The most complicated part of any home buying experience is the conveyancing. Originally, this was a quick moneymaker for lawyers, but legal fees are at an all time low; while bad for lawyers, this is great for homebuyers. Of course, next to estate agents fees, legal charges are pocket change.v
If you are trying to save a pound, do not automatically choose the solicitor recommended by your estate agent. While this choice may speed things up by a couple days, that is not guaranteed and can leave a bad feeling in you wallet. When choosing a solicitor for conveyancing it is best to get three or four quotes. Starting with solicitors recommended by friends or family, whom typically have no personal interest at stake in who you choose.
When getting a quote you will need to employ a bit of third degree. Their first price is often not what you will actually pay. Another pitfall comes from including the mortgages legal fees in their quote; some companies do not do this. Those that do not off this leave you susceptible to paying two sets of legal fees. This is good for a solicitors bottom line, but not for yours.
Hidden fees also can add up quickly. Below are the most common ones, be sure to ask if they are included, or how you will be charged for each.
- Mortgage Redemption
- Mortgage Legal Fees
- Transaction Linking
- Office Charges [photocopies, postage, ect]
- Bank Fees
VAT fees are added, as are a few standard fees, these include but are not limited to searches and stamp duty.
Finding a fixed fee conveyancer is helpful for high priced properties as often as the property price raises so does the solicitor fees. With fixed fee conveyancing, you can save hundreds, if not thousands of pounds.
Be sure before you confirm your choice of solicitor to get at least the final quote in writing. Cheapest may not be best, recommendations are better than the cheapest fly by night solicitor. You want someone who is available when needed and knows one end of a lease from the other.
When choosing your solicitor below are some questions to ask them to gain a general idea of how badly your wallet may hurt when they are finished with you.
- What are the legal fees for the sale/purchase?
- Is the fee fixed, or will it vary based on work involved?
- Can your firm act in connection with the mortgage? (Find out about an additional cost no matter what the answer is)
- What disbursements are charged?
- Are there extra charges for postage, telephone, photocopying or faxes?
- Is there an extra fee for transferring money on completion?
- Are there any other charges whatsoever that may apply to my case?
Are you planning to hire a conveyancing solicitor or a conveyancing agent to help you with the paperwork and other legal formalities while buying or selling your property? However, one of the factors that you will have to deal with while hiring your conveyancing solicitor is the conveyancing fees. You will have to pay your solicitor professional charges. Before you signup with your agent he or she is required to provide you with a quote or an estimate. It is vital that you do not signup with a agent before finalising the conveyancing fees.
As far as conveyancing fee is concerned, there is no standard fee and the costs vary from case to case. Fee is also likely to vary from one conveyancer to the other based on the scope of the services offered and the experience of the conveyancer. You should be in a position to take into account all these factors while assessing the quote given by your solicitor.
Conveyancers normally charge you based on the amount of legal formalities involved in transferring the legal titles from the owner to the buyer. As each situation is unique, the cost of conveyancing service varies from one property to another. If you are comparing costs, you should know how to compare a spade with a spade.
Do not hesitate to ask questions to your solicitor on the fees. If you should have any doubts it is important that you have them clarified before you signup with your conveyancer. Choose an experienced conveyancer; it is important that you do not compromise on the experience of the conveyancer in an effort to cut back on the conveyancing fees because such an effort can prove to be more expensive. You will certainly not want to get into disputes when you are buying or selling your property. It is therefore worth paying little extra for the peace of mind that you are likely to enjoy by hiring a seasoned expert. This however does not mean that good experts are very expensive to hire. You should know how to scout for the best solicitors that offer their services at low costs.