What's the cost when buying a house?
Buying or Selling a house
Buying and selling property
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.