Many people are surprised by just how expensive it can be to buy a property, in addition to the deposit you will need.
You will need to pay fees to HM Land Registry to register you as the new owner of the property, you may choose to instruct a surveyor for a comprehensive property survey and your mortgage advisor will charge a fee for arranging your mortgage (should you engage one.) Stamp Duty Land Tax (‘SDLT’) is also payable to HM Revenue and Customs, even if you are a first time buyer and you pay over £300,000 . You may also find that you need to pay notice fees to the owner of the building if you purchase a flat.
It may be tempting to try and save money by choosing a solicitor who charges very low fees, but this is not always the best (or often even the cheapest) choice in the long run.
A quick internet search produces quotations of as little as £300.00 for two first time buyers to purchase a house for £250,000.00. At first look this seems like a good deal, but in the small print you will find additional fees of £419.33 are also payable. These instant, online quotations can be very misleading and the fees can end up being significantly more than expected.
In October 2017 the Solicitors Regulation Authority (‘SRA’) undertook an investigation into the clarity of quotes provided to prospective clients by law firms. The outcome of the investigation was the requirement for SRA regulated law firms to be clearer and more detailed in the quotes they provided to make sure the total cost being charged was clear from the outset.
While this requirement has been in place for some time for SRA regulated firms not all conveyancing firms are regulated by the SRA. Further, it is a large undertaking for the SRA to check all quoting procedures for all the law firms in the country so there may still be some misleading information being given out.
A conveyancing transaction is complicated and oftentimes technical. There are regularly a large number of documents to review and draft, together with checking for all the minor specifics such as spellings, dates and prices.
Solicitors who charge lower fees will have less time to dedicate to your matter as they will need to work on more cases to cover their costs. This can lead to a lack of communication with you and potentially key issues being missed, this could have a significant effect later on when you look to sell the property.
It is important that you instruct a solicitor who you can trust will be diligent when working for you and communicate with you. We offer detailed quotes from the start of any transaction so you can be clear how much you will pay, for what and an estimate of how long it will take. You will also have the same fee earner throughout the transaction so you know that the person you speak with will know all the details when you call.
Our Conveyancing Team are available for appointments so please do give us a call on 01206 577676.
Any email enquiries can be sent to [email protected]