How to Get the Best for your Money Regarding Conveyancing Fees

Understanding Conveyancing Fees

With so much competition in the conveyancing market, it can be a real challenge to work out precisely what is and what is not covered by a conveyancing fee quote. This guide aims to break down the important issues where conveyancing fees are concerned - and to alert you to the tricks that may be used to encourage you to take up a quotation, which may not ultimately be all that it seems when receiving a cheap conveyancing quote.

With our comparison site, at bestconveyancingquotes.com, you are guaranteed an inclusive price that means you don't have to worry about added extras catching you out.

Quotations for Conveyancing Fees

Broadly speaking, a conveyancing fee quotation needs to split into two distinct aspects, the first relating to the conveyancing fee itself and the second relating to disbursements, which will be costs incurred during the process of conveyancing. Any conveyancing professional that does not break down these fees should be viewed with a degree of suspicion and a further breakdown should be asked for, before committing to going with that service provider.

Always make sure that the conveyancing quote you get is inclusive, before starting to compare with others, something that we do for you here at bestconveyancingquotes.com

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Hidden Extras on your Conveyancing Fees

When analysing the stated conveyancing fees without disbursements, there are still several ways in which the fees may vary, in terms of how they are quoted and what they mean to your bottom line. Conveyancing fees may be stated as a fixed fee, which is simply one figure, regardless of the value of the property or any other factor that may be relevant. Secondly, there are scales that are used by professionals, such as having a different fee rate, depending on the value of the property, or depending on other factors, such as the speed of the transaction and, thirdly, based on a per hour charge which depends on how much time the professional has to give your matter. Clearly, there are substantial differences between these three methods; so, be clear on which one you are being quoted, before you sign on the dotted line.

Alternatively go for an inclusive quotation such as the ones produced on the bestconveyancingquotes.com website, so you can rest assured that you know what you are going to get, and what you are going to pay.

Disbursements

Disbursements are expenses that you will need to pay, regardless of who undertakes your conveyancing. However, do look out for extra charges that may be added by one firm, but not by another, or any fees, for that matter, which seem excessive. Also, do bear in mind that rates vary from region to region and from transaction to transaction; but, on the whole, the types of disbursements that you can expect to pay for include:

  • Land Registry Office copies (up to £8)
  • Transfer of funds online fees (around £25)
  • Bankruptcy search (up to £4)
  • Local authority searches (up to £200)
  • Other searches such as drainage and environmental searches (variable fees)
  • Purchasers will need to pay a land registration fee, on a sliding scale, depending on the value of the property  

Many quotations will be able to state the likely amount of tax that you would be expected to pay, whereas others will simply state the lowest level of tax, without referring to the actual purchase price; so, read the small print!

Tricks to Look out for with Conveyancing Fees

Some quotations may include extras under disbursements that are not quite as standard and therefore should be looked for carefully, when it comes to comparing an overall conveyancing quotation, like for like.

Extras such as being charged a contribution for the professional indemnity insurance that the conveyancer has to pay and being charged for photocopying and postage should all be scrutinised. Some firms will also charge extra, on top of their conveyancing fees, for completing the stamp duty form, whereas others will include this in their fee quotation.

Obtaining a conveyancing quote that is precise and based on fixed fee charge is not as obvious as it may first appear and reading between the lines is a crucial part of making sure that you know exactly where you stand.

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