When looking at sale and purchase conveyancing, the first component is the legal fee. This is the fee we charge you for our work. In other words, it is what you pay for our lawyers’ time looking after your sale. If you compare this to a mechanic or plumber, this is the labour charge on the sale.
The fee varies depending on the price of the property, because the level of responsibility increases for more expensive sales.
However, because we’re Best Value Conveyancing we have kept our fees down so that they are competitive and represent good value for money for sale and purchase conveyancing.
Sale and purchase conveyancing additional components
There are some additional components in the conveyancing legal fee, which depend on the circumstances. We quote for a small additional fee for mortgaged transactions. This is because when your solicitor or conveyancer advises you they have to undertake extra work in dealing with the mortgage company. When you are selling this involves ensuring that your mortgage is paid off and fully redeemed before the property passes on the sale, and all charges on the property released; if you’re purchasing this involves advising you of your obligations under the mortgage, and separately advising the mortgage company in respect of the purchase. Your mortgage company does not pay for this additional work. It’s important that the solicitor or conveyancer undertakes this additional work, because if they didn’t there would be a risk that you would have to move out of the house but still owe a large sum to the mortgage company, or perhaps you would find yourself saddled with a large mortgage debt on the purchase but a legal problem might mean your house was insufficient security for the outstanding loan.
We also charge a small additional fee for leasehold and shared ownership transactions. Again this is because there is extra work involved in dealing with third parties, such as managing agents, as well as additional queries and work coming from your sellers and purchaser’s solicitors. Shared ownership schemes also attract a small extra fee. This is because of the extra work involved in dealing with such schemes, as they involve advice on both a normal mortgage transaction, and on aspects of a rental agreement. There are usually complicated provisions to do with the different shares in the property, management and maintenance, and the rental aspects.
Note that some providers on the internet do not quote these fees upfront. They’re added later on or mentioned elsewhere in the website. We’re totally transparent and our fees are fixed with no extras.
In some cases additional fees are also charged if you need a declaration of trust. This is a formal legal document setting out the respective interests in the property you have purchased. You might want to specify that two purchasers both have equal shares, or perhaps that you own it in different proportions. This involves additional work and legal advice.
In some cases additional fees may arise, such as a fee for arranging a Statutory Declaration about an aspect of a property you are selling. There are other instances, but your solicitor or conveyancer will discuss these unusual costs if they come up along the conveyancing process.
All Best Value Conveyancing quotes include VAT.