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The Anatomy of a Conveyancing Quote
Conveyancing, as you may know, is a very profitable and competitive business and because of this, many will try to make their rates look cheaper in an effort to attract customers.
To protect you from getting swindled out of spending more for your conveyancing solicitor than necessary, this guide will help you know what costs should and should not be included in a conveyancing quote.
1. Solicitor’s Conveyancing Fee
This is the fee for the conveyancing solicitor’s time and effort. The cost can vary a lot depending on the solicitor or the firm.
Conveyancing solicitors will usually charge in 1 of these 3 ways:
- fee or fixed-rate basis.
- A percentage or scale based value of the property that’s being sold or bought (very common)
- Per hour basis
Of the three, you’ll want to avoid the per-hour basis as some conveyancing solicitors may take advantage of this and may take more unnecessary hours on purpose.
Do note that regardless of whether you’re buying or selling, transactions involving a leasehold property will require you to pay more as they require much more time from your conveyancing solicitor.
Don’t worry, though, because every conveyancing quote we provide to you will be a fixed fee so you know exactly what you are paying for.
There are a number of disbursements payable to the conveyancing solicitor as they will need to carry out a number of searches on your behalf and where appropriate, contact the land registry for details of the property you are buying or selling. You will receive details of how much you will be expected to pay for disbursements with the final quote.
This only applies if you are purchasing a property. Stamp duty is calculated on the value of the property you are buying. We will provide you with details of how much stamp duty you will be required to pay with the final quote so you know how much to budget for.
Other hidden costs to watch out for
These usually are the hidden extras written in small print so it’s pretty easy to miss them when reading a conveyancing quote. As such, do be careful and watch out for these following things:
- Professional indemnity contribution.
This is a completely underhanded charge. Why? It’s because you’re not, in any way, obliged to make a contribution to their business.
- Phone calls, photocopying, postage, etc.
These are business overheads that some conveyancing quotes may try to sneak in if you’re not careful. So, be sure to watch out for them.
- Stamp duty tax return filing
In a good quote, this shouldn’t even be included. Even if the tax form when from a single page document to a seven page one, the added hassle isn’t worth enough to not be accounted for with the conveyancing solicitor’s basic fee.
- Dealing with lenders and/or leasehold properties
These fees are often accounted for in transparent conveyancing quotes along with the conveyancing solicitor’s fee. This is because, if you can remember, a firm will usually ask you if the transaction will involve a leasehold property, as well as a lender.