If you’re buying a new home, it is almost certain that you will come across a term known as ‘conveyancing’. The term conveyancing may be unfamiliar to the layman because it is a legal term. It is a name given to the legal process of transferring home ownership from the seller to the buyer.
Many solicitors or conveyancers charge a fee for this service. While a lot of these solicitors and conveyancers say that they offer fixed fee conveyancing, this isn’t always the case. When you finally receive the bill from these entities once your home has been transferred to your name, the bill usually lists down additional charges to the original quote given. These charges can be anything from the telephone, and postage costs, or property searches.
This is why when you are buying a new home, you need to make sure that you are working with a solicitor or conveyancer which offers real fixed fee conveyancing.
Here’s How Fixed Fee Conveyancing Works
For a long time, conveyancing was performed on a time plus cost basis. You had to pay a conveyancer an hourly fee to help you get the property under your name and you were charged for any other expenses incurred on top of the hourly fee.
This was pretty profitable for the person charging the fee but not too helpful for the one paying it.
As time passed by, laws completely changed and now conveyancers are required to give you a written quotation of all the fees and charges that occur during the conveyancing process. But even still some solicitors and conveyancers don’t follow the rules and try to charge you extra once the bill comes.
This is why it is very important for you to ask the conveyancer or solicitor for any other charges or costs which may occur during the process. This way, they are forced to charge you fixed fee conveyancing.
How Much Should Be The Fee For Conveyancing?
Conveyancing fee will differ from one case to another. It depends on whether you are selling or buying a property, and its location and other factors. So let’s say you are buying a ski vacation home, the conveyancing fee is probably going to be high. A typical ski vacation home conveyancing fee can be anywhere from $250,000 to $3,000,000. This, of course, depends on a lot of factors.
On the other hand, if you’re buying a new home in a small neighborhood, the conveyancing fee could be anywhere from $50 to $1,200. This too depends on location, the price of the house, and many other factors.
In order to estimate the fee of conveyancing, you can also make use of realtor websites that tell you an estimated fee of conveyancing in your area.
Once you have found a good estimate, you must make sure to mention this to the conveyancer or solicitor that is working with your legal process. It is probably a good idea to ask them if they’re offering fixed fee conveyancing before doing business with them.