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Financial Aspects of Conveyancing

Money often plays a major role when it comes to choosing a conveyancer. Most people will go for the cheapest firm available, without realizing that they have other options available. This article explores some of these other options that provide you with great service at very reasonable and affordable prices.

Conveyancing can cost up to 850 pounds for the fairly straightforward cases. However, there may be additional costs and disbursements. Moreover, if the transaction runs into some difficulties, the fees might show a significant increase. However, high prices should not prevent you from getting quality service. It is best therefore, to keep a backup plan on hand. Or, you can simply opt for these money saving ideas that may prove better than traditional methods of conveyancing.

  1. DIY Conveyancing: You can actually do the conveyancing yourself. However, it is very important that you familiarise yourself with the specialized terms associated with conveyancing. You should also understand how to negotiate effectively with the other party. DIY conveyancing is more than just filling up paperwork. You have to conduct all the searches and surveys yourself and file all the paperwork and documents. There are conveyancing kits and guidebooks available that will make the entire process easy for you to do. If you are buying with a mortgage then your lender will appoint their own conveyancing solicitor to act for them. This is to ensure that their mortgage is properly registered against your title after completion. It is vital that you remember that the only money you save this way are conveyancers’ costs and VAT. You will also have to pay a fee to the land registry for the property’s title to be transferred into your name. Moreover, you should remember that if anything goes wrong legally, you will have to bear the sole responsibility. If you hire a conveyancer, they will have professional indemnity insurance against any mistakes they make.
  2. Online conveyancing: This is becoming a popular alternative to regular conveyancing. It is also significantly cheaper than traditional conveyancing firms. You can save up to £500 when using an online conveyancer. However, this isn’t the only benefit they have. Online conveyancers also work faster than traditional firms. The entire process is completed through the internet and you need to print out documents and fill forms online. As there is no paperwork, everything can be done much faster. Moreover, you can track the progress of your transaction online. This method works best for simpler cases with no legal complications.
  3. Fixed price conveyancing: If you still want to hire a traditional conveyancing firm, then it is worth looking into fixed price conveyancing. Instead of charging you by the hour or a percentage of the property value, they will offer you a fixed price for their service. Don’t forget ask detailed questions about these as they do mount up. If the fees seems unreasonably cheap or too low, then it is important to look at the firm more carefully. There can be additional hidden fees and costs that you will be charged for after the deal is over. Some solicitors add extra disbursement charges for photocopying and postage, and bank charges to transfer the completion money, even though this should be included in the main fee. Some firms also offer a ‘no sale- no fee policy’, where don’t have to pay the conveyancer’s fees if the deal goes wrong. You will only have to pay the firm what they already spent on the transaction such as search fees and other formalities.

When it comes to conveyancing, there are ways to avoid overpriced firms. But remember that conveyancing is a service, and like other services the quality depends on the price you pay. Poor service will result in a very stressful move on your part. So choose carefully to combine efficient service with affordable pricing.

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