What Should I Look for in a Fixed-fee Conveyancing Service?

A fixed-fee conveyancing service provides cost certainty. Although it’s easier for buyers and sellers to plan that budget, you have to remember that not all property transactions require the same type of service. 

This is why the ideal fixed-fee conveyancing service should provide transparency regarding the specific services offered and their associated costs. Look for a clear and detailed breakdown with a separate list for the legal fee and the disbursement fee. 

Legal and Disbursement Fees 

Legal fees refer to the fixed charge for the solicitor or conveyancer’s professional work. This pays for their work, experience, expertise and knowledge. 

Disbursement fees, on the other hand, are third-party costs that conveyancing solicitors pay on your behalf during the conveyancing process. The fees are different for buyers and sellers. 

For the Buyer 

The disbursement fees for buyers include the following: 

• HM Land Registry fees (to register the property under a new owner) 

• Stamp Duty Land Tax 

• Chancel indemnity insurance 

• Local authority search 

• Water and drainage search 

• Environmental search 

• Bankruptcy search 

• Land Registry search (a pre-completion search that confirms the seller’s ownership of the property) 

• Bank transfer fee 

For the Seller 

The disbursement fees for sellers include the following: 

• Land registry document fee 

• Bank transfer fee 

The conveyancing disbursement fees will vary, depending on the type of property transaction. More complex ones, like those involving leasehold properties or new builds, would require additional legal work and documentation. These would entail extra costs. 

While there may be legal requirements that might not be identified at the point of quotation, ask the conveyancing solicitor for an itemised list of estimated disbursements. This will help you know exactly what to expect. 

The Guarantee 

Beyond the itemised pricing, look for a service that comes with a guarantee. Muve offers a “No Move, No Legal Fee” guarantee, serving as a safety net. You won’t be charged legal fees if the property transaction falls through for reasons beyond your control. Only disbursement fees that have already been paid will be charged. 

To manage your expectations regarding the guarantee, carefully consider the type of conveyancing service you’ll receive. For instance, Muve offers two conveyancing services. Muve Forward targets an exchange within 16 to 18 weeks, which is 4x faster than the industry average. Muve Lightspeed aims to target an exchange within 5 to 8 weeks, which is 75% faster than the industry average. 

Transparency and Communication 

Another thing you should look for is transparency in their process. Ask the conveyancer how they plan to update you on the case progress. Will the conveyancer give you monthly reports? Or will you have to initiate the phone call to get updates? 

Modern conveyancing firms, such as Muve, offer a 24/7 online Client Portal that provides real-time reports on the current status of your property transaction. You’ll know how much has been spent, what part of the conveyancing process is complete, and so on. This will give you peace of mind and eliminate the need for frequent phone calls. 

Reputation and Reviews 

Finally, you should also assess the firm’s reputation to gauge its experience and expertise. Read reviews on independent platforms like Trustpilot and Google. See what previous clients have to say about them, both the negative and the positive. Read how they deal with the negative feedback. Focus on comments regarding transparency, communication, and the speed of service. 

Reputable firms should have a strong track record in handling property transactions in the UK. Be thorough with your due diligence, especially if your transaction involves a new build, leasehold or property in a chain. 

Final Thoughts… 

Choosing a fixed-fee conveyancing service ensures financial predictability, as long as there’s an itemised list of what you are expected to pay for. With property transactions being as costly as they are, knowing where every pound goes is a huge comfort for both buyers and sellers.  

Beyond that, having a safety net similar to Muve’s “No Move, No Legal Fee,” proactive communication process, and a trustworthy reputation makes all the difference in what would be a stressful property transaction.