A lot of property buyers, if not already, become sticklers for detail when they embark on their journey to homeownership and for good reason. Having a detailed understanding of your outgoings and the costs involved can make a large amount of money being spent on a home seem less overwhelming. From your deposit to a homebuyer’s survey there are numerous costs associated with buying a home, not least of all conveyancing costs.
While ‘conveyancing costs’ may account for a considerable amount of money it’s worth knowing the difference between the actual fees you pay to either a licensed conveyancer/property solicitor for their time and then disbursements which covers monies to third parties including searches, identity checks, bank TT fees and more.
When doing your research bear in mind that a good conveyancer will list out their costs upfront to help you make an informed decision. For example, for a normal conveyancing transaction, you should expect a quote to consists of:
- Conveyancing Costs (A basic fee that covers the solicitors time and expertise for processing your transaction)
- Disbursements and Other Costs eLand Registry Fee / Land Registry Searches
- Stamp Duty (if purchasing a property)
Be wary of any conveyancer that gives you just a total and doesn’t itemise out all of the costs because this may mean there are hidden ‘extra’ charges that this firm hasn’t disclosed.
Here at enact conveyancing, we will only ever increase the fee, if, during the transaction, something comes to light which was unforeseen. If this did happen, we would discuss this with you before incurring extra charges.
When looking at a conveyancer’s fee you should expect this to be quoted as one of these options:
- A ‘fixed-fee’
- On a scale that links their fee to the value of the property, you’re buying or selling
- A ‘per hour’ basis
If you’re a first-time buyer it’s completely understandable that getting a foot on the property ladder has meant you’ve spent years saving up for a deposit to get to this point. Therefore, you may be looking for a cheap, no thrills firm. But beware, cheap could mean that all the fees haven’t been disclosed or even that you never deal with the same person when chasing for updates on your transaction, meaning there’s no continuity.
On the other hand, appointing a conveyancer that is more expensive doesn’t necessarily mean you’re guaranteed a better service. Whoever you choose it would be wise to check that your property specialist is either a member of the Law Society of England and Wales or a member of the Council for Licenced Conveyancers.
Throughout your purchase, your licensed conveyancer/solicitor will provide you with a ‘completion statement’. This itemises what costs you have already paid or have yet to pay and is given to you at various stages of your transaction. This is really important to keep track of what you have left to pay and when that money is required by your solicitor.
In summary, always shop around and seek a number of quotes. To ensure you get the most accurate quote it’s best to give as much information as you can about the property you intend to purchase. If you get a quote that seems too good to be true it probably is. Also, make sure you understand when fees become due and what you will need to pay if your transaction does not proceed to completion.
Get a free conveyancing quote on your property move here.