Fixed fee conveyancing is a term used to describe a pre-agreed price set for the legal service that is being provided. So, the price you are quoted at the start of the process before work starts should be the price you pay after the work is completed. ‘Fixed fee’ relates to the cost of the legal services offered, but the fixed part of the quote often doesn’t include conveyancing disbursements. This is because it’s hard to accurately assess which searches are needed before the transaction starts.
Fixed fee conveyancing, typically referred to as fixed price conveyancing or fixed rate conveyancing, is common across the UK. However, there are some solicitors that still use an hourly rate method of service. It’s important to be aware of this distinction when researching fixed fee conveyancing Newcastle so you can budget accordingly.
What is a fixed fee solicitor?
Fixed fee conveyancers and solicitors provide legal services on a fixed fee basis rather than an hourly rate. Customers typically prefer to pay a fixed rate as it enables them to plan and budget for expected costs. When paying on an hourly rate and you have an estimated amount, you could end up paying extra in hidden fees.
Your conveyancer will take charge of the legal process of buying or selling your property. They should smoothly guide you through the transaction with some of their responsibilities including drafting the contract, organising conveyancing searches, and liaising with third parties.
Hourly rate vs fixed fee conveyancing
In the UK, most conveyancers offer fixed fee conveyancing quotes and services, and it is more uncommon to see solicitors providing conveyancing at an hourly rate. However, it’s important to take care when choosing your solicitor. Conveyancing solicitors who charge hourly rates may add fees for documents and phone calls.
These could be included as extra costs further down the line that catch you off guard. Avoiding hidden costs is one of the biggest benefits of fixed fee conveyancing and why it is so highly recommended. If you’re comparing conveyancing fees, make sure you get all the quotes you have been provided with in writing so you can a full breakdown of the fees included. Also, if you decide later on that you have gone with the wrong option for you or you’re unhappy with the service from your conveyancer, you can change to a different solicitors.
Fixed conveyancing costs
The costs of fixed fee conveyancing can vary a lot depending on the value of the property, how long it will take to complete the legal work, and the services you need. Some businesses might also include a fee for photocopying and processing paperwork. For the most part though, your conveyancing quote will be comprised of your conveyancing solicitor’s legal fee, VAT, and an estimate for third-party services like searches.
It is important to keep in mind that buying a house will mean more disbursements and searches, which will lead to the fixed price quote including more elements. These other elements might involve an environmental search, Local Authority Search, SDLT (stamp duty land tax) fees, and a bankruptcy check.
What are the benefits of fixed fee conveyancing?
- Budgeting is much easier as you have a pre-agreed price that cannot be altered.
- There is a higher level of certainty as you know exactly what you are paying for.
- You have access to fully transparent and reliable services.
- The risk of encountering engrossment fees is significantly reduced.
How can we help?
If you’re looking for fixed fee conveyancing in Cramlington, our experienced and professional team of solicitors at Toomey Legal can help. We know all the intricacies of the ever-changing rules of property transactions and understand the challenges buyers face to keep up with the legal landscape.
This is why we strive to ensure as smooth a conveyancing process as possible whilst always keeping our clients in the know of what is happening. Contact us today to discuss your needs.