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Conveyancing Quote
There are several things to look out for when getting a conveyancing quote. To the first time buyer especially, it can be a very confusing business.
The first question is when to actually start getting quotes. It is best to get a conveyancing quotation as early as possible in the process, whether you are buying or selling. This will help you budget and avoid nasty financial surprises at a later date. For example, many people forget that Stamp Duty and Land Registry fees will be payable on a purchase and by getting an early conveyancing quotation, these items can be budgeted for.
Some people wait to get a conveyancing quote when they have accepted an offer on a sale or are have had an offer accepted on a purchase. It is far more advisable to do this earlier on in the process. This will enable the solicitor to get all the opening forms out to you in good time. As a seller also, it will show you what documents you need to produce before there is a purchaser putting pressure on. For example, if you have had an extension built, you will need to produce Building Regulation certificates and other supporting documentation so it is wise to start compiling this early on. Many is the time that there is a mad scramble to locate missing documents so getting in touch with a solicitor for a conveyancing quote will enable you to understand what you need to produce.
Your Estate Agent will probably suggest a local solicitor and many people will get a conveyancing quotation from that source. Beware though as this can often be a very expensive option. Often, the Estate agent will receive a fee from a recommended solicitor which results in a higher fee for you.
It is well worth getting an online conveyancing quotation as these tend to be much cheaper. Whether you go the "local" route or get a quote online, there are several key issues that you need to consider.
For example, with a sale make sure that you ask if the following are included : telegraphic transfer fee, indemnity insurance, costs for dealing with your existing mortgage, postage and faxing and other extras. You need to get the TOTAL cost including all extras, add-ons and disbursements. This will then enable you to make accurate comparisons when comparing conveyancing quotes.
Similarly, with a purchase, you should ask if the following are included : telegraphic transfer fee, indemnity insurance, costs for dealing with your mortgage lender, SDLT form, postage and faxing, all searches, other extras, Land Registry fee and Stamp Duty itself. Once again, you need to get the TOTAL cost including all extras, add-ons and disbursements. This will then enable you to make accurate comparisons when comparing conveyancing quotes.
When asking for a quote you need to ask for a full breakdown of costs so that you can see the best deal.
Solicitors are notorious for "hiding" extra fees so its vitally important that you check all of the above with them.
Also of vital importance is asking if it is a "no move, no legal fee" service. This can save you a fortune if your deal falls through and should definitely be something that you request.
