Insider's Guide to Conveyancing Quotes

Conveyancing in England & Wales has become such a competitive business, many high profile firms employ tricks to make them look cheaper than they actually are. Our conveyancing specialist Kevin Britton shares his top tips for getting a fair, value-for-money quotation.

The Quotation should clearly set out a best estimate of the conveyancing costs applicable to the Transaction and is usually set out in two parts. 1.The solicitor's legal fee (i.e. what the charges for carrying out the legal work). 2.The disbursements (Costs which the conveyancer has to pay to third parties on your behalf e.g. Local Authority Searches, Stamp Duty and Land Registration Fees. The disbursements on a property transaction should roughly work out to be the same from one conveyancing quote to the next as they are fixed charges however the solicitors legal fees can vary considerably depending on the solicitors location. Client’s therefore need to be a little wary when obtaining quotes for property work. A common ploy to increase profits is to invent disbursements/costs. Examples of these invented disbursements include where firms list additional tasks and charges that should actually be covered within the quoted solicitor's fee and call them disbursements or "supplemental fees" in order to add an additional price tag on them. Examples include: 1.A mortgage Fee if there is a mortgage to discharge on a sale or if a mortgage is being obtained on a purchase transaction. 2.A leasehold Fee if the property being bought or sold is Leasehold. 3.A fee for preparing and submitting the Stamp Duty Land Transaction Return (SDLT) The use of invented supplemental fees/disbursement means that the firm benefits as follows: 1.It creates extra profit for the conveyancing firm. 2.It gives the impression that the firms basic fee for doing the work is lower than it actually is and is the reason client’s see some very low Headline Conveyancing Rates advertised. 3.It turns an initially cheap conveyancing quote, into something far more expensive. As a client you should protect yourself against inflated conveyancing costs by: 1.Be concerned and ask relevant questions of the quote provider if the provided quote does not fully itemize all the individual costs & disbursements relevant to the transaction. 2.Review the quotation and any associated documentation for hidden charges & supplemental fees. Add these extra costs to your basis quote so you can see the real cost of the solicitor's service. For more advice or to obtain a quote, call Kevin at our Halifax office on 01422 339600.