Guest Blog by Gorvins Solicitors.
Conveyancing is often the crucial aspect when it comes to buying or selling a home. For those who don’t know, conveyancing is the legal process of transferring the ownership of a property from one person to another. Choosing and instructing the right conveyancer is key for a smooth, efficient transfer, but it’s also important to be cost-effective at a time when there will be many costs to pay.
Unlike yesteryear when buyers and sellers were fixed to choosing a solicitor from their local high street, it is now possible to choose a conveyancer almost anywhere in England and Wales to complete your transaction. This naturally kept prices high as each high street solicitor knew that they had an almost captive audience, however, in today’s digital world the client has much more power with a huge variety in choice and consequently more competitive pricing. This doesn’t mean though that the cheapest is best! Cost-effectiveness is about getting the most for your money.
Top three tips for Cost-Effective Conveyancing
1) Get a Complete and Final Price Quote
Getting this at the outset ensures that there are no hidden costs. Fixed fees show transparency and honesty from day one and also helps you to thoroughly plan your finances, saving you a lot of time and potentially money. Do not be dazzled by a £199 headline conveyancing figure – this is simple not feasible for the amount of work involved, not at any reasonable professional standard anyway. These tempting headline prices only lead to people being stung later on when the hidden extras are finally revealed.
2) Law FIRM not a law farm
A downside in the huge variety of choice mentioned above is that there are now a whole host of conveyancing companies offering their services who aren’t up to the high legal standards that solicitors pride themselves on. These companies often exist just in the digital world: they can offer you cheap prices but you can’t visit them and they are usually more hassle than it’s worth, never getting to speak to the same person more than once and mistakes being made through a lack of training. You really do have to ask yourself is this the best cost-effective approach?
Using a trusted solicitor means you are insured should something go wrong in the process. If something does goes wrong and you are using a non-insured, non-regulated internet conveyancer, it’s your own pocket that will take a hit; there mistake is your mistake and you will have to take financial responsibility.
3) No Completion, No Fee
This is another safety net to ensure you are not hit with a double whammy of your transaction falling through combined with receiving an unexpected invoice in the post. If your purchase or sale doesn’t happen, you should not be expected to pay the full initial quote. If a lot of work has been done on the file, included searches, some conveyancers will ask you to pay towards these, but nothing more should be charged – no completion, no fee solves this.
It’s also important to be aware of Stamp Duty Land Tax. This will be the most expensive single item within the conveyancing process, so when you get complete, final price quote, bare this in mind if you’re initially shocked by the figure. This is even more relevant if you are purchasing a second property with the very recent changes to the stamp duty structure meaning that buy-to-let investors or second home purchasers will be charged more.
Next Steps from Gorvins
If you’re ready to go ahead in buying, selling or remortgaging a property, give Gorvins a call on 0343 507 5151 to receive a no-obligation quote or email firstname.lastname@example.org with your details. You can also follow Gorvins on Twitter @Gorvins.
Disclaimer – This is a guest blog written by a third party. This blog does not represent the views or opinions of Right Surveyors Ltd or any of its affiliated companies.