The conveyancing market has become a very competitive one which is why conveyancing firms are always on the edge to make their quotes as appealing as possible. As a result, many conveyancing quotes appear cheaper than they actually are. This is why it is advisable to dig deeper to find the truth on the hidden costs before approving a conveyancing quote.
The basic components of a conveyancing quote are the fee of the conveyancing solicitor or licensed conveyancer and the disbursements. The fee of the solicitor will either be a fixed fee or an hourly fee and it would depend on the value of the property you want to buy or sell as in most cases it is a percentage of the total value of the property. It is always advisable to work with a solicitor who charges a fixed fee instead of an hourly fee.
Disbursements are the legal and mandatory amounts that the solicitor will have to pay to local authorities on your behalf. These fees are normally fixed and pre-defined fees which are non-negotiable.
Most conveyancing firms do not give a total breakdown of the different costs in the quotation. They just provide you with the total amount. This is why you must always ask the company for a detailed breakdown of the costs especially of all the disbursements that they will be paying on your behalf. This is the only way to know what will be paid and what will not be paid.
If a solicitor or a conveyancer has agreed to work with you on a no-sale-no-fee basis, you must make sure that it is mentioned in the quotation so that just in case the sale of the property does not go through, you can have documentation to refer to which will state that you do not have to pay any of the fees and the sale of the property was not completed.
Conveyancing quotations can be very tricky so always be extra alert and make sure that you are fully aware of what is covered by the amount in the quotation. This is the only way you can protect yourself from being confronted by a relatively high bill during or at the end of your conveyancing process.