Buying and Selling is stressful enough without having to worry about Conveyancing fees. But can you really rely on the quote or estimate given to you? You will probably obtain a number of these from various law firms and they may vary widely. But are they comparable?
Terms and Conditions
You will have to read the small print when reviewing any quotes or estimates and certainly when choosing your law firm. It is important that you read the initial estimate, any documentation enclosed and the Firm’s initial letter (including their terms and conditions) which may refer to additional costs or disbursements that could occur.
At Bowden Jones we have a specialist online conveyancing quote service on our website http://www.bowdenjones.co.uk/conveyancing. By clicking on “Get a Quote” and filling in a few details you will receive an immediate email with a thorough and transparent breakdown of the costs expected in a normal sale or purchase. One of our Conveyancing Team will then telephone you to discuss.
Whilst our quote will cover a standard sale or purchase from start to finish there are occasions we cannot account for such as the land being unregistered, which is very unusual today, or there being a title defect which requires the drafting of additional legal documentation. If we become aware of something like this during your matter then we will let you know as soon as possible.
We often find that when clients compare our quote with others they see disbursements (third party payments) and some standard legal fees that are not always being clearly shown. This makes it very difficult for you to compare quote to quote as they are not like for like. For example, there are various disbursements which will ALWAYS apply but a quote could be made to look more reasonable if these disbursements are suggested to be potential only. The quote looks like it is lower and that you are getting a better deal. However, when you complete your matter the additional fees/disbursements become apparent. For example:
Disbursements on a SALE matter:
- There will always need to be a bank charge for sending money to repay your mortgages.
- If you want the sale proceeds sent to your bank there will be a further bank charge.
- Bank charges apply for each individual bank transfer.
Disbursements on a PURCHASE matter:
- There will always be a bank charge for sending money to the sellers’ solicitors.
- There will need to be a searches carried out unless you are a cash buyer. The usual searches are local, drainage, environmental and possibly coal. The required searches depend on the location of the property. If the property is in the countryside or near farmland or open spaces of land then further searches may well be necessary.
Additional Legal Fees that are not always clear on PURCHASES include:
- The firm’s fee for completing the Stamp Duty Land Tax Return and submitting this to HMRC. This is because the form is required by the HMRC whether or not stamp duty is payable.
- There may be further legal fees if it becomes apparent that the property is unregistered or leasehold or there is an unusual element or title defect.
This is not an exhaustive list but it does give you an idea of the sort of things to look out for when comparing conveyancing quotations.
We will always be happy to discuss our quotation with you and to see what we can do to match or beat any other quotations you have obtained – as long as they are like for like.
Call us now to speak to one of our extremely experienced Conveyancing Team on 02920 484550 or email them on firstname.lastname@example.org.