When you decide to buy a house, there are a lot of costs that you need to consider. Aside from the price of the house, costs such as tax and conveyancing fees also need to be factored in.
Conveyancing fees can be a big chunk of your budget, but there are a few things that you can do to lessen the cost.
What Is a Conveyancing Fee
A conveyancing fee is money that a customer spends to acquire a property. This includes the property agent’s charge, solicitor fee, local authority fee and other charges.
These charges differ depending on the bank lender that the customer prefers. The conveyancing fees are usually charged as a percentage of the property value.
Property buyers can typically save a lot of money when they are willing to pay off the fee in advance. And paying the fee in cash can also result in a cheaper deal. However, the total cost of the fee is not always the same. It can vary by country or even in the same country due to the origin of the property. The costs can also vary in the same state depending on the bank, solicitor or lawyer you are using.
But if you are still willing to spend a lot of money, you might as well spend it with the best professional.
How Does Conveyancing Fees Work
If you are buying or selling a property, you will be expected to pay for the conveyancing fees. Conveyancing is the legal process in which property is transferred from one person to another. For you to make the transfer legal, you must have the documents checked by a solicitor.
A solicitor will ensure that everything is in order and they will also ensure that you meet the necessary legal requirements. Once the solicitor has checked your documents, the solicitor will then pass the documents to the bank.
The bank will then negotiate with the seller’s solicitor to come up with a price for the property. If the seller agrees with the price, the bank will then release the money to the seller’s solicitor and the money will then be given to the buyer’s solicitor as payment for the conveyancing costs.
Choose a solicitor who can give you the assurance that they will not charge you additional fees in case the transfer takes a little longer.
How to Get the Best From Conveyancing Fees
There are a few things that you can do to lessen the expenses. Here are a few tips on how you can get the best deal from conveyancing fees.
1. Shop Around
Your first move should be to shop around. There are a lot of conveyancing firms that can offer you a quote for your conveyancing fees. You can get up to four quotes and make sure that you compare them before you select one. This can be done by searching online and through recommendations.
Compare the different charges from different solicitors - In order to get the best deal from conveyancing fees, it would be better if you will be looking for an experienced solicitor who can give you the assurance that they will not charge you an additional fee in case the transfer takes a little longer.
2. Paying in Advance
If you are working with a solicitor that charges a percentage for conveyancing, try to pay for it in advance. Paying the fees in advance can help you get a cheaper deal. This is because you will be charged a small amount of money. However, the solicitor is still entitled to claim back the money you have paid if you decide to cancel the deal. Some banks can accept to pay the fees in advance; this is a good thing if you have already secured a loan.
Some solicitors and firms will allow you to make a deposit payment in advance when you decide to go with them. This can save you a lot of money.
3. Pay in Cash
The cost of the conveyancing fees can vary in different countries. The total amount of the fee will also depend on the solicitor that you are going to use. In most cases, paying in cash will help you save a lot of money. This is because you are not required to pay any fees to your bank, as well as pay a smaller percentage to the solicitor.
Always check with your solicitor if they can accept cash - A solicitor might not be able to process your cash, so make sure that you will be asking if your solicitor can accept cash.
4. Ask for a Discount
When you have found the right conveyancing firm for you, you can ask for a discount. If you are buying a property, you can ask for a discount if you are paying in cash or you are paying in advance. When selling a property you can ask for a discount if you are a returning customer.
5. Get a Home Report
If you are still asking for a quote for your conveyancing, be sure to ask for a home report. Home reports are the reports that detailed information about the property and about any other information that might affect the property.
A home report can serve as a guide for you to see the condition of the property before you make the purchase of the property. This can be good for you because you are going to be able to decide whether the property is worth buying or not.
6. Consider Getting a Fixed Fee
There are some solicitors that can offer you a fixed price. With this, you can have an idea on how much you will be spending on conveyancing fees. This can be a good thing, especially if you are on a budget. A fixed fee can also help you get a cheaper deal.
Fixed fees are available for both buyers and sellers. However, there are cases when a fixed fee cannot be given to clients.
7. Go for Vouched Legal Services
It is important that you will be looking for a solicitor who can give you the best. However, there are times that some firms and solicitors can be more expensive than others. When this happens, you might want to look for something that can help you save money.
If you want to save money, you might want to consider going for vouched legal services. This is a scheme that exists in the United Kingdom where you are entitled to get cheaper deals for legal services.
Conclusion
Getting the best conveyancing services is not an easy thing to do. It is important that you look at how much you can spend on the fees and that you look for the best deals. With these tips above, you can end up saving a lot of money on your fees and secure the best conveyancing services.
Conveyancing Calculator provides the cheapest conveyancing solicitors that can help you with your purchase, property sale or remortgage. Let us help you compare property solicitor costs online. Contact us today to get started!
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