22 November 2023

Is Fixed Fee Conveyancing a Good Choice?

By ruiiid5

There is a lot to think about when buying or selling a home, especially where finances are concerned. Conveyancing solicitors may charge an hourly rate or fixed fee conveyancing services, but which one is right for you? Here’s a guide as to whether fixed fee conveyancing is a good choice.

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Fixed Fee Conveyancing Explained

A fixed fee conveyancing service is where legal services are covered for a fixed price which is set before the process begins. So, the price you are given should be the total cost of the service, payable upon completion of work. The only discrepancy within this fixed price is if any unexpected conveyancing matters need to be attended to, known as disbursements.

The Benefits of Fixed Fee Conveyancing

Moving home is one of the most stressful things to do in life. According to Mortgage Introducer, the highest causes of stress when buying a home are the admin involved and communication with solicitors. This is one area in which fixed fee conveyancing can help. By understanding what the costs are upfront, it allows you to plan ahead and stay within budget.

Another benefit of fixed fee conveyancing is that it brings greater trust in your solicitor, as you can see clearly what the costs are and what they are for.

What are the Negatives of Fixed Fee Conveyancing?

One disadvantage of fixed fee conveyancing is that you may be paying for services that you don’t need because they are already included in the price. Similarly, you may also be subject to additional fees, should extra matters come up during the conveyancing process. More information on the types of conveyancing services and fees involved can be found at https://www.samconveyancing.co.uk/news/conveyancing/fixed-conveyancing-fee-121.

Alternatives to Fixed Fee Conveyancing

While fixed fee conveyancing is the fee structure most commonly used by solicitors, there is an increasing trend towards hourly rate services. While this may save you money on a straightforward house sale or purchase, it could also be more expensive should complications arise.

Choosing the Right Conveyancing Services for Your Needs

Before engaging the services of solicitors, it is a good idea to do some research and compare the services and prices of several options. You may be surprised at the differences in prices offered, however, always make sure that you are getting comprehensive services for your money. Also, it is important to make sure that your solicitor is good at communication, so always check their reviews.

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The process of buying and selling a property can be challenging. However, by doing your homework and choosing the best conveyancing options for your needs, you will be able to lower both the stress and costs of your sale or purchase.