Buying a home is a major financial commitment and due diligence is required at all stages to ensure that you not only secure the home of your dreams but also get value for money. This starts with the offer that secures you the home, which should recognise any work that needs to be completed on it to bring it up to your required standard. It should also include the costs of the professionals involved in progressing the sale to the point that the property becomes yours.
You will want to ensure that you get the best value for money on your mortgage, from your surveyor, and also from your licensed conveyancer. Whilst some people wish to save money by taking a DIY approach to conveyancing, it isn’t recommended and neither is selecting the cheapest conveyancing solicitor that you can find. There is an important balance to be struck between quality and price.
Your chosen conveyancer will be responsible for all of the legal aspects of the sale and their fee is broken down into two parts. The cost of their legal expenses and the cost of the disbursements that they will need to pay on your behalf. The disbursements include all of the searches relating to the property and its surrounding area. These will confirm whether any restrictions apply or if planning permission has been sought, which could affect your quiet enjoyment of the property. They also include anti-money laundering checks and stamp duty if the property price is over £250,000.
Conveyancing quotes should be itemised so that you understand exactly what you will be paying and what you will get for that fee. Many licensed conveyancers such as Sam Conveyancing offer a fixed price service in order to simplify the task of budgeting for your legal costs and this can be beneficial for those who are rightly concerned about the risk of escalating costs when paying by the hour.
Every quote offered by a conveyancer will be unique to the client as they are tailored to their particular set of circumstances. This includes whether they are buying and selling, or just buying. It takes into account whether they are a cash buyer or whether they need a mortgage.
The conveyancer will charge more for purchases on leasehold properties due to the additional checks required and if the property is being purchased with a gifted deposit, or under a Government home buyer’s scheme, additional scrutiny and communication will be required, which will again impact the price.
To ensure that you get the best price and the best level of service, it is sensible to ensure that you have a mortgage agreed in principle and all necessary information available when you seek a quotation from a conveyancing solicitor or a licensed conveyancer. The more information that you are able to provide, the quicker they will be able to tailor a quote for you. Don’t be afraid to seek multiple quotations from different firms and always remember to ask about timescales. A cheap price is of no use to you if the timescale is unpalatable to your seller who may elect to put the property back on the market if the sale takes too long.