If you are planning to sell or lease a property hiring a property conveyancing solicitor at the beginning of the deal is advisable. It would ensure peace of mind. Property conveyancers are specialists in the legal aspects of property buying and selling. They would ensure that the vendor or buyer is getting a marketable title on the property. Conveyancing solicitors must register themselves with the Council for Licensed Conveyancers to obtain license.
The seller may require expert services of a conveyancer under the following circumstances:
- Before contract
- Before completion
- After completion
Depending on the conveyancing services rendered as well as on experience and expertise the conveyancer may determine his charges in the following three ways.
- Flat fees
- Percentage of sales price
- Hourly rate
Fixed price conveyancing cost or flat-fee is a fixed amount charged by the conveyancer for the services offered. It is preferred by most homebuyers and sellers because of convenience. Conveyancing cost can even go upto thousand pounds sometimes. Some unscrupulous conveyancer may attach several hidden charges which can soon eliminate the initial low cost advantages. Snowballing of conveyancing fees is quite common and therefore, negotiating a flat-fee will ensure peace of mind. Moreover, it allows you to have better control over your finances.
Opting for flat fee conveyancing service would let you save bigger sum of money on your property deal. The average rate of flat fee conveyancing in UK is around £750 including VAT and other payable taxes. The charge would remain same despite the size and value of the property.
Percentage of sales price
It may work for some high value and new properties. The conveyancer charges a fixed percentage of the sales value of the property for the tasks undertaken by him. Unlike flat fees the cost of conveyancing with percentage of sales price can vary. It is not a good idea on old property and for elderly home owners.
Based on the time spent by your conveyancer on the tasks undertaken by him he would charge an hourly rate. The tasks normally performed by a conveyancer during property conveyancing are mentioned below:
- Preparing legal documents for title transfer
- Preparing homebuyers report
- Performing title search and obtaining Land Registry document or title deed if the property isn’t registered
- Drafting documents that the parties are required to sign
- Arranging financial settlements etc.
Some of the costs that the conveyancer would include in his fees are the following:
- Legal Fees and VAT
- Expenses for drafting and preparing documents for mortgage
- Telegraphic Transfers and dispatch of photocopies
- Filling in Stamp Duty Land Tax Return Forms
Conveyancing prices depend on several factors. You are advised to compare quotes online before deciding on the best solution.