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conveyancing fees conveyancing quote
Here we try to answer a few commonly asked questions:
- What make up the Conveyancing Fees?
Conveyancing fees are separated in to 2 different sections – the profit costs (what the solicitors or licensed conveyancers charge for their services) and the Disbursements. As a general rule the disbursements should not vary greatly from conveyancing firm to firm, as these are payments made to third parties for dealing with certain aspects or services required in the transaction. It is the profit costs, the money charged by your conveyancer, that the conveyancing firm have control over and therefore the area where you can save the most money!
- What to expect from Profit Costs The profit costs are the legal fees and other charges that the firm of solicitors or licensed conveyancers make. The total charges in this part of the conveyancing fees may be split up in to different headings by the conveyancing firm, however it is the bottom line total and VAT that you should be looking for. For example, some conveyancing firms may charge an all inclusive fee, which will include all costs that a firm might reasonably be expected to charge for. However, some firms will break these costs out separately, therefore giving a lower “legal fee” and charging extra for required services. Most firms will always charge separately for a bank transfer (also known as a telegraphic transfer). Other fees that you should ensure are included in the profit costs section of your conveyancing fees are acting for your mortgage lender whether on the sale, remortgage or purchase of a property, completing and filing the Stamp Duty Land Tax Form and all letters and telephone calls. Ask the conveyancing firm to confirm that all these normal items are included in the fees they quote you.
- What are conveyancing disbursements?
The Disbursement part of your conveyancing fees should include all the payments that are made by your conveyancer to a third party on your behalf. These are generally fixed costs, however the cost of the searches can vary depending on the location of the property and whether the conveyancing firm uses a personal search company or obtains the Local Authority search directly from the Council in question. When looking at the conveyancing fees you have been quoted then you can expect the disbursements to be as follows:
- On a freehold sale – Office Copies (Land Registry copies of your title to the property).
- On a freehold purchase – Land Registry Fee (which is dependent on the value of the property), Bankruptcy Search (currently £2 per person), a Land Registry Search (currently £4 per person), a Local Authority Search (dependent on the local Council), Drainage Search (depends on the local water board) and then any area specific searches such as coal mining or tin mining. You may also then come across Chancel searches and environmental searches, but these are often dependent on whether you request them and what the policy of the particular conveyancing firm is.
- These are the general items that you can expect to be included in your conveyancing fees quote and that you should ensure are included when comparing different conveyancing fees charged by different companies.
Rather than just accepting the first conveyancing fees that you are quoted, you can compare conveyancing fees between several conveyancing firms and perhaps save yourself a lot of money. Using our instant conveyancing fees quoting system is completely free, easy and without obligation of any kind.See more at conveyancing fees conveyancing quote.