If you are planning on buying or selling property, it is natural to assume that you will be hiring a conveyancer for the transaction. A conveyancer is someone who acts on your behalf when you buy or sell a house or land. They will complete all the legal work, negotiate with the other party, draw up the contracts and in short, they will make the process much easier for you to handle. But many people hesitate when hiring a conveyancer as they are not sure about the costs, or because they think the prices are too high for them. However, it would be wise to think twice before deciding to not hire a conveyancer. This article shows you the costs of conveyancing on average and how you can save money when hiring a conveyancer.
It is important compare prices of different firms before making a final decision. Although prices may slightly differ, the average cost of conveyancing is estimated to be about £850 according to various websites. However, this not the only costs you have to pay for. The costs are actually more extensive than that. You will also have to pay for the Land Registry Fee and various search fees. Additional costs include disbursements and Bank Transfer Fees and other fees. In reality you will actually have to pay around £1,419. The price also depends on the type of property involved. Conveyancing for leasehold properties is often more expensive when compared to freehold property. This is mostly because leasehold properties need extra searches and investigations. While total fees for freehold properties cost around £1300, the fees for leasehold property can go up to £1550.
Try to choose a firm that has a ‘no completion, no fee’ policy. This way even if the deal falls through, you will only have to pay the disbursements and not the conveyancers themselves. It is also important to consider the mortgage fees. The booking fee costs around £99-£250. The arrangement fees can cost up to £2,000. When it comes to conveyancing, there is always more than what meets the eye.
On the other hand, you should also watch out for misleading conveyancing quotes. Some firm use tricks to make their quotes appear lower than they actually are. Here some ways to make sure that the quotes you receive are accurate. The quote generally consists of two parts: the solicitor’s fees and the disbursements. The conveyancer usually charges on an hourly basis. Some of them charge 20% of the property’s value and a few of them have a fixed price. It is often best to go for the fixed price option. Disbursements are costs a conveyancer has to pay other people for, on your behalf. These will be the same at all firms. Some firms create disbursements and charge clients heavily for them. These disbursements are things that are ordinarily done by the conveyancers and falls under their basic fees. Always read the information carefully and ask the firm to make sure there are no hidden or additional costs you will have to pay. Hidden extras can appear under disbursements or worse, in the small print so read the conveyancing quote carefully to avoid any surprises.
You should also be wary if a firm offers an unusually low price for their services. Extremely low prices often means that the service may not be up to mark. Bad service may cost you much more in the long run.
If you think the firms are asking for too much, there are still other options for you to explore. Online conveyancing is becoming increasingly popular: this is because it is faster and cheaper than traditional conveyancing. Another alternative is opting for do-it-yourself conveyancing. This way, you will have to do all the work the conveyancer does. However, the only money you save this way are the conveyancer’s fees. In the end, you should go for whichever option you think suits you best.