Factors to Consider When Getting a Conveyancing Quote

Some conveyancers may not fully disclose their fees, potentially leaving you with unexpected expenses down the line. To ensure you make an informed decision and avoid hidden fees, it’s essential to understand all the factors that come into play when getting a conveyancing quote.

We understand that moving house can be an extremely difficult and stressful time, so we work closely with our clients to ensure they are given informed advice and we hold their hand throughout their property journey.

“No Hidden Fees” Quote: What does it mean?

At the outset, it’s crucial to understand the concept of a “No Hidden Fees” conveyancing quote. This term signifies transparency and honesty in pricing. It implies that the conveyancing quote you receive includes all foreseeable costs, ensuring you have a clear understanding of what you’ll be paying for the conveyancing services. At Alsters Kelley, we offer a “no hidden fees” quotation.

There won’t be any additional fees for verifying your identity, administering the sending of money, making photocopies, or addressing unforeseen matters such as rights of way or easements.

Referral Fees

Referral fees can sometimes obscure the true cost of services. These fees involve solicitors paying commissions to estate agents for referring clients to them. Remember, estate agent led referrals to solicitors may be of poor value and there may be a kick back fee paid to the estate agent to refer work. The difference between a good and a poor firm is the difference of your deal going through. At the end of the day, we have the same common goal, and that is to get you moved as quickly and as stress free as possible.

At Alsters Kelley, we don’t pay fees to third parties to introduce work to us, so we are always able to offer competitive prices along with high levels of service.

6 Factors You Should Consider When Getting a Conveyancing Quote

As one of the largest financial transactions you will potentially ever take on in your lifetime, it is a wise choice to invest in professional legal support. It can also be reassuring to select a firm that’s readily available to assist you and address your questions along the way, instead of one you struggle to get hold of.

A property transaction is up there as one of the most stressful experiences, along with marriage, divorce, and having a child. We understand this and communicate with our clients in a kind, helpful, and emphatic way.

1. Licence and Accreditation

Always check to see that a solicitor or practice is firstly licenced by the regulatory bodies of The Law Society or The CLC. Seek out an accredited firm by looking for the quality mark on their website.

2. High Street Vs Online

Another factor to consider is whether your conveyancing provider is accessible on the high street, or online only.

High Street Provider:

• The level of communication is generally much better.
• There is greater specialised knowledge of the local and surrounding areas.
• A limit to the number of files taken on is put in place to ensure all matters are dealt with efficiently.
• You can easily pop in to your local office to request an appointment if you have any questions or urgent requirements.
• Most high street conveyancers work on a fixed fee basis which gives you greater financial transparency.

As a local firm with 5 offices across Coventry & Warwickshire, our clients benefit from all these aspects of our service.

Online Firm:

• Online firms can use centralised emails so you are not in direct contact with your conveyancer.
• Warehouse approach means mass volume.
• Staff can be lower qualified.
• Cheap conveyancing services, usually come with additional hidden extras.
• Lack of in-person collaboration when working online.

3. Legal Fees

The primary component of your conveyancing quote is the solicitor’s fees. This covers the cost of the legal services required to complete your property transaction. Make sure the quote outlines all aspects of the conveyancing process, including potential complications like rights of way or easements.

4. Disbursements

Disbursements are additional costs and fees charged by the government and other third parties that are essential in finalising your property transaction. Our Conveyancing team at Alsters Kelley is transparent regarding additional costs that may arise. Disbursement fees can be subject to fluctuations, and therefore we cannot provide an absolute guarantee regarding their final amounts. Nevertheless, our initial quote encompasses the costs that we anticipate at this stage.

Disbursements that may be associated with your property transaction can include the following:

• Stamp Duty Land tax
• Property Search Fees
• Land Registry Fees
• Bank Transfer Fees
• Local Authority and Other Searches
• Bankruptcy Search
• Telegraphic Transfer Fee
• Title Deeds
• Indemnity Insurance
• Notice of Transfer/Charge Fees
• Copy Documents Fees

Two of the most significant costs in a conveyancing quote are Stamp Duty and Property Searches, which are explained in more detail below.

Stamp Duty

One of the most significant fees you may encounter is Stamp Duty Land Tax (SDLT) which is a tax imposed by the government on property transactions.  First time buyers do not need to pay this fee unless the property is worth over £425,000 in England and Northern Ireland. The amount of SDLT you’ll be liable for depends on various factors, primarily the purchase price of the property. When you receive a conveyancing quote, your conveyancer will include an estimate of the SDLT liability based on the property’s purchase price. This estimate helps you understand the total cost of your property transaction, and it’s one of the many elements of transparency that you should expect from a reputable conveyancing provider.

Property Searches

Property searches are an essential part of the conveyancing process, helping uncover potential issues with the property. Different solicitors may use various search providers, leading to differences in costs. Ensure the quote specifies which searches are included in the fees.

5. Fixed-fee Conveyancing Quote

Many solicitors and licensed conveyancers operate on an hourly billing basis, which means your expenses can escalate significantly if complications or unexpected delays arise. In contrast, opting for a fixed-fee quote ensures that the amount you pay remains constant.

When comparing conveyancing quotes, make sure to thoroughly check the fine print to preempt any surprises. Some firms may not explicitly list certain fees like leasehold or shared ownership costs in their initial quote, but they may be mentioned in the terms and conditions. A transparent provider will ensure all relevant fees are clearly stated.

6. VAT

VAT is another aspect to consider when getting a conveyancing quote.

Only businesses with a taxable turnover that exceeds £85,000 are required to register for VAT (unless the business decides to register voluntarily).

Therefore, whilst a smaller firm might offer a seemingly cheaper quote due to the absence of VAT, it is worth weighing out the advantages of choosing a larger firm – especially with such large financial and possibly tricky transactions. For this reason, the benefits of choosing an established, larger firm often outweigh the pros of using a smaller firm.

How our Conveyancers can Help

We are a reputable and accredited Conveyancing firm, backed by a skilled team of solicitors who have assisted thousands of clients in their property buying and selling transactions. With no hidden fees, you can ensure transparency, avoid unexpected costs, and have confidence in a successful property transaction.

Remember, when comparing conveyancing quotes, it is not just about the final price; it’s about the quality of service that can make your property journey smoother and more successful. You can get a conveyancing quote from us instantly.

Under the leadership of Helen Checketts, our experienced, friendly, and dedicated conveyancing team are ready to help you. Get in touch with Helen Checketts for quality advice and support on 0247 7710 239, or email helen.checketts@alsterskelley.com