How is the price calculated?
There are lots of factors which affect
conveyancing prices. You will need some information on some of these
things before you can get the most accurate quote off the solicitor.
What you will need to know before
getting a price for the conveyancing work.
These are the main ones although in
some circumstances you might be asked for more information before a quote can
be given:
·
The price of the property and address including
postcode
·
Is it leasehold or freehold? - You can ask the
estate agent
·
Are you buying jointly with someone?
·
Is it going to be mortgaged?
·
How much is the deposit and is someone helping you
with that
·
Does it involve right to buy assistance
·
Details of the estate agents
How much can I expect it to Cost?
Remember that the conveyancing costs
are not just the solicitor’s costs
You will have to pay the solicitors
costs and VAT but there are also disbursements, which are what you must pay
for, things like search fees and Land registry fees.
It may well be that the transaction
attracts Stamp Duty Land Tax, which can run to many thousands of pounds and
needs to be factored in.
It is important when you get a quote
off the solicitor to check whether it includes all of these extra fees, which
are not optional. When comparing quotes from solicitors check that you
are comparing like with like and they cover everything that you will need to
pay.
Check also whether you are being quoted
an estimated fee or a fixed fee.
An estimate is the solicitors informed
guess on what the fee could be, and it could end up as more or less.
A fixed fee is a guaranteed fee for a
specified amount of work. However, you should be aware that most
solicitors reserve the right to charge additional fees if things not
anticipated in the fixed fee come to light during the transaction.
Remember too that you may be charged
further fees by other organisations like your mortgage company, outside the
conveyancing work, for example surveyors or mortgage fees.
