One of the first stages in buying a property is obtaining an estimate of costs. As a first time buyer, this is important as it allows you to budget for your move and get to grips with the costs involved. This will help to understand the quote process and find out what is expected of you. Here is a quick fire guide to allow you to estimate the costs of your first purchase, and find out what you should be comparing.
Comparing Conveyancing Fees
The conveyancing legal fee is the cost to compare. This is the cost we charge for the work we carry out on your transaction. This is most likely to differ from firm to firm. At Morgan Kelly Solicitors, we limit the amount of client work we take on in order to ensure we do not compromise on client service. This means we are not the cheapest quote you will obtain. However, we believe as part of offering a fantastic client service, it is important to offer value for money. That is why our costs are reasonably priced. You may find larger firms are able to offer cheap prices, as they are able to take on higher volumes of work.
Budgeting for Search Fees
Budgeting for disbursements means that there are no nasty surprises on the road to exchange of contracts. Searches are an example of a disbursement that will need to be paid before completion. This is because your local authority will carry out the necessary searches. The cost depends on which local authority the property is in, but widely this should not greatly differ between solicitors.
Stamp Duty Land Tax
Stamp Duty Land Tax for first time buyers is often an unexpected expense. Being aware of what you will need to pay will ensure you know exactly what you can afford. This changes depending on the purchase price of the property, it should not be compared between solicitors. However, do look out for an additional charge for completing the Stamp Duty Land Tax Form, at MKS we include this in our conveyancing legal fee but some solicitors charge an additional fee for this.
Land Registry Charges
The Land Registry also charge for registering the property in your name. They have an ‘electronic fee’, which is the fee MKS charge from submitting your application for registration online. However, sometimes the Land Registry decide the application must be submitted by post, and this has a greater charge. Bearing this in mind is useful.
This covers the basics of your quote, and takes you through a loose chronology of how the conveyancing process works. Comparing a quote involves assessing what you are looking for in your first purchase and budgeting for that.
Our quote breaks down the process, and does not shy away any hidden charges. Call us on 01273 407 970 to find out more, let us answer any questions you have and to get a detailed explanation of costs involved with buying and selling your property. Making Law Simple.
by Rebecca Keighley