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What’s Included In Your Conveyancing Cost
Imagine going to the corner shop and buying a Mars Bar.
“That will be 51p please, plus 9p for the wrapper, making 60p in total,” says the confectioner.
“What?” You reply.
“We have to quote you separately for the chocolate and for the wrapper,” he explains.
Of course, it’s not really like that when you buy a Mars Bar. But when you pay a solicitor or licensed conveyancer to help you buy or sell your property, we do have to quote for all elements separately.
It’s all closely regulated. We are obliged to collect various payments from you and then pass them on; we don’t keep all the money ourselves.
Here are some of the fees we typically collect:
- Stamp duty which we pay direct to the Government – we’re their biggest tax collectors and have 100% success rate. We have no choice about this.
- Land registry fee to confirm who owns the property
- Search fees to check whether you’ve recently been bankrupt, what the local authority plans for the area, that there is fresh water access and drainage to the sewer, whether you need to contribute to upkeep the local church (yes, really), whether there is any environmental contamination in the area, and anything else specific to the area, such as mining
- Bank transfer fees
- Disbursements (third party expenses) and other costs
- Our basic fee. As well as payment for our work, this covers our expenses such as Professional Indemnity insurance, postage, photocopying and phone calls, filling out the tax return, and dealing with your lender
Note that the legal cost will usually be higher for a leasehold property, because the work we have to do is more complex.
Also, note that even if the deal falls through, there may be some costs to pay.
It’s rare to have a fixed fee quote for conveyancing, as so many things can change along the way.
Usually, you will be quoted a percentage of the property price.
Sometimes, you will get a quote per hour.
Beware of online quotes that only appear cheap because they do not include everything upfront.
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