What Is a Fixed Fee Conveyancing Service?

Whether you’re buying or selling a property, you should know that your transaction will never be complete if it doesn’t go through the conveyancing process. And yes, this means that you’ll have to set out a budget for this service on top of your other expenses. But how much should you really expect to spend on this service?

GREAT NEWS!

Conveyancing has become quite a competitive market these days. Yes, with the growing number of would-be property buyers and sellers, conveyancing services have come about and are everywhere. Even thanks to the Internet, you’ll never have to actually drive around everywhere and pay local conveyancing and law offices a visit and make enquiries.

What makes it even more brilliant is that because conveyancing has become competitive, the hourly or percentage-of-the-sale-price rates for conveyancing services became very rare. At this time, majority of firms and independent solicitors are now offering fixed-price conveyancing services.

Yes, you don’t have to pay your conveyancer by the hour now. You won’t even have to worry about them getting a huge chunk of the sale proceeds in fees.

What is fixed fee conveyancing?

Simply defined, as a buyer or seller who avails conveyancing services, you are charged a fixed amount for their expertise and time. However, do not mistake this for the disbursements that they may initially cover for you. The fixed amount is only set for their basic fees.

How much would this cost?

Well, it depends on who you have chosen to instruct. Basic fees can actually range from £200 to £500, and this should cover the amount of time they spend on dealing with your case, photocopying and courier/postage of documents, legal advice, and phone conversations.

What about the other charges?

They shouldn’t really be calculated together with the (fixed) basic fees. Typically, when you request for a conveyancing quote, you should see the other charges itemised (as disbursements). These include, but are not limited to the following:

For Sellers:

  • Land Registry Office Copies
  • Telegraphic Transfer Fee

For Buyers:

  • Land Registry Office Copies
  • Bankruptcy Search
  • Local Authority Searches
  • Drainage Search
  • Chancel Repair Liability Search
  • Environmental Search
  • Location Specific Local Searches
  • Land Registration Fee
  • Telegraphic Transfer Fee
  • Stamp Duty Land Tax

What should not be included in the disbursements?

A lot of conveyancers actually assume that they can get away with listing a few things in the price quotes that should not even be there? Why? It’s primarily because these items should be covered by the fixed amount that they charge for their services. These items should be covered by their basic fees.

  • Professional Indemnity Contribution
  • Filling Out the Stamp Duty Tax Return
  • Dealing with your Lender
  • Dealing with Leasehold Property

This is why fixed-price conveyancing services can cost up to £500 (even a thousand in some cases). The items above should be covered by their basic fees. If you come across a conveyancing quote that offers only £100 on their services, start asking yourself if they’re going to charge you extra for other things that should be included in their basic fees.

It’s worth noting that you should be on the lookout for the fine print. When going over quotes for fixed-price conveyancing, always check the items listed to make sure you’re getting the right details. If you’re in doubt of anything, make a phone call and enquire about the services. This is when you can actually ask what value they could give for your money.

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