Conveyancing Fees for Buying or Selling a House – Part 1
The average conveyancing amount for purchasing a home is £1,040, while the average conveyancing fee for selling one is £1,000. When purchasing and selling a property at the average UK price of £267,000, this covers the solicitor’s legal fees plus conveyancing expenses, along with 20 per cent VAT.
These are estimates based on a survey of conveyancing costs across the United Kingdom. And if you compare conveyancing fees in the UK and determine the actual conveyancing cost, you will see that the final amount largely varies depending on the property’s price, the location, the conveyancer or solicitor, and the intricacy of the service.
The prospect of hefty conveyancing fees may be intimidating, so knowing what to expect in terms of fees can be beneficial. This article has been put together to assist you in understanding the expenses of conveyancing when buying and selling a house.
Buying A House: Solicitor Fees
Conveyancing fees are paid for by third parties during the conveyancing procedure and are included in your overall cost. Many are set costs, such as Land Registry searches, while others, such as Stamp Duty, are based on the value of your home.
Solicitor’s Legal Fee – £569
Your solicitor charges a minimal legal fee for their time and labour on your conveyancing case. They usually charge a percentage of the purchase price; however, some might provide a fixed-fee service while others charge by the hour.
Conveyancing Searches – £290
As found in a survey of 50 conveyancers, the conveyancing searches bundle costs £290, which might vary from £250 to £450 depending on the region. The search bundle includes the Local Authority Search, Environmental Search, and Water and Drainage Search.
The Flood Search, Chancel Repair Liability Search, and Coal Mining Search are three additional but infrequent supplementary searches that will add to the cost. The Coal Mining Search, for example, will cost an additional £80 or so.
Anti-money Laundering Checks – £6
Your solicitor will perform this check to ensure you are not laundering money. Your solicitor may be suspicious if you’re purchasing a property with cash or putting your deposit in many accounts, but it’s a regular expense regardless of your position.
Transferring Ownership with Land Registry – between £20 and £910
To transfer ownership, your conveyancer must register the property in your name. The fee is dependent on the price of your home and whether or not the property has previously been registered. It will cost between £20 and £455 to order it online, and between £40 and £910 to order it by mail.
Bank Transfer Fee – £40
The bank will impose a bank transfer fee to transfer the selling amount from your conveyancer to the seller’s conveyancer. This can cost anything from £25 to £45, but the average rate, including VAT, is roughly £40.
Stamp Duty Land Tax – Varies
The sum of stamp duty you pay is usually determined by the value of the property you’re buying and its location. Stamp Duty will cost the typical homeowner roughly £2,115.
Additional Conveyancing Fees for Buying A House
Extra charges may arise during the conveyancing process, which should be fully stated; however, they may be a surprise if the upfront legal costs appear cheap. Below are some of the frequent extra fees you could encounter during the home-buying process.
Mortgage Property Supplement – £200
If you’re applying for a mortgage to help you buy a house, your conveyancer will have to do more work. As a mortgage property supplement, this should be represented in the quote.
Shared Ownership – £310
Conveyancing for a shared ownership home requires extra work for your solicitor, so expect to pay more if you’re purchasing with shared ownership or purchasing a larger stake.
New Build – £290
Because buying a new property requires more work for your solicitor, you should expect more expenses. Make sure to request a breakdown of the conveyancing procedure for new constructions, as well as the associated conveyance fee.
This is only part one of the summaries of all conveyancing fees associated with buying or selling a house. Check out our blog for part two!
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