When it comes to buying and selling a house, there are lots of things to think about and budget for. It is something we hopefully don’t have to do too often, so it can be a bit of a minefield working out what is involved. When it comes to conveyancing fees, there are also quite a few things to consider, so here is a simple guide to what they are and what they cover.
How do conveyancers charge you?
Conveyancers can charge you on a fixed fee basis, on a scale depending on the property value, or on a per hour basis. Using a fixed fee basis means you can factor this into your budget and know exactly how much it will cost. There are no set rules as to how much a conveyancer can charge, so it can be a good idea to get several quotes to compare. If you know someone who has bought or sold a property recently, it can be a good idea to ask for a recommendation.
How does fixed fee conveyancing work?
When you are arranging the fixed fee, you will provide information to your solicitor about what you are buying, whether you will need a mortgage or are a cash buyer, whether the property is freehold or leasehold, how much you are buying or selling the property for, and whether you are using a scheme such as Help to Buy. The solicitor will then prepare a quote. Look carefully at everything that is included in the quote to ensure there are no hidden costs.
What does the conveyancing fee cover?
The conveyancing fee should cover all the legal requirements to buy or sell a property. Look carefully at what the quote covers; for example, some solicitors have been known to charge extra for photocopying and posting documents. Unless there is a great deal of photocopying to be done, these costs should be included in the normal costs of completing the paperwork to buy or sell a property.
If you are looking for fixed fee conveyancing, contact a reputable company such as Sam Conveyancing.
Disbursements and additional costs
There can be additional costs and you should ask whether these are included in the quote. Extra charges might involve things such as acting for the lender, bank transfer fees, shared ownership fees, and Help to Buy (sale or purchase) fees.
There are also disbursements to consider, which are collected from you and paid to third parties. These can include HM Land Registry fees, local searches, and stamp duty.
Your conveyancer should make a distinction between their own fees and the disbursements.