If you are planning for selling or buying a property you’d need conveyancers to look after the legalities involved in transferring title. The word conveyancer in general refers to both conveyancing solicitors and certified individuals. In the United Kingdom one must meet the standards set by the Law Society and must be registered and listed by the Council for Licensed Conveyancers to function as conveyancer.
The conveyancing process is a complex one and the conveyancer undertakes all the legal affairs associated with title transfer. He can either be appointed by the seller or by the buyer. Often mortgage lenders impose their preferences of conveyancers on the buyer and that can eventually cost you more. So, what are your options to get the best conveyacing quote?
Conveyancing is a competitive profession. Conveyancing charges are also related to the performance of the property market. Given these facts, the fees asked by conveyacers are seldom transparent. Initial cheap rates can soon snowball if you aren’t careful and knowledgeable enough about the fees charged by them. Since there is no authoritative body to monitor the charges asked by conveyancers they are pretty free to ask whatever they think is appropriate. Traditionally a conveyancer measures his costs in three ways:
- Flat fees irrespective of the values of the property involved.
- Percentage charged on the value of the property.
- Hourly basis charges.
Some conveyancers can ask for a percentage of their fees upfront to take your case whereas some operates on no-completion, no-fees basis where the client is required to pay only after the deal is successfully closed. Ideally, property dealing must take six months to get completed. So, you must ask your conveyancer whether he will guarantee successful completion within the time period or not.
The conveyancing process would require the solicitor to undertake tasks like inspecting the property and the title, checking the terms of the contract, paying stamp duties and other dues to free the title, making inquiries on legal duties and debts attached to the title, updating lender as the property is ready for mortgage and supervising payment on behalf of the client at the end of the deal. The conveyancer’s fees for each task may vary depending on his profile, experience, company policies etc. Anyway, you must ask him to be as transparent and upfront as possible. Ask him for breakup for his quote.
While making inquiries about conveyancing quote you may also take into consideration the taxes payable, such as – VAT, stamp duties etc.
Getting conveyancer quote
Internet is a great source of information to find and compare conveyancer charges in your area. Some conveyancers can also quote you a ballpark amount as you fill in their forms online. Get and compare two or three quotes before deciding on one.