Is Low-Cost Conveyancing Worth It: What You Need to Know
Conveyancing is the process of transferring legal ownership of a property from one party to another. Due to how complicated the buying and selling process is, you’ll need to hire a conveyancer to sort out the legal aspects of the process. Given this, conveyancers are paid a fee to aid you with your transactions. This fee can sometimes feel like a burden, which is why people are always on the lookout for low-cost conveyancing options.
One common question we always get is if low-cost conveyancing is worth it. And while this may seem like a simple question to answer, there are a number of different things that you have to consider. To help simplify this issue, we thought it would be useful to delve further into this subject. If this is something that you want to learn more about, read on as we try to figure out if low-cost conveyancing is worth utilizing.
What Makeup Conveyancing Costs?
The average conveyancing cost for buying a house is £1,040 and £1,000 for selling a house. Now, knowing about these costs alone won’t give you too much information. To really get to the bottom of things, you have to understand what makeup conveyancing costs. Here’s a quick rundown of all the costs attached to conveyancing:
- Solicitor’s Legal Fee: £500-£1000
- Property Search Pack: £250-£350
- Anti-money Laundering Checks: £15-£30
- Bank Transfer Fees: £50
- Transfer Ownership with Land Registry Fees: £135
- Stamp Duty: Varies
Take note that these are just the average costs for these services. It can be higher or lower depending on the conveyancer or solicitor.
What Should You Look Out for in Low Price Quotes?
While cheap conveyancing costs may seem appealing, there’s usually more to it than meets the eye. Some conveyancers charge less on paper but make up for it through hidden fees. Be sure to use the breakdown of costs that we’ve listed above to check if your conveyancer has tacked on unnecessary fees to pad the conveyancing costs. What other conveyancers also do is that they advertise their services as being low-cost but only take the solicitor’s fee into account when advertising their low-cost conveyancing quotes.
Is Online Conveyancing Cheaper?
It’s common to find cheap conveyancing services online. And while it may be tempting to make use of these services, you have to be aware of the possible drawbacks that come with online conveyancing. While online conveyancers often charge less, they make up for it by taking on multiple cases all at once. You need to be sure that the online conveyancer has adequate systems in place to support the additional workload.
Hopefully, this article has helped shed some light on low-cost conveyancing. While it isn’t always a bad option, you’ll want to be wary of conveyancing quotes that are uncharacteristically cheap. If you find a deal that’s too good to be true, then it would be in your best interest to examine it even further. At the end of the day, finding affordable conveyancers isn’t that hard as long as you know what to look for. Be sure to compare conveyancing quotes before you make a decision so that you can ensure that you’re getting the best service possible.
Here at Conveyancing Supermarket we give free and instant quotations, which will allow you to compare conveyancing quotes. We provide no obligation conveyance quotes with no hidden fees, so send us your details and save hundreds from the process.