Conveyancing solicitors offering unbelievably cheap quotes are on the rise and conveyancing fees under £500 are possible to secure if you know where to look. Coincidentally, there is a lot of information cautioning buyers and sellers against hiring solicitors who do not give a complete quote. If you would like to sell your house and have no idea what a ‘complete’ quote should include, here is a simple guideline of the basics of conveyancing costs.
The conveyancing solicitor’s basic fee takes up the bulk of any conveyancing quote. The fee may range from 300 to 1,200 Pounds depending on the experience and reputation of the solicitor. If the property you wish to sell is leasehold, you may be required to pay more. This is because the solicitor may need to put in more hours as these transactions are a lot more complex and involve a number of extra parties such as managing agents. You should clarify this point with the conveyancing solicitor in order to get a more accurate quote.
Overlooked Additional Conveyancing Fees
Stamp duty land taxes should be included in the quote. This is an amount that is levied by Inland Revenue. Stamp Duty Land Tax Rates are a percentage of the price of the property you wish to sell. These percentages can be accessed online. It is very easy to spot a cheeky quote: simply calculate the percentage required using your price and see if it is included. If the stamp duty land taxes are not included in the quote, then you can be sure of other surprise costs before the conveyancing process ends.
Land Registry Fees should also be included in the quote. This is the amount of money charged by the solicitor to affirm that you are indeed the registered title holder of the property you wish to sell. The conveyancing fees usually range from 4 to 8 Pounds depending on the number of copies needed.
The telegraphic Transfer Fees should also be part of the conveyancing costs if your mortgage exceeds 60,000 Pounds. However, if your mortgage is less than that, you can use the free BACS system to redeem it.
Other minor costs of conveyancing include postage, phone calls, photocopying costs, stamp duty tax returns, and PI contribution. These costs may not be more than 200 Pounds, though you should budget for them as well. Conveyancing solicitors also charge up to 200 Pounds if they need to deal with your lender. Many solicitors may not tell you about these costs so as to appear cheap, but you will eventually pay for them.
When you are reviewing conveyancing fees, ensure that you know for certain that these costs are included in the quote. Otherwise, you may find yourself paying a lot of hidden costs. You can read more about the pitfalls of conveyancing fees here, here and here.