Monthly Archives: April 2016

Legal Fees For Buying House Birmingham

Legal Fees For Buying A House BirminghamBuying a house in Birmingham is not easy. Apart from the high price of the house, you also have to pay other costs, such as legal fees. Just search for “legal fees for buying house Birmingham” and you will see a list of sites giving details of the legal fees. After conducting a detailed research, we have put together this article to shed some light on how much you will need to pay regarding legal fees when investing in a house in Birmingham.

The First Stage

First, you need to look for a house you can afford to buy. You can get help from estate agents with this. Once you have found a few good sellers, you may want to look for a solicitor or conveyancer to represent you.

Solicitor’s Legal Fees and Costs

In the UK, solicitors or conveyancing professionals take care of the legal matters of the property to be bought as well as sold. For their services, they charge legal fees including disbursements when you ask for a conveyancing quote. The legal fees while buying a house will include their basic fees and disbursements.

  • Solicitor’s Basic Fee
    As the term suggests, basic fees are the fee that you will pay for the conveyancing services of a solicitor. Aside from the basic fee, you may have to pay them additional fees based on tasks performed.
  • Disbursements
    Disbursements costs include survey costs, registry fees, land tax, stamp duty and local searches. These include legal fees and small additional fees paid to the third party.

How can you save money on legal costs? Here are some ways of saving money on legal costs.

Stamp Duty Cost and Land Tax

The cost of stamp duty is proportional to the price of the house, which means the higher the price of the property, the higher the stamp duty. For tax purpose, you need to have a budget more than the price of the house.
Buying a house with a low price tag can save you a good amount of money on stamp duty and land tax. Since stamp duty is included in the legal fees charged by the solicitor, buying a low priced house will bring down this cost.

Leasehold Property and Freehold Property

Leasehold properties are more complicated than the freehold properties; you will have to pay a lower fee to the solicitor if you are dealing with freehold properties

Go for legal aid

You can go for legal aid if you qualify. Legal aids are available to those in need, such as people with discrimination issues and the people who are in heavy debt.

Conditional Agreement

To be on the safe side and save money, a conditional agreement is an option. In this case, you can go for “no completion no pay” agreement with your solicitor. Another alternative is a damage based agreement.

The Takeaway

So, this was a glance at the legal fees for buying house in Bermingham, and some tips that can help you save money on these fees. Hopefully, this can make your purchase more affordable for you.

affordable conveyancing birmingham

Affordable conveyancing Birmingham

While you plan to move to your new home, you also have to plan how you plan to go through the conveyancing process. Conveyancing can be done be self or by hiring licensed conveyancer or solicitor. If this is your first purchase or sales, you’re likely to know very less about conveyancing in Birmingham. While you can learn much from researching, you can save a lot of time and reduce risks by getting affordable conveyancing Birmingham area.

Birmingham has many conveyancing firms that provide conveyancing services to its clients. Most have been helping customers for over a decade. While there is no shortage of conveyancing firms in Birmingham, if you are after affordable conveyancing, you might have to do some research and quality assessment.

The best way to compare between the conveyancing firms is conveyancing comparison sites which are readily available for use. Once you enter a few details about the property in Birmingham, you are provided with a list of conveyancing firms, and their average quote rates for the area assuming certain conditions. If for reasons you are obtaining a mortgage or re-mortgaging the property then there are additional task related to them, and this is going to cost you extra cash.

Most sites ask you the price of the property, location of the property, whether it’s a freehold or leasehold, and if you are selling or buying the property. Since these variables are general, you get quoted for them; the rates may vary based on what additional tasks are required and the complexity of the case. You are to finalize every price of detail if you want affordable conveyancing Birmingham property.

Every so often, some conveyancing firms hide extra costs on their quotes to make the conveyancing quote seem affordable. But once you agree and instruct them to conveyance your property in Birmingham, you might be billed for petty tasks that aren’t required at all. So you want to search for fixed rate conveyancing quotes. Once you agree on fixed conveyancing quotes, they are obligated to work without any increase in the fees during the conveyancing. Making sure every task and fees are accounted for before instructing are the way to affordable conveyancing.

One thing you have to make certain of is the accreditation of the solicitor or the firm. Sure, there are many solicitors who might offer you affordable conveyancing quote, but they might not provide you the best quality service you deserve. You might end up doing the conveyancing yourself while you chase your solicitor for information or tasks. This fact makes it essential that you use an accredited solicitor by the Law Society.

Affordable conveyancing fees in Birmingham can range from £300 to £500. As you have to take this into consideration, you have to understand affordable doesn’t mean low-quality service that you can’t depend on entirely. Conveyancing firms like NBM Law and others have years of experience and operate in a distinct way that helps them save a lot of time and money which is transferred to the client making conveyancing much more affordable.

So if you are looking for an affordable conveyancing make sure to check the following checklist:

-Fixed rate conveyancing

-Accreditation

-Reviews and experience from previous clients