Should I Choose Fixed Fee Conveyancing?

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Fee Conveyancing 

Fixed Fee Conveyancing is where a pre-agreed price is set for the conveyancing service being given. The Conveyancing Quote agreed at the beginning should be the price you pay at the end. The term ‘fixed fee’ relates to the price of the legal services offered. However, the fixed element of the quote rarely includes conveyancing disbursements since it’s difficult to predict exactly which searches are required and their costs.

Fixed fee conveyancing is common throughout the UK. However, some conveyancing solicitors still use an hourly rate service. It’s important to make this distinction when comparing conveyancing solicitors so you can budget accordingly.

Customers often prefer fixed-rate services as it allows them to budget for the expected costs. Otherwise, if you have an estimated amount, you may encounter hidden fees. 

What Are Conveyancing Fees?

Conveyancing fees are the fees charged by your conveyancer to cover their work. It covers the legal work involved in property sale and/or purchase. Conveyancing fees are split into two parts: 

• legal fees – what you pay for the time and expertise of the solicitor or conveyancer, and
• disbursements – third parties charge for other services like searches.

Some conveyancing fees apply only to sellers whilst others are only paid by buyers.

How Much Are Solicitors Fees When Buying A House?

Legal fees must be itemised on your conveyancing quote. They should cover the work carried by the conveyancing solicitor. Whilst conveyancing costs vary, they normally fall between £800-£1500. It is important to check whether disbursements will be included with this fee.  

Other factors can influence the price you pay for conveyancing; leasehold properties and listed buildings cost more as there is more work involved. If the transaction is particularly complicated or you live in London, your bill will be higher.

It is important to remember that higher fees do not necessarily mean a better quality service. At the same time, suspiciously cheap quotes for conveyancing should ring alarm bells. If it looks too good to be true, it usually is. Always Compare your conveyancing quote with others.

Disbursements

Disbursements frequently cover the following:

 

Searches from £199

Conveyancing Searches are done to find out more about the property you’re buying. Typically they include environmental, drainage & water, local, Land Registry and coal where required. If your searches are much lower than this price ensure they include all of the above.

Bankruptcy search fee from £3 per person

Made to check the buyer is not bankrupt or on the verge of bankruptcy.

ID check from £10

You will need to provide two forms of ID to your conveyancer. These can be your driving licence and passport. ID checks are made to prevent money laundering.

Title Register from £6

Checks are made with the Land Registry with regards to a property.

Land Registry fee between £20 – 270 (unregistered land is double)

The fee paid to the Land Registry for them to update the property records.

Land Registry pre completion £3

Pre completion searches are to prevent entries being registered against a property after exchange and before completion.

Stamp Duty Land Tax (SDLT)

If you’re buying a home in England or Northern Ireland and paying more than £125,000, you will have to pay Stamp Duty. It also applies if you are paying more than £40,000 for a second property. This tax applies to both freehold and leasehold properties and whether you are buying outright or getting a mortgage.