Conveyancing fees buying and selling - My Conveyancing Specialist

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4th March 2020

Conveyancing fees buying and selling

There are a range of prices offered for conveyancing solicitors across the country. This differs even more greatly between traditional conveyancing services and online. Most often the differences in charges can occur from the amount of time and money it costs a solicitor to complete your case.

Online conveyancing solicitors who have optimised the conveyancing process therefore tend to be the more affordable option.

Putting these differences aside, there are also costs for conveyancing that are standard rates across buying, selling, online and traditional conveyancing cases.

The majority of conveyancing costs come from the local authority searches and fees that are associated with the legal side of property exchange.

Use our chart below as a guide for pricing of conveyancing fees for freehold and leasehold properties. Ensure that when you instruct a solicitor, all the necessary conveyancing costs are included and that they contribute to the cost of the service in an expected manner, not overcharging.

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  • Conveyancing fees range from £470-£2,500
  • Solicitor are paid direct from the vendors
  • Payments vary throughout the process and or just on completion

Conveyancing fees buying and selling UK

Average fees for selling a Property:-

Property Value                   Avg Freehold Cost*         Avg Leasehold Cost*

Up to £100,000                               £470                                     £630

£100,001 to £200,000                  £540                                     £840

£200,001 to £300,000                  £700                                     £970

£300,001 to £400,000                  £830                                     £1,110

£400,001 to £500,000                  £950                                     £1,290

£500,001 to £600,000                  £1,180                                  £1,580

£600,001 to £700,000                  £1,230                                  £1,640

£700,001 to £800,000                  £1,290                                  £1,820

£800,001 to £900,000                  £1,350                                  £1,990

£900,001 to £1,000,000               £1,410                                   £2,000

* This is just an indication of costs from a sample of fees from 40 licensed conveyancers across the UK to find these averages, but Fees will greatly vary depending on your situation and conveyancer.

 

Average fees for Buying a Property:-

Property Value                   Avg Freehold Cost*         Avg Leasehold Cost*

Up to £100,000                               £730                                     £1,040

£100,001 to £200,000                  £920                                     £1,120

£200,001 to £300,000                  £1,010                                  £1,240

£300,001 to £400,000                  £1,120                                  £1,310

£400,001 to £500,000                  £1,200                                  £1,390

£500,001 to £600,000                  £1,360                                  £1,580

£600,001 to £700,000                  £1,430                                  £1,640

£700,001 to £800,000                  £1,570                                  £1,950

£800,001 to £900,000                  £1,620                                  £2,230

£900,001 to £1,000,000               £1,710                                   £2,310

* This is just an indication of costs from a sample of fees from 40 licensed conveyancers across the UK to find these averages, but Fees will greatly vary depending on your situation and conveyancer.

What Are Conveyancing Fees?

There are a number of fees that you should expect to pay during the conveyancing of your property. These fees cover the legal changes and extra work that is carried out by your solicitor. Your conveyancing solicitor will collect the fees from you and this amount will often be included in your initial quote, giving you a good idea of the amount you should expect to pay.

My Conveyancing Specialist are able to offer some exceptional quotes for conveyancing services with all the essential checks and a truly professional service. Get your quote now to discover an easy conveyancing experience.

Below we have laid out the key conveyancing costs, also known as disbursements that you are likely to pay for during the conveyancing of your property:

  • Bankruptcy Search: Your conveyancer will check your financial history and status for the favour of your mortgage provider. This ensures their security for paying back your loan.
  • Land Registry office copies: Land registry fees cover the legal transference of ownership of the property from the seller to the buyer
  • Electronic ID verification: In order to confirm your true identity for the property and mortgage deeds, a fee will be charged for your conveyancer to confirm your identity.
  • Local Authority Searches: An investigation of public records is performed focused on the property you are looking to purchase as well as the local area. This will uncover any planning complications or local issues so you can be fully aware of your situation.
  • Water and Drainage: This search will ensure correct drainage of waste water and runoff to make aware any issues regarding water damage.
  • Environmental Search: Checks will be made across historical and recent records of the land to become aware of any potential environmental contamination that could be of detriment to your health
  • Telegraphic Transfer Fee: An online transfer of the funds to pay for your property will require a fee to make the transaction
  • HM Land Registry Final Search: Before sending over the ownership deeds of the property. A final search is completed by HMLR to ensure all is in order for the exchange of property.
  • Land registry Charge: To make the change of registration of property a fee must be paid dependant on the price of your purchased property.
  • Stamp Duty Land Tax: A land and transaction tax is paid according to the price of your property. You may have to pay between 0-10% of the price of your property in Land Tax

Disbursement Costs

Fee                                                                 Amount

Anti-money laundering checks           £20

Bankrupty search                                       £4

Bank transfer fees                                     £25

Local authority searches                        £350

Gifted deposit                                              £75

Property fraud check                               £10

Title deeds copy                                         £7

Transferring of ownership                     £250

Help to buy ISA                                           £60

Help to Buy supplement                         £250

* This is average fees from 40 licensed conveyancers across the UK.

What stamp duty rate will I pay?

PURCHASE PRICE                          STAMP DUTY RATE

Up to £125,000                                              Zero

£125,000.01 to £250,000                       2%

£250,000.01 to £925,000                       5%

£925,000.01 to £1,500,000                    10%

£1,500,000.01+                                               12%

Do you have to pay solicitors fees upfront when buying a house?

This can vary from solicitors, in general you will pay your solicitor at different points throughout the process. There is usually an upfront fee associated with the costs of the legal work required and then further costs may be required in the middle with any final sums required, usually because the solicitor has incurred costs on your behalf (for searches, for example).

 

How to Save Money On Conveyancing Fees

Whilst all of the mentioned fees can add up to be expensive, you can make some savings throughout the process. Some conveyancing providers will overcharge, but some will offer better deals than others.

It is important to set your expectations and standards before committing to one conveyancing solicitor. Some solicitors offer ‘No Move, No Fee’ guarantees that ensure you don’t have to pay any conveyancing disbursements or fees if the sale of your property falls through. You should also aim to work with a conveyancing solicitor that provides a Fixed Fee policy to ensure there are no additional bolt on legal fees that become apparent after the process is complete as this can really upset the budget.

My Conveyancing Specialist offer a comprehensive conveyancing service that covers all of these necessities. The services are fair and affordable. We will ensure the safety of your finances with both the No Move, No Fee and Fixed Fee guarantees. We believe in convenient and affordable conveyancing to take the stress out of moving house. Complete your free no obligation quote to find out more.

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