When buying or selling a property, you will need to choose a conveyancing solicitor or licensed conveyancer to handle the legal elements for you, and they will need to be paid. Some are paid by the hour, whilst others elect to offer their service as a fixed fee.
What Is A Fixed Fee?
Fixed fee conveyancing means that the price that you are quoted is the price that you will pay but when you are comparing quotes, you should always ensure that you are comparing services too. Some fixed fee quotes will include disbursements such as security checks and searches whilst others will not, which may make them appear cheaper than they will be in reality.
There are some occasions when a property transaction becomes more complicated than initially anticipated and in these instances, most firms will notify their client of the fact, explaining why this is the case and will negotiate an additional fee to cover their extra time and costs. There are numerous reasons why this could happen, such as the need to take out insurance to cover the risk of subsidence or because the seller is unable to provide documentation to prove that building work conforms to current standards.
Hourly Rate
Choosing a firm that provides an estimate based on an hourly rate can be a risky move, as it must be remembered that every time that the solicitor or conveyancer looks at your case, even if it is simply talking to you on the telephone or sending you an email, they will be billing you for their time. If you are keen to seek their advice or any issues arise and you need their support in resolving them, your bill could escalate very quickly.
Conversely, for the very experienced property buyer who is unlikely to require much legal support, a pay by the hour firm could represent value for money. However, for the vast majority of home buyers, a fixed fee will allow for easier budgetary control and is generally recommended.
Choosing A Conveyancer
Conveyancing firms need certain information from you in order to generate a quote, especially on a fixed fee basis, as the price will be determined based on the age, style and location of the property, whether you are a cash buyer, using a Government grant or need a mortgage, and whether any other legal complications exist such as boundary disputes. Online conveyancing firms such as Sam Conveyancing use this information to identify the most appropriate solicitor or conveyancer to handle your case from their panel of approved partners, to ensure value for money and appropriate service levels.
Finally, in seeking a quote for conveyancing work, ensure that you are getting a quote and not an estimate as an estimate can vary whereas a quote will remain firm. You may choose a no move no fee quote, which may be slightly more expensive but offers the reassurance that should the sale fall through, you won’t have to pay your legal fees (although will still need to pay any disbursements that the firm has already paid on your behalf) and ensure that you are content with what the quote covers. If it is markedly cheaper than others, there may be hidden fees waiting to bite you later in the process.
