The Truth about Conveyancing - How Much Does It Really Cost?
Buying a house is one of the biggest investments average homeowners make, and with that comes even greater financial responsibilities. That's why it pays to know all the fees and expenses you may be facing when buying a home, such as conveyancing fees.
14 October 2021
Conveyancing fees are what you need to pay to ensure the legal side of a house sale or purchase is handled correctly. The fees can be split into two parts: legal fees and disbursements. Legal fees are what the conveyancer or solicitor charges for their services, while disbursements are what third parties charge for different services, such as searches.
Since conveyancing comes with many tricky things to consider, it's always best to work with a reputable conveyancer to ensure that all fees and costs remain clear and transparent and that you're getting the best deals in the market.
Conveyancing Fees: What Are They?
Your conveyancing fees will depend on a series of factors, such as your location. Regarding your location, you may need to pay additional costs for searches if your property is near a coal mine or a river, for example.
How Much Do Legal Fees Usually Cost?
As mentioned earlier, legal fees will cover the legal portion of the conveyancing fees bill and cover the work that is done by the solicitor themselves. Again, these fees will vary, but a typical range would be £850-£1500, exclusive of the cost of disbursements. Additionally, there are legal fees for leasehold properties as well.
What Are the Main Disbursements?
- Anti-Money Laundering Checks: These checks will verify your identity. You may need to pay extra if you're living abroad or a foreign national.
- Title Deeds: If you want to sell your property, you'll need a copy of your Title of Deeds. However, you should note that the cost for leasehold properties may be higher than the freehold.
- Searches: If you're buying a property, you'll need a local authority to search. This will include a drainage search, environmental search, and planning search. You should note, however, that searches may cost around £250-£450.
- Property Fraud: Before sending money to the property company, you'll need a legal team to check if the company you're paying is real.
- Transferring Ownership: If you're transferring ownership of your property, you'll need to pay the Land Registry the cost of transferring ownership, which could range from £200-£300.
These are only a few of the different disbursements you'll want to take into account. You'll also want to note other fees like Stamp Duty Land Tax, Help to Buy Supplement, Gifted Deposits, and more. Of course, speaking to a reputable conveyancer is key to ensure all your fees are covered and you're not paying extra.
When Do I Pay Conveyancing Fees?
When you plan on working with a conveyancing solicitor, you'll need to pay a deposit to obtain their services. Sometimes, they could ask up to 10% of the conveyancing fees to keep them protected throughout the process. Usually, you get to settle the rest of the conveyancing fees once the sale has been completed, but don't be surprised if you'll have to pay for other fees, like searches, before then.
The Bottom Line: Hiring a Reputable Conveyancer for a Smooth House Buying or Selling Experience
There's no denying that selling or buying a home comes with different complexities. Because of this, it's best to work with a credible conveyancer to ensure that all your fees and paperwork are in check for a smooth-flowing house buying or selling experience. Trust us — you wouldn't want to deal with surprise fees and extra costs, right?
How Can We Help You?
Are you looking for a conveyancer in Swinton? If so, you've come to the right place.
Conveyancing Expert is your legal expert that delivers excellent and efficient services to help protect your property transaction until it's complete. We make sure that we're with you every step of the way, offering fantastic legal advice and services.
Get a free and no-obligation quote from us today!