Picking a conveyancer can be a daunting and a stressful process. In what could potentially be the biggest financial transaction of your life, finding a trustworthy solicitor who isn’t going to charge you the earth can seem like a never-ending task.
As you may have found on your search so far, every firm has different ideas, values and fees which are suitable to some… but not for everyone. This article will outline some of the key features to look out for while making your decision.
Understanding Disbursements
While comparing quotes, you may have noticed that the price of disbursements varies depending on which firm you have spoken to.
These are costs collected by the solicitor on your behalf and passed onto third parties.
On a purchase, they include:
• Searches – these vary depending upon which provider a firm uses. We have seen them vary from £145 to £350
• Land Registry – these are set depending upon property price
• Stamp Duty – again this is set by HRMC. However, on complicated transactions regarding buy to let/second properties and linked transactions, clients can potentially be given incorrect, lower fees by their conveyancers and these can and will be claimed back by HMRC in the future*
• Bankruptcy Fee/Official Searches – standard set fee
*Stamp duty is a personal tax and the responsibility of the individual to seek specialist tax advice for this payment.
On a sale, they include:
• Office copies - standard
Other Things to Consider
While you may have received a quote with a very competitive legal fee, you may notice that the cost of your disbursements varies and can be a lot higher.
One of the main varying disbursements would be your searches. Different firms will employ different search providers who will to no surprise have different fees. What also plays a key factor in your transaction is the amount of searches that will be completed.
While obtaining your quote it is always recommended that you ascertain what searches will be completed and the turnaround time for receiving them. Some firms may offer things like a “Premier Search pack” and while this may sound essential to your conveyancing, there’s a very good chance it’s unnecessary.
Unless you’re looking for peace of mind, your mortgage provider will only need certain searches completed depending upon your location. We would always recommend confirming with your mortgage provider which searches are essential to your purchase.
There are also a few other things to consider before you are drawn in by a low legal fee, namely the dreaded small print. While obtaining quotes it is always best to confirm that there are no hidden extras that may crop up towards the end of the transaction. It has been known for certain firms to charge by the letter or by the phone call and if your transaction turns out to be longer than expected, this can certainly add up.
This can also apply to new enquiries raised on your transaction. Part of the conveyancing process is for your corresponding solicitors to raise enquiries between each other. Some firms will charge you per enquiry raised, and while taking into consideration a standard house purchase can have upwards of 20 enquiries, this can be a costly oversight.
Enquiries are questions raised by the purchaser’s solicitor on their behalf to clarify any title issues or discrepancies and ensure that the client obtains a good and marketable title. The solicitor is acting on both the behalf of the client and any lender (if a mortgage is used to purchase the property). The main aim is that the purchaser and lender are protected.
It is impossible to predict how many enquiries will rise as it depends on the title, the lender’s requirements and the individual solicitor’s training and individual opinions on what issues they require the seller’s solicitor to answer or rectify before completion takes place.
You may or may not know, the exchange and completion are usually done within quick succession of each other. Some firms may offer a service where they will guarantee exchange and completion within a certain time frame - this is completely unnecessary.
Completion will always come a short period after and you will be allowed to pick a date which suits you and your vendor/purchaser (unless you are purchasing a new build property off plan where completion is often delayed).
Nothing is guaranteed in life. The conveyancing world is no different. You may have your heart set on your dream home, only for a survey to bring up the unthinkable. Reasons like this are why you should confirm with your solicitor that they operate a “No sale, no fee” policy. Some solicitors may also try and charge you for having this privilege or charge abortive legal fees if your case does not complete - another reason why it’s essential to read the small print.
Learning from other people’s mistakes is a big part of success. In the modern day world of social media, people are inclined to let others know if they are happy and certainly unhappy with products or services they receive. We would recommend looking at your perspective solicitor’s Facebook and Google reviews to see what their existing clients have to say. Unhappy clients certainly make their voice heard and this can save you time and money when it comes to making your selection.
You could also research if the firm has been accredited with any industry awards or attained CQS status – CQS (Conveyancing Quality Scheme) was created by the Law Society to provide a recognisable quality for conveyancing practices. Ensuring your solicitor is part of CQS is critical when choosing which solicitor will undertake your transaction.
If you are looking for a conveyancing solicitor, call our friendly trained specialists on 02920 404020.
