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9 January 2011

VAT rise affects only the conveyancing professional fees

As everyone is no doubt aware, VAT increased on the 4th of January 2010 to 20%.

Whilst this is not great news for our struggling economy, it should be noted that only certain parts of your conveyancing quote should be affected by this rise.

When it comes to conveyancing quotes, only the professional fee part of the conveyancing quote should be subject to VAT. That is to say, the part of the quotes given on quicklegalquotes.co.uk that show a VAT element are the conveyancing firms professional fees element, and the administration charge made by the conveyancing solicitors for the telegraphic transfer. Both of these parts of the conveyancing quote are listed separately and the VAT is clearly shown. All other parts of the quote (the duisbursements) are payments made to third parties and therefore it is not necessary for a conveyancing firm to charge you VAT on these.

You should note that if you are comparing conveyaning fees you got last year to a new quote this year, then some third party disbursements may have increased. This may be because some third party service providers (for example personal search companies who carry out the Local Authority search) have seen this as a fair time to increase their own prices. It is therefore advisable to get an up to date conveyancing quote to make sure you have the latest prices to hand.

On a final note, if you are in the process of conveyancing at the moment, and you agreed your conveyancing price before the 4th of January, the rate of VAT you are going to be charged when you get your bill will most likely be the new 20% rate.

If you are looking for conveyancing services, this VAT rise is another great reason to obtain a low cost, high quality conveyancing quote from quicklegalquotes.co.uk

 


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