cost 2-3 hundred. I think the 200-300 is for your solicitor to do ecology's side of the legal work as your solicitor is acting on behalf of you and ecology, ecology dont have there own solicitor if that makes sense. Some lenders have there own legal team, ecology don't. Our legal bills where £650 for legal work plus disbursements which made the total £1050 to set up the mortgage, we shopped about lots and this seemed to be the normal cost unfortunately.
PeachyBeechy Posted February 25, 2021 Posted February 25, 2021 Thanks Barryscotland, yes makes sense. I think that's about where we'll end up. We've had first two quotes north of £1600!
sean1933 Posted February 25, 2021 Posted February 25, 2021 Went with the same local firm that did our conveyancing when we purchased the land, and dealt with overage terms etc. Think the mortgage was something like £500 + vat and disb = totalled c.£700 I think. Will PM you details.
PeachyBeechy Posted March 3, 2021 Posted March 3, 2021 Thanks Sean1933, we've instructed based on an estimate after your recommendation. The estimate was just over £700 for straight forward legalwork on an Ecology mortgage on a plot we already own freehold with no other changes. Thank you to everyone that has replied, without buildhub we would be paying a lot more (at least 50%)! This is an excellent resource, thanks. If we can help anyone in the future PM us for any info on details.
TimboM Posted October 8, 2021 Posted October 8, 2021 On 24/02/2021 at 14:48, Andy brown said: I have just completed on an Ecology mortgage and we have a local conveyancing firm who acted for me - they charged £500 plus vat and £40 plus vat for the bank transfer fee. I would recommend them. I can message you the details or if it is acceptable can post them on here (I am not sure if we are allowed to post recommendations like this?) Would it be at all possible to message me the details of your solicitor too please? I am in the same boat. Being quoted £1200 to unlock the first tranche of lending by my solicitor. It just seems way too high and I can't see m to find anyone else who is able to do it at the moment. My lender is Loughborough BS. Many thanks, T
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