Restrictive Covenants
Restrictive covenants - If you happen across a restrictive covenant in a contract, what is it and why is it in place?..link
Understand your solicitors conveyancing quote.
When you looking for a conveyancing solicitor we recommend that you contact a few to compare, obviously, the price is a major consideration but it's not the only factor you should look for when appointing a conveyancing solicitor.
All quotes will not look the same, so it's important you understand just what is being quoted. However, the solicitors' layout their quote; they will always pretty much contain the same items.
You will have two sections, the Legal fees and the disbursement, which is a common word for costs incurred by others that can be passed on to the client; we will look at these later.
Legal FeesThis is the fee charged by the solicitor for their time in processing the work, whilst most firms have a fixed fee dependant on the sale or purchase cost, this is not always the case as a conveyancing transaction can be complicated, and the solicitor may quote outside of the scale.
It would not be advisable to enter into an agreement with a solicitor for conveyancing on an hourly rate, as, whilst they can give you an estimate of cost, this is not necessarily what you will pay.
Most firms will incorporate all activities they undertake in the one fee, but you need to check this, some firms quote for legal services but also detail charges for
All these will be payable if you are in doubt, double-check with the solicitor to ensure the conveyancing quote for legal fees is the amount you will pay and no extras.
An added extra sometimes attached to a quote as an option is an insurance, quite often called 'no move no fee', the insurance is often self-insured by the firm of solicitors and pledges that, should your move not go ahead, you will not have to pay any legal fees accrued to date.
If you receive a quote that on the face of it seems much lower than others, dig deeper to ensure you will not get hit with excessive add on's, you should always look at the entirety of the quote including disbursements.
Disbursements.
As mentioned, these are costs incurred by the conveyancing solicitors that are passed onto you.
These should be fairly standard, and cover fees charged by the land registry and fees for searches that may need to be undertaken.
The land registry fee.
When you buy or sell a property, the details relating to that property need to be registered with the Land Registry. The fees charged by the land registry are on their website, the size of the fee will depend upon the value of the property, very rare in this day and age the Land registry reduced their fees in 2012 to reflect major changes they made to the organisation, the average fee charged now for a property of £160,000 is just over £200.
Stamp Duty.
This is the big one and unavoidable for any property purchase over £125,000 you will have to pay 1% on the purchase price, and rising in percentage up to 7% for purchases of properties over £2 million pounds. For example, on a property purchase of £300,000, you will have to pay 3% on completion a fee of £9,000
Searches.
Speak to your solicitor about which searches they will want to undertake, it does depend on the location of the property and guidance/instructions the solicitors have been given. Some locations will need a mining search, some will need to cover flood risk. The point of the searches is for the solicitor to check that you, and your mortgage company, are not buying a property that has a risk that you are not aware of. For example, if there is a possibility that your property could subside because you are above an old mine, or flood because you are in a flood area, the value of your property may go down, and your mortgage company will not be keen to lend against the security of the house.
Terms and Conditions.
Read through the terms and conditions to see if any other fees apply, and if you are unsure about any terms, ask.
It's important that you are happy with the price but remember price is not everything, speak to the conveyancer, if possible go and see them; the relationship you have with the conveyancing solicitor is very important, whether that is through your estate agent or direct.
related news
Agricultural Law.
link
Aviation Law Solicitors.
This is a highly specialised area of the Law and covers both aircraft and their facilities as well as many other areas detailed here.
link
Charity Law Solicitors.
As a charity it is important to understand your legal obligations and rights, a Charity Law solicitor swill be able to help with this, find Charity Law Solicitors from Solicitors.com
link
Civil Liberties and Human Rights | Solicitors.com
Solicitors.com - if you are looking to take action under the Human Rights Act, understand your rights and how a solicitor can assist you.
link
Construction and Civil Engineering Law | Solicitors.com
link
Consumer Law, Consumer problems.
We have produced a few guides to help you but would recommend that you speak to a solicitor as all situations are different.
link
Education solicitors | Solicitors.com
link
Property Abroad.
If you are looking to buy a property abroad you will need expert legal advice, this section details services provided, and offers guidance on how to find a solicitor for your needs.
linkrecent articles
Flying Freehold
What is a Flying Freehold and should it matter?..
linkLeasehold v Freehold.
The biggest difference is whether you own your home or you have a landlord, on a freehold property you own your home, with a leasehold property you will have a..link
Government to introduce New Homes Ombudsman
The government announces a New Homes Ombudsman to protect consumer right...link
Government to introduce New Homes Ombudsman
The government announces a New Homes Ombudsman to protect consume..
linkNeighbour Disputes | Trees and Hedges.
Neighbour Disputes can escalate to affect your life and enjoyment of your property, if handled in the wrong way they can cause tension and in some cases argumen..link
Planning Law Solicitors
Planning Law Solicitors. Planning Law solicitors will undertake all aspects of Planning law...link
Flying Freehold
What is a Flying Freehold and should it matter?..link
Selling a house, what do I need to declare?
As part of selling a house or flat in England and Wales you must..
linkHelp to buy ISAs
Help to buy ISAs - The new, 'Help to buy', ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25..link
Appointing a Solicitor
Guide to some of the factors people use when appointing a Solicitor...link
Buying the Freehold of a Leasehold Property
Guide to buying the Freehold of a Leasehold Property.
The logic of leasehold is hard to understand at times, that you can buy a home but not own the land it ha..link
Is there anything wrong with this page? - any amendments will receive accreditation - email us link
Solicitors.com are not a firm of solicitors, and any content on the site should not be used in substitute for obtaining Legal advice from a solicitor regulated in the UK, Solicitors.com recommends that you contact a firm of solicitors to discuss your individual legal requirement. Whilst we strive to bring you accurate up to date content, all content on this site is not legal advice and is not guaranteed to be correct. Use of this site does not create a client relationship.
Information by area of law
Conveyancing Solicitors.
Step by step guide to help you understand the process of Conveyancing and moving.
link.jpg)
Criminal Solicitors.
We have put together a few guidance notes for your help with Criminal law matters, if you require a solicitors please use the search facility or ask a question.
link
Commercial law.
If you are looking for a commercial solicitor understand your options by contacting one of the 100s of commercial law firms on solicitors.com
link
Clinical or Medical Negligence Solicitors
If you are considering making a claim for Medical Negligence understand your rights and the process, find a medial compensation solicitor via solicitors.com.
link
Personal Injury Claims.
If you have suffered an injury and are looking to make an accident claim for compensation, understand how a personal injury Solicitors can help make you injury claim for you.
link
Debt Collection Solicitors.
The amount of money owing may dictate the route you take to reclaim your money, we recommend that you discuss your situation with a solicitor, or you can call the CAB on 08454 04 05 06.
link
Dental Negligence Solicitors
To undertake a dental negligence claim you must have sustained an injury or damage, as a result of the dental treatment understand the options available to you.
link
Family Law Solicitors.
Family Law Solicitors can help you resolve the problems which may arise in the break-up of relationships, including financial issues and matters concerning any children.
link
Motoring Offences Solicitors.
Will be able to assist on all areas of Motoring Law for Example Drink Driving, Dangerous Driving, Careless Driving, Totting Up, Speeding, Driving Without Insurance motor offences.
link
Will & Probate
Find a solicitor that can assist with wills, probate and estate planning in your area.
link