Conveyancing is the legal process that transfers the ownership of a property from the seller to the buyer. If the transaction is straightforward, conveyancing can be done yourself but most mortgage companies insist that a qualified solicitor or conveyancer is used. So what are the average fees for conveyancing your home?
What is conveyancing?
Simply put, it’s the process of legally transferring ownership of a property. There are certain legal fees attached to this process which can be broken down into the flat charge that a solicitor or conveyancer makes for their services, and the disbursements paid to third parties for fees like bank transfers, money laundering checks and title deeds. Some of these costs are fixed, but the fees a solicitor or conveyancer charge can vary hugely.
What’s the average cost of conveyancing?
On average, the cost of conveyancing a property is £1000 but this can vary depending on the type of service you choose. A solicitor is generally more expensive thanks to their wider legal expertise – this can be useful if legal issues arise that threaten to derail the conveyancing process. A conveyancer generally charges lower fees, and is the smart choice when the transaction is straightforward.
How can I keep costs low?
Shop around for a variety of quotes for your conveyancing, and look for no move, no fee services that save you money should the purchase fall through. When comparing quotes make sure that they’re fully itemised and that there are no hidden on unexpected extras. That way you can compare quotes like for like for the best deal.
What costs should I expect to see in my quote?
For sellers:
• The solicitor or conveyancer’s basic fee – expect this to be higher if the property is leasehold
• Land Registry copies
• Telegraphic Transfer fees – amounts under £60,000 will be cleared using the free Bank Automated Clearing System or BACS
For buyers:
• The basic fee
• Land Registry fee
• Land Registration fee
• Searches including Local Authority, drainage, environmental and location specific
• Telegraphic Transfer fees
• Stamp Duty – you can check this calculation using a stamp duty calculator
Most of the disbursement fees have set rates so always check the small print for hidden costs.
