Moving home can be an expensive experience, especially if you are buying and selling a property at the same time. There are the estate agency fees to consider as well as Stamp Duty, the cost of hiring a moving company, and the cost of using solicitors or conveyancers to carry out the legal work. Paying a fixed conveyancing fee could help you budget, so at least you know what this element of your home move is likely to cost you.
What Are the Options?
Using a conveyancing specialist such as Sam Conveyancing who can offer fixed fee conveyancing means that you will be charged a set fee for the conveyancer’s time. This should also include VAT. Some firms also include some of the searches you will need to have done before you can exchange contracts. However, this can vary depending on the location of the property you are buying and the building itself, so there may be additional search costs.
The alternative is to use a conveyancing service that charges by the hour. However, you will not know the total conveyancing cost until they have finished the work and have sent you the final bill. This could result in a nasty surprise if your home move has had any legal complications.
What Won’t Fixed Fee Conveyancing Cover?
Additional legal work may need to be undertaken depending on the type of property you are buying, and this is unlikely to be covered in a fixed fee. Common examples are where you are buying a listed or leasehold property as this will involve additional legalities. However, your conveyancer should be able to give you an estimation of these charges at the outset regardless as to how their charging structure works.
A fixed fee won’t include other professional services you need to use, such as estate agents or removal costs so you will need to pay these separately.
Paying Stamp Duty
Stamp duty is a tax on buying a property. You will need to pay this via your solicitor or conveyancer, but they then pass it on to HMRC for you. This is a fixed fee so it is easy to calculate exactly how much this will cost you once you have had your offer accepted.
What Are the Advantages of a Fixed Conveyancing Fee?
The main advantage of a fixed fee is that it helps you to plan your budget. Moving is expensive and having a good idea as to what it will cost you means that you can save, plan and budget for your move rather than having to find more funds than you were expecting to cover the conveyancing fee.
Depending on how much legal work there is to do, a fixed fee can work out cheaper than paying a solicitor by the hour. However, until all the work has been done, there is no way of knowing how much money, if any, you have saved by fixing the fee.
How Much Should a Conveyancer Cost?
The price of a conveyancer can vary depending on the size and type of property you are buying. If you are buying a large detached house, the conveyancing may cost you more than a small flat would. Conveyancing fees also vary depending upon the part of the country in which you are buying. The price will alter significantly if you are buying and selling a property simultaneously rather than only covering one transaction.
To get the best price for your conveyancing, it is best to shop around and look carefully at what the quoted fees actually cover.
