Conveyancing fees are what you pay to cover the legal side of buying or selling a property. These fees will vary depending on all sorts of factors, but it is important to understand how much you are likely to have to pay so that you can budget accordingly, and make sure that you don’t overpay.
Calculating Conveyancing Fees
Conveyancing fees are made up of two different parts:
These are the fees that your solicitor or conveyancer charges for their work. These vary from solicitor to solicitor. If you can, it is advisable to choose a firm which offers a fixed price conveyancing fee. This makes it easier to compare quotes, and fees for firms which charge by the hour are very difficult to budget for.
These are fees charged by third parties for services such as searches. Some of these will apply only to buyers, some will apply only to sellers. The main ones are:
- Anti-money laundering checks – these are legal checks to confirm your identity, and usually cost around £20.
- Title deeds – sellers need a copy of the Title of Deeds from the Land Registry. This costs £6.
- Searches – local authority searches such as drainage searches and environmental searches are necessary for buyers. These can cost £250-£450.
- Transferring ownership – sellers need to pay the Land Registry a fee for transferring your name with your buyer’s name. This costs £200-£300.
- Stamp Duty Land Tax – this is a tax payable by the purchaser. The amount you pay is based on the purchase price of your property – you can find out more here.
These are just some of the disbursements – there may be others depending on the specifics of your purchase. If you are buying a leasehold property, the fees are likely to be much higher because there are additional costs involved.
Finding The Right Conveyancing Solicitor
When you choose the right conveyancing solicitor, you will save yourself a lot of stress. Buying or selling a property can be a nerve-wracking time, and a good solicitor will make the process as smooth and efficient as possible. There are several things to bear in mind when choosing your solicitor:
- Approachability. You will want someone who responds to your queries and keeps you updated throughout the process.
- Reviews. Whether they are from friends and family or online, other people’s experiences with a solicitor will be useful when you’re deciding who to go for.
- Conveyancing fees. Make sure you compare several before deciding who to choose.
At Beeston Shenton, we pride ourselves on our transparency which is why we have an instant property calculator. This will give you a conveyancing fee estimate in seconds. We also have a useful app which can show you the progress of your sale or purchase at any time. It is available on both iOS and Apple – just search for ‘Beeston Shenton’ in the app store.
Our property law team are looking forward to helping you with your conveyancing matter. Simply get in touch to get started today!