A conveyancing quote is supposed to be a statement of itemised expenses with full transparency about its components. It confirms that there is nothing hidden making the clients absolutely sure of already known expenses for receiving services of conveyancer. To be absolutely clear about the cost, one needs to look for itemised components and known about the things in fine prints reading between the lines to avoid surprisingly fat bill at the end of the day.
Whether it is online conveyancing or seeking quotes from traditional brick and mortar firms, expenses are composed of two distinct segments - the professional fee for using the expertise and time, and the disbursements made to the third parties. Actually, professional fee may vary from one conveyancer to another, not disbursements to the third party that are mainly fee payable to the administrative bodies.
Prescribed documentations required for property transfer are lengthy and complex hence completion is a time consuming process. For instance, standard leasehold deed or lease supplement is about 40 pages long document completion which necessitates conducting enquiries and making condensed reviews to present exact picture at the time of transferring property. Other time consuming documentations are preparation of shared ownership documents like buying flats in housing estates and filling up multiple pages of Stamp Duty Land Tax form.
Users of conveyancing services should also note that some documents essentially come under time bound submission, delays are heavily penalised. All these are considered as components of professional service charges that may vary from £300 to 900. One should not be misguided only with the tag ‘professional fee’ of the conveyancing quotes but, must check what all is covered under it.
In property transaction, fees payable to the thirds parties is quite significant and should not be confused with while comparing conveyancing quotes. Government stamp duty becomes applicable for deals of properties valuing over £125,000. The duty is charged between 1 to 4% of the property value in slabs for range of incremental values. For changing the name of owner of a property in their records, the Land Registry charges a slab wise fee according to value of a property. The lowest slab value of Land Registry is £50,000 and the highest property value slab is over £100,000. Applicable fee between lowest and highest property value slabs are £50 and £920.
In recent times, search for property transfer has assumed a big scope and importance in various aspects that were not in picture previously. Some of these have come up due to societal changes and some on the grounds of environment and safety. Chancel search has recently assumed quite prominence. In earlier days large properties developed on former land belonging to the churches were given out on the understanding of obligatory meeting of church repair and maintenance costs. The liabilities of chancel repairs were all right in earlier days when the costs were low. Now this is extremely burdensome in economically stressed times and has led to big cases. Besides expenses on chancel search, other type of search expenses appearing in conveyancing quotes are environmental search, issues of liability to the local authorities about a property, and issues about water connection and drainage.
Factors that Influences Conveyancing quotes