What are conveyancing fees?

How do I know if I’m paying too much for conveyancing fees?

When we are buying or selling our home, one of our most pressing concerns is knowing whether we are paying the right amount for the legal and other fees associated with the house move. So how do we know if we are getting value for money? Read this guide, as it is going to help you a lot in this regard.

The most important advice I can give you on this is to go with a personal recommendation from someone you trust. There is nothing better than word of mouth referrals (I should know, I have built my business on them!) I would also make sure you know that the solicitor will handle your sale personally. A cheap mass-volume conveyancer simply won’t have the time to get to know your individual case, is more prone to errors and will likely take longer to do the same work. Always remember that you will have to live with the consequences of any mistakes, not them, so it is worth paying that bit extra to make sure the job is done right first time.

If you don’t have a personal recommendation, then my guide to understanding conveyancing fees should help you to choose wisely.

What exactly are conveyancing fees?
Conveyancing fees are the total bill you will pay for a solicitor or conveyancer to handle the purchase or sale of a house. They are made up of two elements, the legal fees set by your solicitor, plus any extras charged by third parties for necessary services, known as disbursements.

How much should expect to pay?
How long is a piece of string? Conveyancing fees depend on many factors, and how many ‘extras’ you might need. For example, if you’re buying a house in a flood risk area or in a former mining area, then extra searches will need to be done to asses the risk to your property. I advise that you agree a preset figure for the legal work carried out by your solicitor or conveyancer, which can range from around £500 to over £1000. The disbursements will be on top of this.

On top of the legal costs, what are the main disbursements I can expect to pay?
It depends on whether you’re buying or selling a home, but extra costs can vary from a few pounds for things like bankruptcy searches, anti-money laundering checks and copies of the title deeds, to a few hundred pounds for local authority checks and the transferring of ownership. Then of course there is the Stamp Duty Land Tax (SDLT) which is due on properties worth more than £125,000 and is calculated as a percentage on a sliding scale, up to 12%. Of course, if you are buying a second home or as part of your portfolio, there is an additional 3% SDLT levy.

Are the fees different for leasehold properties?
Yes, because the legal work involved is more complicated. The length of the lease may need to be addressed and also issues such as legal agreements between the landlord or management company and the buyer, about who is responsible for things like maintenance of the building and communal or outside areas.

Is that everything then?
Not quite. These days, your solicitor would expect to see safety certificates for certain works that have been carried out on a property, for example electrical or plumbing work, loft conversions and double glazing. If the certificates can’t be produced, then an insurance policy will potentially have to be taken out.

Do I have to pay the fees even if the sale falls through?
It depends on what you have agreed with your solicitor. Some offer ‘No Sale, No Fee’, but you need to make sure you know what you are expected to pay, if anything, should the sale falter. If the solicitor has incurred any third party costs then you are likely to have to cover them, but they do sometimes reduce the legal part of the bill if a sale is reagreed down the line.

How do I choose the right conveyancing solicitor if one hasn’t been recommended to me?
Shop around and compare fees and what’s included in those fees. Conveyancing is a complicated business, so look for someone with experience. Be mindful that there are now internet conveyancing services, that can seem cheap, but personally I wouldn’t touch them with a barge pole. Buying and selling houses is a legal minefield and every case is different, so the ‘one size fits all’ approach of the online community can lead to serious problems down the line. You need an expert who understands the process inside out and who will handle your case individually.

Hopefully, these guidelines will help point you in the right direction, but if you get stuck, do get in touch.

Written by: Alex Goldstein – alex@alexgoldstein.com

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

Breaking Property News 20/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why estate and letting agents must embrace innovative technology in 2025   As we step into 2025, the UK property market continues to shift, and estate agents face mounting pressure to meet the evolving expectations of buyers and sellers. The days when static images sufficed…
Read More
Breaking News

Breaking Property News 19/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   High street Auctions’ initiative launches to revive Britain’s town centres   This month the UK Government rolls out its highly anticipated ‘High Street Auctions’ scheme, a flagship measure of the Levelling Up and Regeneration Act 2023. This initiative grants local authorities the power to take…
Read More
Estate Agent Talk

Moving Up In The World: Finding Your Dream Home

Finding your dream home is one of life’s most exciting and transformative experiences. Whether you’re looking to upsize, relocate, or finally purchase that ideal property you’ve always envisioned, the journey is both thrilling and filled with important decisions. As you embark on this path, it’s essential to plan carefully, consider your priorities, and approach the…
Read More
new build home fronts
Breaking News

These cities are the keenest to move house in 2025

Bournemouth is the keenest area in the UK to move home, with 38,132 average monthly searches for moving-related topics per 100,000 residents. Plymouth is second, with 35,198 average monthly searches for moving, and Birmingham is third, with 35,181. Derry is the least keen area to move house, with only 3,170 average monthly searches related to…
Read More
Love or Hate Rightmove
Breaking News

Number of rental enquiries still double pre-pandemic, as rents predicted to rise 3%

The average number of enquiries sent to agents about each available property they have to rent is still nearly double the level it was in 2019, despite improvements in the balance between supply and demand: Each available property receives an average of 11 enquiries, nearly double the 6 at this time in 2019 This is…
Read More
bank of england interest rate
Breaking News

Response to the Bank of England interest rates decision

Response to the Bank of England interest rates decision, thoughts from the Industry Rates were left unchanged at 4.75% MPC voted 6 to 3 in favour of holding rates flat, with three members preferring to cut rates by 0.25% to 4.5% In the near-term inflation is expected to “continue to rise slightly” The market was expecting rates to remain…
Read More