Guarantee your Conveyancing costs in 2022
Property prices have surged during the pandemic; the national average house value has seen a 10.3% increase, with some locations climbing to highs of 37.5%! The cost of moving has also risen sharply in line with property prices. So, how can you avoid high costs when moving in 2022?
Rise in moving costs
Since the SDLT (Stamp Duty Land Tax) ended on 30th June 2021, conveyancing costs have rocketed, with national average costs rising from £6,877 to £11,777. The worst-hit area unsurprisingly is London, where costs have doubled from £12,917 to £25,096.
Watch out for hidden costs
What should you look out for in a conveyancing quote to avoid hidden costs in 2022?
If buying a house, all of these should be covered in the quote:
- Search pack,
- bank TT fees,
- ID check
- Pre-completion check
- Land Registry fees
- SDLT (as well as an SDLT return fee)
If any of these seem to be missing, you need to find out why they aren’t covered.
If selling, you can expect to see the ID check and bank TT fees, as well as office copies and Title Plan. You may also see the mortgaged property supplement and leasehold property supplement, along with the official copy of the Title and Lease.
How much the quote should cost will vary depending on the services required and the complexity of the transaction. This could increase if the property is a leasehold.
Pick a Conveyancer you trust
If a Conveyancer’s basic fee is too low, it could lead to a compromised service and often a lot of additional costs that are added on. It is important to look at the whole of the quote to compare prices not just the headline figure.
We do not deal with bulk Conveyancing here at OMM. We know our clients and understand their circumstances. You are not a number to us and we have time to deal with your matter properly.
If you cannot choose a solicitor from a personal recommendation. Check the efficiency of Conveyancing services being offered by researching online reviews, looking at client testimonials on their website, check credentials and whether your solicitor is an approved member of your mortgage lender’s panel.
Remember it is not necessary to choose one recommended by your estate agent. Often there are referral fees paid for this recommendation. Choose a solicitor based on merit so they can guide you through the process as smoothly and efficiently as possible. Choose a solicitor that provides you with a quote in a timely manner and has time to answer any questions you might have at this early stage.
Getting onto the property ladder
Strutt & Parker, predict that the first five years of the 2020’s will see property value rise by up to 35%. Despite the cost of moving increasing, getting onto the property market in 2022 will be one of the biggest investments you’ll make.
To ensure you experience a property transaction that is as smooth and stress-free as possible, get in touch with our expert Conveyancing Team in Leighton Buzzard for a free quotation. You can do this either online, or by calling us on 01525 378177.
We look forward to hearing from you!