How much should you pay for a solicitor when you sell your home? This week Guardian Money reporter sold his home and his first conveyancing quote from a local solicitor was for £1,050. So we went in search of a better deal - and found that with careful hunting, you can cut the cost of conveyancing in half.
The test
We asked for a quote on selling a London flat at £305,000. The flat is shareof- freehold, more complicated than a freehold or leasehold, adding to costs.
We searched the internet to find operators, and obtained quotes only if they could handle a sale anywhere in Britain. We also obtained a quote from the Halifax, which operates a nationwide conveyancing service available to both customers and non-customers.
The figures in the table are for selling only. A purchase is usually more expensive, with a greater risk of openended costs, depending on the complexity of the transaction and whether the purchase procedure throws up problems during searches and so on.
The results
We found dozens of websites offering instant quotes for low-cost, often fixed-price services. So the table is not an exhaustive list of the cheapest conveyancing services, but a snapshot.
Quotes varied from a worst-buy of £1,013 from Halifax to £418 at NBM Solicitors in Chelmsford, which runs a national, online and telephone service. Clearly, shopping around makes sense.
However, not all quotes included the same fees. Contact the conveyancer and double check.
THE COST OF CONVEYANCING
Total Abode Conveyancing
Fee: £411.25
Disbursements:* £8
Total: £419.25
Burtonslaw.com
Fee:£470
Disbursements:*£8
TOTAL: £478
Conveyancing Experts
Fee:£452.37
Disbursements:*£8
Total:£460.37
Conveyancing Quote UK Property Solicitors
Fee:£467.65
Disbursements:*£8
Total:£475.65
Conveyancing Solutions
Fee:£574.87
Disbursements:*£16
Total:£590.87
Halifax Conveyancing Services
Fee:£997.57
Disbursements:*£16
Total:£1,013.57
Joslin Rhodes Conveyancing
Fee:£487.63
Disbursements:*£8
Total:£495.63
NBM Solicitors
Fee:£410.07
Disbursements:*£8
Total:£418.07
RMNJ Conveyancing Solicitors
Fee:£434.75
Disbursements:*£19.75
Total:£454.50
Safely Home
Fee:£776.13
Disbursements:*£17.87
Total:£794
Conveyancing quotes were for the sale of a share-of-freehold flat for £305,000 in London SE21.
*Disbursements include land registry fees and any bank charges, but not telegraphic transfer fees.
Need to know
● Online conveyancers conduct all business with their clients by post, email, letter and telephone, so there is no need for personal meetings, and the firm you use can be anywhere in the country. Most say you should expect the transaction to take six to eight weeks.
● The majority of conveyancers we came across offer a "no sale, no legal fees" guarantee, so that if the sale or purchase falls through you are charged only for external costs, such as searches. They also offer updates by email, text messages or an online tracking service so you can keep tabs on how the transaction is progressing.
● Quotes generally include fixed legal fees plus VAT and a separate list of disbursements - charges made by third parties which are passed on to the client. These include "office copies" - fees charged by the Land Registry for providing copies of information it holds on registered properties.
● There are some extra chargeable services you may require that are not included in the quotes table. If you have an outstanding mortgage, some conveyancers may charge a mortgage redemption fee. Before instructing a conveyancer, always check if there are any extra costs such as these.
● Conveyancing quotes are available from both conveyancing solicitors regulated by the Law Society of England and Wales (lawsociety.org.uk) and licensed conveyancers regulated by the Council for Licensed Conveyancers (theclc.gov.uk). Both are trained and qualified, and are required to have professional indemnity. They are bound by similar rules of professional conduct. The Council of Mortgage Lenders says: "Lenders do not discriminate between borrowers using licensed conveyancers or conveyancing solicitors."