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Ways to Save Money When Conveyancing

Hiring a conveyancer is a must when buying or selling property. However, conveyancers have reputation for being overpriced. Many people refrain from buying property as they do not want to pay the conveyancers’ fees. However, this should not stop you as there are several ways of cutting costs when it comes to conveyancing. These tricks will help you save money and get the best service out there.

  1. Online conveyancing: As a rule, online conveyancing is cheaper when compared to local firms. You can save up to ?500 when using an online conveyancer. However, there are other advantages to online conveyancers. Online conveyancers also work faster than traditional firms. Moreover, you can track the progress of your transaction online. The entire process is completed through the internet and you need to print out documents and fill forms online. As there is no direct paperwork, everything can be done much faster. However, bear in mind that online conveyancing works best for simple and straightforward sales. For more complex cases, it is advisable to go your local solicitor instead.
  2. 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, they will offer you a fixed price for their service. However, if there fee seems very low or too good to be true then it is important to look at the firm more carefully. There can be several 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. Don’t forget ask detailed questions about these as they do mount up. 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.
  3. DIY Conveyancing: Strange as it sounds, you can actually do the conveyancing yourself. It is very important that you familiarise yourself with the jargon and technical terms associated with conveyancing. You should also know how to negotiate effectively with the other party. DIY conveyancing is more than just filling up paperwork. You have to complete all the searches and surveys yourself and file all the paperwork and documents yourself. This can be very stressful as you also have to deal with moving out of your home. On the other hand, there are conveyancing kits and guidebooks 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. Bear in mind that the only money you save this way are solicitors’ 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 will also have to get a professional conduct the surveys of the property. 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 errors on their part.

Conveyancing is a service and in the end; the quality of the service depends on the price. It may be worthwhile to spend a bit more on the solicitor’s fees in order to get proper service. Poor quality conveyancing can actually damage and prevent your transaction from going smoothly. It will result in a lot of unnecessary stress for you. If done carefully, you can successfully manage conveyancing without spending a lot of money.

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