As with anything one buys and sells in today’s market, how much something should cost and how to get the best value for money is a very subjective thing. In this article here, we chat to one of our conveyancing solicitors to find out really how much a house purchase solicitor costs and what you are paying for?
Buying and selling property is an expensive business. So often we see clients who have poured all of their hard earned savings into buying a house for the security of themselves and their growing family. And who can blame them? Home really is where the heart is and the vast majority of us want to live in a house we love, in a perfect location, and that makes us feel safe, secure and happy. It is because of this factor that makes house buying and selling even more stressful than it would ordinarily be under a set of different circumstances. Due to the number of different people invested in each property that is sold and bought, and the different motivations of these individuals, it can become a minefield to navigate. So how much should your house purchase solicitor cost?
How would a conveyancer explain house purchase solicitor cost?
David, one of our Conveyancing Solicitors, opinion on the matter is as follows. A great many of my clients come to me saying they had problems with the solicitor the last time they bought a house and so this highlights just how important it is to do your research and find a solicitor who you can trust. Clients can be forgiven for going with the cheapest option or with someone recommended as the fastest by or known to the Estate Agent. It really does, however, pay dividends to spend a bit of time looking at the different options available to a client when choosing their conveyancing solicitor.
Think about what is important to you, is it cost over anything else, is it personal recommendations, location, speed, good customer service. It may be that it pays to go with a slightly more expensive option to get a better quality of service and ease of reaching the ultimate goal.
But what are you paying for when instructing a conveyancing solicitor. Your house purchase solicitor costs should cover all legal aspects of the property transaction, be it selling, buying or both, along with any disbursements. Your conveyancing solicitor will charge legal fees for handling the particular transaction and these are likely representative of the complexity of the transaction, as it is the legal fees that are the professional costs for the solicitor’s time. A leasehold flat is likely to carry higher fees than a freehold house. A transaction involving mortgage lender funds or other forms of finance is likely more expensive fees wise than one solely using cash from an individual’s savings. Some Firms also charge higher fees for expedited transactions such as properties bought and sold via property auction where time is of the essence.
You should also expect to pay disbursements or expenses incurred as part of the transaction. These are also known as third party costs. Common third party costs include fees to the Land Registry for registering the property on completion and for copies of official documents held by the Land Registry about the property you are buying or selling. Stamp Duty Land Tax or Welsh Land Transaction Tax, if purchasing a property in Wales is also a disbursement. This tax is calculated based on purchase price and particular qualifying circumstances of the buyer or buyers, for instance first time buyers, main residence, property investors or second home owners and limited company purchases. There is also a differential rate for Commercial and Mixed Use properties. Other third party costs include electronic ID check fees and property search fees.
You should also expect to pay for any property specific costs that come up as the transaction unfolds. This can include things like Estate Management fees, often seen in new build (or newly built) estates. You can read more about these specialist fees in our article here. In leasehold properties, it is common to see Notice fees to Management Companies along with ground rent and service charge apportionments. As part of a transaction, the buyers solicitor will raise legal enquiries about a property and in some cases, there requires a negotiation over certain aspects of the property. As a result, it may be the buyers solicitor’s recommendation for a buyer to take out indemnity insurance to cover themselves should an issue arise. Sometimes this is covered by the buyer, sometimes by the seller and sometimes both equally.
There are certain things to look out for when evaluating your house purchase solicitor cost and comparing quotes. Disbursements should be the same or similar across solicitors and if they vary, there is usually a good reason for this. Legal or professional costs can vary and it is these should you look closely at. Take time to talk to the solicitor firms to understand the costs and the level of service provided by the. As house buying and selling can take a number of weeks or months, it is important you feel comfortable from the outset. Very often, like with anything, you can get a very good feeling of what the customer service will be like throughout the transaction by talking to the team and asking any questions you may have.
At Express Conveyancing, we provide fixed fee transparent quotations for all aspects of conveyancing. We encourage all clients to get in touch with us in a way that is comfortable for them, be it via telephone, email or through our website. Our team are trained in what to look out for when quoting to ensure everything is covered from the outset. We are experienced in conveyancing and so can discuss in detail anything which concerns you about your property. We provide all clients with an itemised transaction so can see exactly what you are paying for and how much a house purchase solicitor costs with us.
Some of our clients feedback on fees are as follows:
“For the price we paid we are both very happy with the experience” – Ben
“A really efficient and cost effective service.” – Sophia
“I thought that there would be inevitable hidden charges, but Rebecca explained clearly that there were none – even better!” – Craig
“I completed my purchase just under 10 weeks. I am very pleased with service and fee” – Bikash
“Great service, and good value for money.” – Lisa
“Having presented our situation to them, they issued a quote without hidden fees and matched me with a reliable conveyancing solicitor” – Claudio
Disclaimer: The information provided in this blog is for general informational purposes only and is not intended to constitute legal advice. While we strive to ensure our content is helpful and accurate, it should not be relied upon as a substitute for professional legal guidance tailored to your specific circumstances. We accept no responsibility or liability for any loss or damage incurred as a result of relying on the information provided in this blog. If you require legal advice, we strongly recommend consulting a qualified professional.
