How Accurate are Online Conveyancing Quotes Compared to Final Bills?

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Online conveyancing quotes are intended to be accurate at the time they are provided, but may change due to unexpected issues or complexities in the property transaction. It’s crucial to request a detailed breakdown to avoid surprises on the final bill. 

Muve’s commitment to transparency means we carefully calculate the initial quotation based on the client’s provided information, so there’s no need to worry about hidden fees. However, it’s still important to understand the specific factors that could change the quote you were given. 

2 parts of online conveyancing quotes 

An online conveyancing quote is usually broken into two parts. 

Legal fees 

This is the professional fee of the conveyancing solicitor. It’s a fixed fee that covers the expertise and legwork required to handle the legal aspects of a property transaction. 

A good conveyancing quote should list what the legal fee covers. This includes reviewing and drafting contracts, communicating with the seller’s solicitor, dealing with the mortgage lender or leasehold property management, etc. 

If the quotation does not include these details, ask the conveyancing firm to list the specific tasks the conveyancer will do on your behalf. 

Disbursement fees 

These are third-party fees paid by the conveyancer on your behalf to determine if the property is clear of obligations or claims, as well as to legally process the transfer of property ownership. Among the disbursement fees are Land Registry fees, property searches (e.g., local authority, drainage, and environmental searches), and Stamp Duty Land Tax. 

If the final bill does not match the conveyancing quote, it’s usually the disbursements that cause the discrepancy. Reputable conveyancing firms would provide an estimate of these costs so you can budget accordingly. 

What affects the accuracy of an online conveyancing quote? 

There are several unforeseen circumstances that can affect the final bill.  

When you work with Muve, your dedicated account manager and conveyancer will inform you immediately if the present circumstances will affect the conveyancing costs. 

Based on our experience, the following factors usually affect the final bill: 

Property type 

Leasehold properties are more complex to process compared to freehold properties. There are additional steps involving lease terms, service charges, ground rents, etc. All these add to the cost of conveyancing and could also change the quoted conveyancing fee. 

Unregistered land 

These are properties that haven’t changed ownership since the 1990s, when compulsory registration started. If the property involved is not in the Land Registry records, this process will be more complex. Instead of just paying for a search, the registration fee will be added to the final bill. 

Search issues 

Sometimes, property searches encounter unexpected issues which may or may not require additional work. Local authority searches also vary by council area. Among the problems you can encounter are right-of-way disputes, planning permission issues, and maintenance liabilities. The legal work required to resolve these issues can affect the final conveyancing bill. 

Complexity of transaction 

Property chains, especially those involving a mortgage, would be more complex than a no-chain or cash purchase. These would require additional steps and liaison duties and could result in higher legal fees. 

Final VAT and bank transfer fees 

Some conveyancing quotes do not include VAT (usually 20% of the legal fees) and bank transfer fees. Make sure you clarify this detail with the conveyancer so you can finalise your budget. Also, online bank transfers may involve a small charge, but it could be bloated if you’re transferring a huge sum of money.  

How can I ensure the final bill matches the quote? 

The best way to ensure the quote will match the final bill is to work with an online conveyancing firm with a reputation for clarity and transparency. Make sure their quote offers a detailed breakdown of both fixed legal fees and disbursements. If they don’t offer, ask them. 

You should also ask the online conveyancer what they would do if unforeseen expenses arise. After all, there are too many factors that could change during a property transaction. Make sure you’re informed promptly whenever there’s a change in conveyancing costs. This will help you prepare for the final bill on completion day. 

At Muve, we believe clear quotes build trust from day one. Our conveyancing service comes with a dedicated team who will immediately inform you of any changes in the quote. This commitment to transparency will give you time to adjust and prepare for the additional charges. Our fast conveyancing service, like our premium upgrade Muve Lightspeed, aims to complete an exchange in 5-8 weeks, helping reduce costs and risks. 

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