Property matters can be expensive, with conveyancing fees, taxation, and property searches all potential factors to consider. It is therefore essential that the estimate of the likely costs you will incur is clear to ensure you really are getting your money’s worth.
What do the fees cover?
Fixed fee or hourly rate? – Conveyancing requires considerable time and resources, so agreeing a fixed fee at the outset is essential. Those falling foul of hourly fees could see their final bill exceeding their expectations dramatically.
VAT Don’t forget that legal fees have VAT added to them, and so it is essential that you remember to include this in your budget calculations; whether the conveyancer warns you about it or not.
Who is acting for the lender? – Some conveyancers can also deal with their clients’ lenders, but this may involve the client being faced with a bill for the extra work – potentially doubling their fees. At Giles Wilson, we acknowledge that lenders may be important to property transactions and so clients should not be penalised for this. We therefore charge no extra fees for our service to lenders.
Disbursements are payments to third parties, such as taxes, registration fees, or searches.
Stamp Duty Land Tax – Property purchases may attract SDLT payments which could add thousands of pounds to the total purchase price. Some firms may not mention SDLT, or at least not make it clear to you - or even charge extra to deal with this on your behalf.
The Land Registry – As with SDLT, your conveyancer should ensure that registration fees are declared, and that they do not charge additional costs for this. Giles Wilson is one of the few local firms to be a part of the Land Registry’s online services portal. Not only does this usually accelerate the application process, but it also results in a 50% discount for many applications – a saving which we return to our clients.
Searches – Searches are difficult to assess initially, therefore an estimate is usually provided to start with. The risk is that some firms may over-charge for these searches, so Giles Wilson gives estimates based on standard searches for the area - and we ensure you only actually pay for the final search price.
What we can promise:
At Giles Wilson, we know good advice lasts a lifetime - so our estimates are itemised to allow our clients to see exactly what they are paying for. All standard conveyancing work we conduct is on a fixed fee basis, with VAT declared from the outset.