The process of conveyancing offers many opportunities to save money. This is an expensive time for anyone, whether buying or selling and spending money unnecessarily should certainly not be on the agenda. That said, the price of not having an expert involved in the conveyancing process is considerably higher than the price of getting it right, first time.
Automatic Ways to save Money on Conveyancing
From the buyer’s point of view, one of the most potentially arduous tasks is to gather information in relation to the property. This is something that will need to be done at the outset yet may then go on to reveal information which means that they no longer wish to proceed with the purchase. The seller is still required to provide information in relation to Energy Performance Certificates but other areas will be searches and surveys that will need to be undertaken and funded by the buyer.
The flip side is that the seller now has to only provide the Energy Performance Certificate for their property which costs in the region of £60. This does not however alert the seller to any issues that are likely to emerge beyond this at the earliest possible opportunity, and may result in cost savings for everyone.
Other Ways to Save Money on Conveyancing
Doing a lot of your own leg work, before completing the sale or purchase process will automatically put you in a good place to save money. Ask around and compare organisations which offer conveyancing services. Although it is a false economy to use cheaper online conveyancing companies – beware of the ‘conveyancing for £99’ adverts that go on to charge you for every email and paper clip. When it comes to specialist or niche purchases, there is equally no reason to pay more for a specialist service that simply isn’t needed.
You should also be very waring of using the conveyancer recommended by your estate agent. Estate agents almost always receive a ‘referral fee’ for passing your business to the conveyancer. The conveyancer is obliged to tell you how much they are paying for your referral but you should also ask the estate agent. This can be £100s which of course needs to be covered by your conveyancing fee. Going direct to the conveyancer or via an online comparison site can be more cost effective.
When comparing those offering the various services, take time to gather all of the costs, as some organisations will include the post-completion formalities of registering with the Land Registry, for example; others will not.
Saving money, when undertaking conveyancing, is not simply about getting the cheapest deal. It is also about getting value for money. Look at all of the services you require and consider how you can make the entire process more cost-effective, as saving money on the conveyancing fee may not actually be the best way to save money overall. Your conveyancer may even throw in a discounted will, which would be useful if you are stepping onto the property ladder.
Do not simply look at the conveyancing fee, but consider which services you NEED to make your transaction efficient. Pay for what you need and ensure how understand those needs. Cutting corners can be one of the most expensive mistakes you make.