In this last mini blog in this series of FAQs about Residential Conveyancing, Natalie Howell, Chartered Legal Executive in our Sherborne office, explains what to look out for when obtaining quotes for conveyancing services.
With so many legal firms offering such a wide range of fees it is often difficult to know who to choose and whether your choice will represent value for money. Conveyancing fees and costs will differ as to whether you are buying or selling or whether the Property is Freehold or Leasehold.
Quotes for a Property Purchase
As well as the legal fees on a purchase you will need to pay for Local Authority, Environmental and Drainage searches amongst others together with Land Registry searches, a fee to update the Register to show you as the new owner, bank charges and Stamp Duty.
Stamp Duty is a tax that you pay to the Government when you buy a property. The amount payable varies and your solicitor should make enquiries with you at the outset of the transaction to establish what your tax liability is likely to be.
There may be additional fees involved when purchasing a Leasehold property payable to the Landlord/Managing Agent to cover their administrative costs in recording you as the new owner or ensuring your compliance with the terms of the Lease by way of a Deed of Covenant.
Quotes for a Property Sale
On a Sale of property, in addition to legal fees you will need to pay for copies of Land Registry documents confirming your ownership and bank charges for redeeming any mortgages you may have secured on the Property.
Always read the small print!
It is wise to obtain quotes from different firms and request an itemised quote detailing the legal fees inclusive of VAT as well as all third party disbursements and costs. Be aware of hidden add-ons; the quote may look attractive but there could be extra costs hidden in the small print. Do not be tempted to head for the cheapest, it is often said that you get what you pay for and it pays to get the best quality legal advice.
If you have any questions, please contact our Residential Conveyancing team today on 01225 750000 (Bath), 01749 342323 (Wells) or 01935 813691 (Sherborne).