When it comes to buying a house, there is so much information you will need to know, including how much your solicitor’s fees may be and what your solicitor’s actions and responsibilities are. Each solicitor is different, and due to this, their prices fluctuate.
The process of buying and moving house can be a stressful, but rewarding journey. Working out how much solicitors fees are helps you organise your finances and understand the costs involved with buying a new home.
Why Do I Need A Solicitor To Buy A Home?
It is important to hire a solicitor so that all legal aspects of your house can be arranged and finalised. Without one, your documents may not be legally valid and it could cause you more problems in trying to rectify that.
Having the knowledge of a solicitor can aid you in the buying process, as they can carry out searches that could potentially affect your new home in the future, which you may not have time or know how to do yourself. Your solicitor will support you, answering any questions you may have, and can advise you through the entire process.
How Much Will It Cost To Hire A Solicitor?
Solicitor fees vary at each and every firm. The majority of solicitors charge between £500 to £1,500 for organising the legal aspects of buying a house. Solicitors may charge their fees in two different ways: a fixed fee or a set of disbursements. Disbursements are the surrounding costs that can occur when your solicitor is organising your house purchase.
There are many different options that a hired solicitor can help with. For example, you may need help with managing your Stamp Duty or Mortgage Arrangements. For a fee, your solicitor will be able to coordinate these for you, and they will then be charged as disbursements.
Some of the most important fees that may be incurred by your solicitor are their conveyancing costs. The main conveyancing costs are Electronic ID verification, Local Authority searches, and Telegraphic Transfer Fee.
Electronic ID Verification
An Electronic ID Verification is a process of checking your legal documents such as your previous address, passport, and a current full UK driving license. These usually cost between £2 and £20 per person and can easily be checked by using national records. These checks will be done at the start of the process, allowing you to apply for your mortgage straight away, meaning that your solicitor can move onto the next step in the process knowing that everything is accurate.
Local Authority Searches
A Local Authority Search is one of the most important processes a solicitor can do for you. A local authority search allows your solicitor to check with the local council that there will be no problems in the future for your new home. These searches could involve looking at any grids or trees that could block your view or change the look of your home, which will allow you to negotiate on the price of your new home.
It ultimately saves you time, as your solicitor can research any problems for you. The price of these searches can vary. However, on average it will cost you between £100 and £200. Some solicitors may even include other searches, like an Environmental search for any contaminated land in the area.
Telegraphic Transfer Fee
Your Telegraphic Transfer Fee, often called (CHAPS) is the cost that the bank charges for the money that needs to be transferred from your lender to your solicitor to buy your new property. This usually costs around £40 to £50 and it is often used to make high payments.
This is one of your solicitor’s main responsibilities, to handle the payments and transfer of the property from you as the buyer, to the seller.
Keeping Track Of Your Fees
Sometimes there are so many different costs to understand that keeping track of your fees is virtually impossible. The best way to handle your fees is to keep a spreadsheet or use a budget planning tool.
Relying On A Good Solicitor
It can be a strenuous task looking for a solicitor who is knowledgeable and still provides their services at an affordable rate. We provide a prompt and professional service along with our highly experienced solicitors, making the process of buying your new home as stress-free as possible. Get in touch with our Property Law team today or give us a call and we will give you the support you need to buy your perfect home.