Buying a new house can be daunting and you can often get lost within the whole conveyancing process. It’s a very stressful time, you’re purchasing a new build that is ultimately your dream home, you want everything to be perfect considering the large amount of money you’re spending. But on top of that, how do you figure out how much it’s going to cost you to pay your solicitor? It’s another level of stress that is added, on top of the endless questions that you still don’t know the answer to. To help you out here’s a quick look at the average solicitor fees for buying a new house…
What Fees Do I Need To Pay?
Buying a home is nerve-racking time, especially if you’re a first time buyer. But how much does it really cost to buy a house? Here’s a little checklist to help you get your head around any hidden costs of buying a house…
- Stamp Duty
- Valuation Fee
- Surveyor’s Fee
- Electronic Transfer Fee
- Estate Agent’s Fee
- Removal Costs
- Mortgage Fees
- Ongoing Maintenance, Repairs and Running Costs
- Council Tax
These can all vary in individual cost so to keep you up-to-date with the continuous prices, try and negotiate a fixed price for each. You can find out more about your fees as a first time buyer here in one of our blogs. Aside from all fees associated with buying a house including the likes of what we’ve just listed, you’ll also have to pay for legal fees.
Average Solicitor Fees For Buying A New House…
During the conveyancing process, your solicitor will ensure that all legal documents are filled in correctly and all legal work has been carried out to ensure that your new home is in fact all sorted and set up properly. As on September 2019, the average solicitor’s fees for buying a house ranges from £850 to around £1,500 including VAT, which currently stands at 20%.
You may also want to check that if they perform any other work such as local searches, what the cost of these are and if they are included in the total price. Local searches typically cost around £250 – £300. In some cases you can get a law firm that does actually provide fixed fees, so that’s always something to be aware of.
These fees can also vary depending on your circumstances. For example, if you are using a Help To Buy scheme or Shared Ownership. It may be easier to use a cost of buying a house calculator to give you a more precise estimate of your costs.
Gain Some Expert Advice…
If you’re interested in purchasing a property, we can help you to figure out the best option for you. We can advise you on some of the most frequently asked questions regarding property law including the out of pocket cost for buying a house and costs of buying a house first time buyers. Simply get in touch with our highly experienced team today or feel free to browse our informative resources on our website…