Fixed fee conveyancer quotes are simply a fee illustration offered by a solicitor or conveyancer for the sale or purchase of a property. The specific difference between a fixed fee quote to any other is that with this type of quotation, the legal costs associated with the process of transferring a property’s title from one owner to another will not vary as a property transaction progresses.
The cost of a conveyancer quote will depend on several factors, such as the type of property being purchased or sold, the location which will affect matters such as search fees and Stamp Duty Land Tax or Land Transaction Tax, and any special requirements that need to be fulfilled. For example, if a buyer requires additional documentation such as a Declaration of Trust or if a buyer is using a gifted deposit from a family member. The more accurate information a buyer has before committing to the purchase, the more accurate the conveyancer quotes they will be able to obtain.
In order to explain the benefits of a fixed fee conveyancer quote, it would be easier to look what non-fixed fee conveyancing would entail. Save for disbursements, which are largely common for which ever conveyancing firm you choose to instruct, your conveyancer would charge for their time for each minute they spend in working on your matter. These include all that time spent on dealing with complex title matters however they will also be charging you for time spent on the telephone with you, drafting and sending emails, and even setting up your file!
On average, a typical conveyancer charges around two hundred pounds plus value added tax (VAT) per hour. To put this into context, if it takes the conveyancer half an hour to setup your preliminary forms, setup the file and email you these documents, this would have now cost you £100 + VAT before you have even begun any formalities!
By contrast, a fixed conveyancing quote is effectively, the opposite. Firms offering a fixed conveyancing quote base their fees on a company average. In other words, these companies work out how long they spend on a typical transaction, time spent on routine administration tasks are and average overheads costs such as post and stationary to offer a static cost to cover a typical transaction. How do they then make money? Well again, they rely on averages. For every hundred or so transactions, matters which take longer to complete will be compensated by a number of more straight forward transactions.
Overall, a fixed fee conveyancing quote is an efficient way to ensure that all legal aspects of a property sale or purchase are handled in a professional and timely manner, in a manner where you are fully aware of the costs you will be liable for at the end of the exercise. By researching the firms you wish to appoint and comparing quotes you can make sure you receive value for money when engaging with a solicitor or conveyancer for your next property transaction.