Conveyancing Fees for Buying or Selling a House – Part 2
In part one, we summarised the many conveyancing fees associated with buying a property in the UK.
There are a few additional fees to consider when buying a leasehold home. Because there is so much more work to be done when dealing with this type of property, conveyancers often add an additional fee. Compared to freehold houses, the sample of conveyancers added an average of £230 in legal expenses for leasehold properties.
Additionally, leaseholders must pay a variety of additional expenses. Conveyancing solicitor quotes vary in price and are generally specified in your lease.
Below are the most common leasehold requirements
- Certificate of Compliance
- Deed of Covenant
- Landlord Sales Pack
- Notice of Transfer Fee
- Notice of Charge Fee
- Engrossment Fee (when purchasing flats or new-builds)
Fees for a Solicitor When Selling a House
Conveyancing expenses are lower when selling a property as there is less work for the property solicitor to do. The usual conveyancing expenses and expenditures you might expect during the conveyancing procedure are outlined below.
Anti-money Laundering Checks
These checks are done to make sure you aren’t laundering money. This is not because your conveyancer thinks there is anything suspicious about your transaction but they are a legal requirement for all property sales and purchases.
Bank Transfer Fee
When your conveyancer wants to move money, they must pay a bank transfer charge. This will be added to your bill, whether to pay off your mortgage or deposit the final sale cash into your account.
Solicitor’s Legal Fee
You will need to pay a legal fee to your conveyancing solicitor to cover their time and labour, as well as any conveyancing expenses. The valuation of the property you’re selling will usually determine your solicitor’s costs.
Title Deeds Copy
Official copies of the Title Register and filed Title Plan that are stored at HM Land Registry, also known as title register copies, must be obtained by your conveyancer. This will consist of property registration and a property plan, verifying that you are the landowner.
Conveyancing Fees for Putting A Leasehold Property For Sale
When selling a leasehold home, there are additional solicitor expenses. Because there is so much more work to be done when dealing with leasehold property, conveyancers often raise their legal rates.
Here are the average estimates of the key conveyancing charges you’ll incur.
- Leasehold Property Supplement Fee – Average Cost: £200
- Leasehold Management Information Pack – Average Cost: £150-£500
*Actual expenses will be determined by your leasing agreement.
When Buying A House, Do You Need A Conveyancer Or A Solicitor?
When purchasing or selling a home, you’ll need the services of a conveyancer or a conveyancing solicitor to assist with the legal aspects of the transaction.
A conveyancer differs from a solicitor in that, in addition to conveyancing, a solicitor typically handles other legal matters such as family law or wills.
The conveyancing procedure for purchasing and selling a home requires a significant amount of complex legal work. We can help you chose an experienced professional conveyancing solicitor.
Get instant and free conveyance fee quotes from skilled conveyancing solicitors or licensed conveyancers at Conveyancing Supermarket. Get the best price and speed up your move, whether you’re buying, selling, or remortgaging. Request a quick quote today!