Monthly Archives: December 2015

All you need to know about home conveyancing solicitors Fees

Conveyancing Solicitors Fees
Get the best Conveyancing deals

Buying your home on your own is quite daring, especially for first time buyers. It is a good idea to hire a solicitor for the home buying deals. People are mostly scared of the conveyancing solicitors Fees; it is obvious that solicitor’s fees add extra cost for your home buying. However, it is a good idea to get the expert’s advice before you proceeds to your home buying transaction. The total fee of the house buying usually count up to £ 30000. People who can’t afford to pay the fee of buying the home can get the mortgage from a bank. Today, I will illustrate you about the total fees charged by solicitors for home buying in the UK.

Home conveyancing solicitors fees in the UK

The total fees or “conveyancing quote” charged by solicitors is divided into the two sub payments i.e. solicitor service fees and disbursement charges.

Solicitor Fees

Property lawyer who helps you to buy a home in the UK will charge you a fix or hourly-based fee. The average conveyancing solicitors fees in the UK usually count between £300 to £550 plus VAT (value added services). Disbursement charges are also as a part of the conveyancing quote; however, these charges are fixed. Besides disbursement charges, a few extra costs might be a part of conveyancing quote. Solicitors must give written details of all the cost that will be incurred in buying the house to the buyer. In the next headings, you will learn everything about conveyancing solicitor fees in details.

Solicitor Basic Fee

The basic fee of a solicitor usually counts from £500 to £850. The fee of solicitor is further divided into service fee and disbursement charges. Therefore, you will be asked to pay your solicitor fee arranging from £500 to £1500 that includes all the disbursement charges. Some of the disbursement charges are described in detail in the next headings.

Local Search Fees

Almost all the solicitors working in the UK provide local search services to their clients. Solicitors recommend buyers take a comprehensive local search that includes search for land contamination, environmental search, future planning or construction, any major or minor planning or regulations to the public roads near the property, and search for building regulation affecting the property you will be buying from the seller.

Telegraphic Transfer Fee

It is a fee, buyers pay to the lender, for the transfer of funds to their bank account. The telegraphic transfer fee is charged based on the overall price of buying the property. You have to pay £200 for the house that cost you £100,000 to £200,000.

Land Registration Fee

It is an extra cost of buying the home in the UK. The property will not be entirely yours, if you didn’t pay the land registration fee.

STLD (Stamp Duty Land Tax)

A high fee that solicitor will pay on your behalf; it also varies based on overall cost of home buying.

Hidden Extras

It is a moral responsibility of the solicitor to write down all the charges as a part of his/her fee. There are some fees that people might not be expecting as a part of conveyancing quotes; professional and experienced solicitors know what will be coming next in the home buying transaction. So they should write everything beforehand. These extras include

1. PI (Professional Indemnity Insurance) £30 to £50

2. Postage, Photocopy, and Phone Calls £5 to £50

3. Filling form of STLD (Stamp Duty Land Tax) £100 to £150

4. Helping the buyer in dealing with the lender £100 to £150

Choosing Conveyancing Solicitors – Comparing Conveyancing Fees

Choosing Conveyancing Solicitors
Making the right choice

Finding a good quality, low cost conveyancing solicitor’s service for a house move or property sale or purchase can be a difficult undertaking. Often, when several quotes are obtained from different solicitors for the same house sale or purchase the items detailed as costs and fees can vary. How do you make any sense of it without getting ripped off or qualifying as a conveyancer yourself?

All legal costs incurred when buying or selling a property can be divided into two separate categories.

Charges paid to third parties are known as “disbursements” and do not form part of the solicitor’s legal fees or profit costs. It is important to note this distinction as in most cases the disbursements should be the same (or a very similar) amount for all the quotes you have obtained. Buying or selling a house is a process like any other and although variations in practice exist, fundamentally, all property transactions must follow a similar process. Where a particular quote includes substantially different disbursements this could be a cause for concern.

All solicitors are required under the professional rules to set out fees and disbursements separately. A solicitor setting out a fee as a disbursement could well be breaching those rules and in any event would probably not be someone you would want to do business with. To successfully compare quotes you will first need to find out which of the two kinds of fees the item shown on the quote falls into, fees or disbursements.

Fees for your solicitor’s time are the actual profit costs of the conveyancing solicitor, the amount you are actually being charged for their time and expertise. These often include administrative charges required for the successful completion of a sale or purchase transaction, such as bank transfer fees (sometimes called telegraphic transfer fees or similar) and identification searches. Such items fall into the fees category. Some may also charge separately for more general items such as postage, faxing and copying, file storage, contribution to professional indemnity amongst others. Once again these form part of the fees and should be added together to get the total cost likely to be incurred with a particular solicitor.

According to the BBC Website the average solicitors fees in England and Wales for dealing with the sale or purchase of a property tend to come in around the £550.00 mark, not including vat and exclusive of disbursements. How do your quotes compare?

You should also bear in mind that even when fixed fees are charged, no solicitor can ever promise that the final legal bill will not amount to more than the quote given at the outset of the transaction. Legal issues are rarely straight forward and it is always possible that matters could arise during the course of the transaction that could affect the final amount you will be required to pay.

It should also be noted that the cheapest quote does not necessarily represent the best value for money so make sure you shop around, obtain at least three quotes from different services providers and compare both the cost and the level of service before you commit yourself and go ahead and instruct conveyancing solicitors to act on your behalf.