It’s an exciting prospect moving into a new property and selling your own. But how do you figure out how much it’s going to cost and the fees that you will incur along the way?
From your deposit to your solicitors’ fees and finally moving or selling your property, we’ve got everything you need to know about conveyancing costs…
What Are Property Conveyancing Fees?
When you buy or sell a property there are certain fees that you need to pay, these are called conveyancing fees. Typically, costs are higher when you’re buying a property than they are if you’re selling, this is because the process is a lot more difficult and there are more steps that need to be taken.
The majority of your fees are incurred before and during the process and there’s only fees like your mortgage to pay after completion.
What Are The Main Conveyancing Costs?
There are a few fees that you will incur along the way, varying from survey fees, stamp duty and solicitors fees. Here are the major conveyancing costs you will need to pay for:
Stamp Duty…
Stamp duty is a tax that you need to pay on any properties above £125,000 bought in England and Northern Ireland. First-time buyers will pay no stamp duty on their new property up to £300,000. You can calculate exactly how much you need to pay here.
Valuation Fees…
Your mortgage lender needs to determine how much they are willing to lend you and they do this by making a valuation of your property. Depending on the value of your property, this can range from as little as £150 to up to £1,500.
Surveyor’s Fees…
A surveyor will check that there are no problems with the property which can save you money in the long run, so it is important that this happens. This can cost between £250 to £600.
Solicitor’s Fees…
You’ll need a solicitor to carry out all the legal work when you buy or sell a property. Including VAT, these fees are usually around £850 to £1,500. There may also be extra charges such as the fee to carry out searches for any plans or problems.
Removal Fees…
Unless you have the facilities to do it yourself, you’re going to need to pay for someone to help move all your things out of, or into your property. These costs usually range from £300 to around £600.
Mortgage Fees…
There are mortgage fees to pay for which are broken down into a few keys costs. The booking fee at £99 to £250, an arrangement of up to £2,000 and potentially a valuation fee at least £150.
Ongoing Costs…
It is important to note that there are also ongoing costs involved, including council tax, insurance, daily running costs and maintenance and repairs.
Conveyancing Explained…
Conveyancing fees in the UK do vary from each legal firm and they may continue to increase or decrease as we further into 2019. In case you need more detail in figuring out the conveyancing fees for selling a house or buying a house the following calculators are available:
Regardless of whether you’re selling or buying a property, you’re going to need a conveyance lawyer. We can provide you with professional advice and support during this stressful time and ensure you are kept up to date at all times. Speak to our expert team today…
