In order to provide a conveyancing fees quotation, we will want to have a conversation to fully understand the scope of the transaction. Naturally everyone wants to limit their expenses associated with a house sale or purchase where possible. However, with a transaction of this importance, it is essential to get the legal aspects right, skimping on the conveyancing costs may not be the best way to save money in the long run.
When you contact us, we will give you the best possible estimate of the cost involved. However, we don’t believe in a one size fits all approach. Some transactions are more complicated than others, so we will need to discuss fees with you at the point when we take instructions.
As a general guide however, our conveyancing fees for acting on a straight forward purchase of a low value property (under £200,000) might be as low as £700 plus VAT increasing in increments to over £2,000 plus VAT, for a property worth over £1,000,000.
When budgeting for the conveyancing, please keep in mind that disbursements also have to be paid.
On a residential sale you might expect disbursements of £50-£100. On a residential purchase, you will have to pay search fees which will probably be around £300. You will also have to pay Stamp Duty Land Tax (SDLT) (on properties purchased for more than £125,000 or on any second property).
The amount charged by conveyancing firms varies widely. What people do not always appreciate is that so does the quality of service provided. The cheapest firm still has to make a profit and can only do that by providing a lower level of service than firms that charge more.
Factors other than price should take into consideration such as reputation. Speak to family or friends who may have bought or sold a property recently, find out which firm they instructed and what they thought about the level of service.
Your estate agent may have some helpful suggestions on selecting a conveyancing solicitor. However, do be aware that if an agent is trying very hard to steer you in the direction of a particular firm (particularly an online firm or a firm from out of the area), it is likely that they are receiving payment for making that referral. The only reason why a firm would pay a referral fee is that its reputation is not strong enough to attract clients. We do not pay referral fees.
Online firms are often touted as being quick, cheap and effective. People who come to us after having instructed an online firm previously, usually tell us that their fees are more than expected, that it is very difficult to ever speak to anybody on the phone and almost impossible to speak to the same person twice running. Firms are usually hundreds of miles away so there is no option for a face to face meeting and the process often resembles a factory production line. Moving house can be stressful, eliminating issues such as these is worth considering at the outset.
Also, the vast majority of online conveyancing firms pay referral fees to estate agents since the level of service they offer is not good enough to attract clients through recommendations or repeat business. We are not saying that there are no decent online conveyancing firms, but we are confident that we offer a considerably better service and value for money.