Solicitors usually state their prices before taking on a job. These fixed price conveyancing fees do not change anytime during conveyancing. Other solicitors charge hourly fees. The problem with hourly fees is that they suit the solicitor rather than buyers and sellers. A solicitor who charges hourly fees can delay conveyance to earn more money. Hourly fee requires that a client pay after the solicitor undertakes every conveyancing procedure. This may be inconveniencing to customers that have other obligations separate from the property transaction.
Fixed prices may or may not include disbursement fees. A client should confirm whether disbursement fees are a part of fees that are quoted by his solicitor. Solicitors include disbursement fees in their fees because the disbursement fees are usually lesser in value. These fees range from £14 to £150. It is easier to pay them along with solicitor fees rather than treating them separately.
Counsel fees may be fixed but still, vary from one solicitor to the other. Some solicitors charge higher fees than others. The more experienced a solicitor is, the more they will charge. A solicitor may also charge higher fixed fees if the particular property transaction is complicated. For example, the cost of conveyancing commonhold properties is higher than that for freehold properties. This is because commonhold properties are more difficult. More documents are filed during the sale of a commonhold property. Conveyancing leasehold properties also cost a lot.
A client can always negotiate the fees that are charged by the solicitor. The fee that is arrived at after negotiation becomes the fixed fee. This fee can be paid upfront or any other time of conveyance. The fee can also be paid in a lump sum or instalments. Clients paying instalments must prove that they can pay. A solicitor may also waiver fees to repeat clients and to customers brought to them by their previous clients. This does not make conveyancing any less professional. Solicitor Regulatory Authority expects all solicitors to relate to their clients professionally. This is a principle that solicitors adhere to at all times.
It is also necessary for a solicitor and his client to talk about how the fixed price is going to be paid. The payment system should be suitable for both the client and the attorney. It should be noted down in the quote whether check or debit card will pay the money. Clients usually do not interact much with their solicitors. They only talk when an important matter that is related to conveyance arises. Payment systems have to be agreed upon early so that it does not become a subject of discussion or dispute.
It is always important to keep an open mind when thinking about the fixed price because it is never fixed per se. Even a professional solicitor cannot predict with absolute certainty what conveyance of a property will involve. If there is more to do than was expected, then the solicitor must ask for adjustments in the fixed price. A lenient solicitor may reduce the price if the work they actually do is less than they expected.