There are a number of fees associated with buying and selling properties and the conveyancing fees are just one of these. On average you can reckon on paying between £850 to £1,500 including VAT for your conveyancing fees, with searches costing buyers around £300 on top. However, solicitors and conveyancers do charge varying amounts for their fees so it is well worth shopping around to find the best deals.
Fees for buying and selling properties
As already stated, conveyancing fees aren’t the only cost to factor in. There is a wide range of fees entailed in buying and selling properties. These include:
– Stamp duty when buying a property
– Valuation fee for buying a home
– Surveyor’s fees for checking over your new property before you buy
– Legal fees for conveyancing, as mentioned above, which will be applicable for buying or selling properties, although they will be less so for selling as searches are not involved
– Electronic transfer fees to transfer the money from the lender to the solicitor (for buyers only)
– Estate agents’ fees will need to be paid by the property seller
Some of the other costs incurred when buying or selling a property will include the removal costs for moving furnishings and personal belongings and, if you’re buying a new home, you might have to pay fees for the arrangment of your mortgage.
Buying and selling a property is not cheap, so it’s important to carry out a good deal of research into the likely costs in your neighbourhood and get some price comparisons. You will need to budget for fees with a minimum total cost of around £2,000, excluding the likely stamp duty you will also need to pay when buying a home.
Stamp duty costs are paid on any properties costing more than £125,000 and worked out on a sliding scale. So, the more your property costs, then the higher the bill for stamp duty payable. First time buyers don’t pay stamp duty on the first £300,000 of any property purchased for up to £500,000. Your conveyancing solicitor will be able to advise you further about any likely stamp duty you need to pay.