How Much Does Conveyancing Cost When Selling A House?
Conveyancing is the process of legally transferring the ownership of a property from the seller to the buyer. Although it is possible to do it yourself, if you’re buying with a mortgage or facing a complex transaction you’ll need a conveyancing professional – that could be a conveyancer or a solicitor.
What are conveyancing fees?
Conveyancing fees are split into two parts – the legal fees your solicitor charges for their work and the disbursements, or payments, to third parties. Always ask for a full breakdown of the costs so you know what’s included and can compare quotes like for like.
What are the main disbursements?
Searches deliver important information on the property and its area. A package of searches including Local Authority, drainage and water, environmental and Chancel reports can cost anywhere from £250 to £450 depending on the Local Authority. You may also need additional searches depending on your location.
A copy of the Title Deeds for your property costs £6 with additional documents costing £3 each. For a leasehold property that rises to around £25.
The cost of registering a new owner is between £200 and £300.
Stamp Duty Land Tax
Your solicitor will calculate SDLT on properties over £125,000. You can double check the accuracy of the calculation using a Stamp Duty calculator.
Anti-money laundering checks
You must verify your identity as part of anti-money laundering regulations. These checks can cost between £6 and £20 but can rise if you’re a foreign national.
Property fraud fee
This is a useful check to ensure that the lawyer you’re transferring your money to actually exists. It generally costs around £10.
Bank transfer fee
Each bank will charge a fee for the Telegraphic Transfer. Your solicitor will also charge a fee for overseeing the transaction of money. Bank transfer fees are generally £20 to £30.
How much are solicitors’ fees?
Solicitors’ fees vary but are generally in the range of £500 to £1,500. Using a conveyancer is usually cheaper. To avoid any nasty surprises, always ask for a fixed fee quotation or negotiate a ‘no move, no fee’ contract so you don’t have to pay if the sale falls through.