Licensed Conveyancers or Conveyancing Solicitors?
In order to undertaker the process of conveyancing a property, it is not necessary to have a fully qualified solicitor to complete the transaction. Often, it may prove more cost-effective to use a licensed conveyancer instead. In some cases, it may even be a better way of obtaining a cheap and efficient service, with conveyancers regularly being involved in the process, therefore typically being able to provide a quicker alternative.
That said, a cheap conveyance can end up having hidden costs. Therefore when pricing your conveyance, there are several factors that you need to take into account. What at first appears to be a cheap conveyance could prove to be anything but!
Cheap Conveyancing – Make the Comparisons
For standard conveyancing, it would be reasonably common to have a fixed fee which is used as a means of giving the impression of cheap conveyancing. Whilst this may well be the case, the fixed fee will rarely be the end of the story. For example, disbursements are required for the searches and valuations, which will naturally vary depending on the nature of the searches, time frames and even the way in which the purchase is going to be financed.
Questions to ask when comparing your quotation include whether or not there will be any charges if the transaction is aborted at any point. These penalty fees, if there is a failed completion, can really add up! A cheap conveyancing quotation will almost always simply give the conveyancer’s or the solicitor’s fees. It will not include any disbursements and often will not include VAT. Make sure that you find out the projected costs, so that you can make accurate comparisons. Your conveyancer should provide you with a client care letter, detailing their fee and expected disbursements and expenses.
Other Ways to Improve the Cost of Conveyancing
Time can be a real determining factor when it comes to obtaining the best possible conveyancing quotation. Although quick conveyancing transactions may be possible, they will often attract a much greater cost and the cheap quotation you received is no longer available.
Specialist conveyancing requirements are also likely to increase the costs that you will incur. Where there are specific needs associated with the purchase, for example, if it is an auction property, then there are going to be specific requirements which will change the cheap conveyancing quotation that you are currently receiving.
It is also important to make sure that a cheap conveyancing quotation includes everything you expect it to and to consider whether it deals with any unexpected changes or delay. Find out how these conveyancing costs are dealt with, as the extras can soon mount up, if you’re not careful.
In particular, it can be a real mistake to simply go with the conveyancer recommended by your estate agent. Despite suggestions that they offer the cheapest and most efficient option, this is not always the case, as your estate agent is likely to be obtaining some benefit for the recommendation. Don’t automatically reject this apparent cheap conveyancing option, but certainly make sure you compare and contrast FULLY, before making any firm decisions about instructing a conveyancer.