Conveyancing fees can catch people out because not everybody knows what to look for. However, after reading this simple guide you should be able to recognise a good fee and know the traps to look out for.
A conveyancer is there to help you through the often stressful process of buying or selling a property. They are essentially lawyers dealing with the transfer of property from one person to another. Lawyers like many professional services charge fees for work carried out.
Step 1: Know What to Look For
An accurate conveyancing quote should be made up of three parts:
- The conveyancing solicitor’s basic fee
- Optional services you may want. Just discuss these with your solicitor, these included acting for your lender or filling out your stamp duty tax form or maybe you have a leasehold transaction.
- Disbursements – these are fees a conveyancer has to pay others for on your behalf. These can include:
On a sale:
- Land registry office copies
- Telegraphic transfer fee
- Your Management Company will charge you a Management Pack fee for producing the information needed by the buyer solicitors, if you are selling a leasehold. Check with them first.
On a purchase:
- Land Registry office copies
- Searches (these may be estimates as you may want more than just the mandatory Local and Drainage Water search). Terms should refer to additional optional searches such as Flooding search, Chancel repair liability search, Environmental search, Location specific local searches
- Land registration fee
- Telegraphic Transfer Fee (TTF)
- Stamp Duty Land Tax (SDLT)
- Your Management Company will charge notice fees etc. if you are buying a leasehold
Step 2: Hidden Extra Costs
Here are some common hidden fees to watch out for on your quote:
- PI Contribution – this should be included in your solicitor’s basic fee
- Terms & Conditions – Where your solicitor does not send you their full terms with their quote. This is a document headed terms of business or ‘terms and conditions’ and should set out all the charges for any additional services you need during your case. Beware of companies who send these after as they could be hiding some costs.
AVRillo Conveyancing always send out our Terms of Business by email with your estimated quote.
Step 3: Check the small print and then check it again!
Don’t forget to ensure that you see your Terms and Conditions and be wary if you dont receive these with your quote.