“Choose us for conveyancing fees that do not go through the roof”
Shah Ali, Senior Partner, Waterstone Legal
When choosing a conveyancer for your property purchase or sale you’ll be coming across a lot of law firms offering fixed fees. But, choosing wisely is important. Since the 2000s the fixed-fee pricing method has become pretty standard. Going for a fixed-fee service provides many benefits. The main one being clarity over the cost of your property conveyancing journey. Furthermore, a fixed-fee helps with budgeting. However, it does not include everything.
Here we breakdown exactly what is and isn’t included in a fixed- fee quote. Then you know what you still need to be preparing for.
What Is A Fixed-Fee Property Conveyancing Quote?
A fixed-fee quote provides the total legal cost of your conveyancing minus any third party disbursements. It is a cost-effective alternative to solicitors charging by the hour. Additionally, covering their professional fees for your property purchase or sale. Common parts of this work include legal searches, drafting contracts and communicating with third parties. However, every law firm charges a different amount. They typically vary from £800 to a few thousand pounds. The exact figure depends on the value of the transaction. Plus, the nature of the work. Knowing your costs from the beginning gives you peace of mind, allowing you to budget for other things. However, be aware that there are other costs beyond your fixed-fee that have to be paid. So, what are they?
What Is Not Included In A Fixed-Fee Quote?
A fixed-fee quote does not include third-party costs. They are third party costs your solicitor pays to other departments such as HMRC, the land registry and other search agencies. The main costs beyond your legal fees are;
Stamp Duty
This is the land tax on your purchase calculated on the value of your property and paid to HMRC.
Search Fees
Your solicitor will have to conduct searches via the land registry, plus other property conveyancing agencies. They will have to be paid on top of your fixed-fee.
Mortgage Fees
Any mortgage fees will have to be paid by you to your lender.
Can Fixed-Fee’s Increase After Work Has Started?
Here’s the rub. Potentially. If your solicitor discovers unexpected complexities handling your purchase or sale, additional fees could be incurred. There should be a clause in your contract explaining this. While it’s unlikely, every property transaction is different and you must be aware of the possibilities. Speaking to your chosen conveyancer will help you fully understand charges. Reputable and experienced conveyancers will always be up front about costs from the get-go. Clarity and transparency are vital values in any solicitor you choose- (Pssss, tip – check those reviews)
How Can You Get A Fixed-Fee Quote?
Getting a quick fixed-fee quote is easy on most conveyancer’s websites. Simply tap the button and enter the information they ask for. The most common questions will be;
- The Price Of The Property
- The Address
- The Tenure (Leasehold or Freehold)
- Mortgage Details
- Any Schemes You May Be Buying With (Help To Buy, Shared Ownership, etc)
With this information they will generate your fixed-fee quote. Then, it is likely a conveyancer will then be in touch to discuss if you wish to proceed. This is the perfect opportunity to ask any questions about other costs and how they work. On the whole, smooth communication will set up for the very best journey.
How Does A Fixed-Fee Quote Benefit You?
One key benefit of a fixed-fee for your conveyancing is clarity over your legal costs. As a result you enjoy a sense of ease over budgeting. Many worry that their legal fees will end up going through the roof (pardon the pun). However, a fixed-fee gives you the confidence and security you know what you are paying for. Then you can manage your budget for other costs coming with buying and selling a home. Because you have enough to deal with, such as moving fees, mortgage fees and new furniture.
What Is Key To Choosing The Right Conveyancer For You?
Choosing a conveyancer is tough as there are a lot out there. By gathering a few quotes and comparing the prices you can decide what is best. However, do think beyond the price. Having a quality conveyancer handling your transaction is important. Buying and selling a property is a big deal. Therefore you want to be confident you have someone you can trust and rely on. Reading reviews on third party sites like trust pilot gives confidence. Furthermore, having a call before you get started helps establish a relationship. Finally choosing an office based firm helps, showing you’re dealing with real humans. You can visit your property law firm in person if you need to. At Waterstone Legal, we love supporting you on every step of your property journey.
So, To Recap
A fixed-fee quote is a popular choice if you are buying or selling a home, covering your full legal costs. However, understand that third party fees are excluded, including stamp duty, search fees and lender fees. By providing basic information via a solicitors website you can get a quick, easy quote. Simply pop in your details such as property price, address, the tenure and any schemes. Finally, booking a call and taking time reading their reviews can help. After all, choosing wisely makes a big difference.
We look forward to supporting you whenever you need us with our top-reviewed service.
