Welcome to Moving Buddies. I’m Usell Bolt and I’m here to explain conveyancing and how to choose a conveyancing solicitor. Our expert legal panel is made up of UK regulated solicitors and licensed conveyancers. If you have a mortgage in place we can even partner you with a conveyancer that is approved by your lender.
What is Fixed Fee Conveyancing?
Fixed Fee Conveyancing is where a pre-agreed price is set for the conveyancing service being given. The Conveyancing Fees 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 fees are 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. Compare conveyancing fees now.
What Are Conveyancing Fees?
Conveyancing fees are 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 – what third parties charge for services such as 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 should 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 is likely to be higher.
Disbursements frequently cover the following:
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
Made to check the buyer is not bankrupt or on the verge of bankruptcy.
ID checks via Moving Buddies are quick and simple but one of the most important aspects of conveyancing.
These checks are made with the Land Registry to a property.
Land Registry fee
The fee paid to the Land Registry for them to update the property records.
Pre completion searches are done 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.
Hourly Rate vs Fixed Price Conveyancing
In the UK, the majority of conveyancers now offer fixed-price conveyancing services. It’s becoming more and more unusual to see solicitors charge an hourly rate. However, it’s still vital you shop around before choosing a conveyancing solicitor.
Some solicitors will still charge hourly rates and will charge a fee for any documents or phone calls required. These will appear as additional costs further down the line. This is why fixed fee conveyancing is recommended, to avoid any hidden costs.
When you receive your conveyancing quote, make sure it is presented to you in writing. You must thoroughly read the breakdown of all fees included. Conveyancing Store makes this easy for you.
When getting a conveyancing quotes, make sure you read through in detail the full breakdown. Make sure that the total fee quoted includes a detailed list of all fees and costs involved. This is always the case with Moving Buddies conveyancing.
Here are a few last things things to consider:
- Are you getting a quote or an estimate – A ‘quote’ is an offer to do a job at a specific price. This price should not vary from beginning to the end of the process. An ‘estimate’ is just that: a rough idea of what the process will cost. This could be a lot more than the estimate suggests.
- No Move, No Fee – Some firms work on a No Move, No Fee basis. If your property transaction falls through, you will be spared some of the expense of legal fees.
- Hidden Fees – If your conveyancing transaction is likely to be complicated and/or require additional work by the solicitor you should make sure there will not be any further fees charged. Your solicitor should not charge any additional fees for work that falls within the agreed scope of ‘standard’ conveyancing. In the past, some solicitors were found to hide additional fees in their terms and conditions but the Law society have since introduced measures to address this.