Conveyancing Fees

Conveyancing is the legal process of transferring the ownership of a property from one party to another. Whether you are buying or selling a property, you will need a Conveyancing Solicitor to deal with the legal aspects of this transfer and conveyancing fees are the costs associated with this.

Unlike in the past, the Land Registry has centralised all information (more commonly known as title deeds) which are now held electronically. This centralisation of information has made way to an entirely new breed of Conveyancing Solicitors, or Conveyancers for short.

Conveyancers can now offer conveyancing fees and conveyancing quotes and represent clients anywhere in England and Wales, while in the past this would not have been possible due to obvious geographic restrictions. Due to the levelling of the playing field, conveyancing fees have significantly reduced from what they were 20-30 years ago.

To speak to one of our conveyancing experts and obtain quote
Contact us on 0800 799 9892

WHAT CONVEYANCING FEES DOES A QUOTE TYPICALLY COVER?

A conveyancing quote covers two main elements; the conveyancing fees for the Conveyancing Solicitor's time and disbursements, which are third-party costs, common to any firm you instruct.

Conveyancing fees amount to what you'll pay to your solicitor or conveyancer, to ensure that the legal aspect of a property sale or purchase is completed correctly and the time it will take for them to do so. Although the fees that firms charge can vary depending on a number of factors such as the level of service, the complexity of your transaction, the value and location of the property; the general process will usually remain the same. Most solicitors charge a fixed fee, but it is important to check the conveyancing fees cover all the work carried out with no hidden extras.

Disbursements are the expenses that your lawyer will incur during the transaction when you are selling and buying a property. These can include Land Registry fees to register the title, bank charges for transferring money and the cost of searches that will need to be carried out so your lawyer fully understands everything about the property you are buying before you commit yourself to a purchase. All disbursements should be explained to you by your solicitor/conveyancer prior to obtaining them.

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EXAMPLES OF MAIN DISBURSEMENTS

Searches

These can include Local Authority, Environmental, Land Registry, Drainage and many others. These searches will provide detailed information to your Conveyancing Solicitor about a property. The prices of these searches vary. In some cases, additional searches are needed and so the cost will increase.

Bank transfer or telegraphic transfer fee

If you are buying a property, it is common in the conveyancing process to use a telegraphic transfer to ensure that funds reach an account on a certain day. Usually, the bank transfer fees are £20-£30.

Title Deeds

When buying or selling a property, you will need a copy of the Title of Deeds, which will be held by the Land Registry. The cost of obtaining this is around £6.

Stamp Duty Land Tax (SDLT)

These can include Local Authority, Environmental, Land Registry, Drainage and many others. These searches will provide detailed information to your Conveyancing Solicitor about a property. The prices of these searches vary. In some cases, additional searches are needed and so the cost will increase.

Help to Buy

If you are purchasing a property with a Help to Buy scheme, you will probably be charged extra because of the additional legal work required. Normally, the costs will be in the range of £200-£300.

Anti- money laundering checks

These checks need to be done by a solicitor/ Conveyancer for them to verify your identity. The price of these checks can range from £5 to £30 per client.

These are just some examples of disbursements, and the list is not exhaustive. You can discuss what disbursements are relevant
to your particular transaction with your conveyancer.

WHAT TO LOOK OUT FOR WHEN IT COMES TO CONVEYANCING FEES

It is not uncommon for most conveyancing solicitors to provide a very low estimate of costs, as opposed to a full conveyancing fees illustration which can mislead a lot of customers.

These low or cheap conveyancing quotes are embroiled in various ‘hidden administration costs’ which tend to rack up quickly and potentially add onto the final bill of costs hundreds of pounds which previously had not been disclosed.

Additional hidden administration costs can include an administration fee to cover postage, photocopying, phone calls that are normally included in the conveyancing quote, contribution to Professional Indemnity Insurance if the property value is particularly high (over £2m), file storage fees and simultaneous exchange and completion fees.

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WHAT ABOUT FEES RELATING TO A LEASEHOLD TRANSACTION?

If your conveyancing matter relates to buying or selling a leasehold property, there might be other fees specifically relevant to your leasehold transaction.
These might include the following:

Corresponding with managing agent fee

There will be an additional fee if correspondence with landlord or managing agents is required.

Deed of Assignment

It is common for leases to include a covenant by the buyer to serve a notice on the freeholder regarding the change of ownership. This is known as Notice or Deed of Assignment and you will need to pay a fee for serving such notice.

Deed of Variation

If the lease needs to be amended because it is defective, for example, this can be done by a Deed of Variation. Your Conveyancing Solicitor will charge you an extra fee for this.

Payment of Service Charge Arrears

When selling a leasehold property, you will be required to pay for any service charges and/or ground rent arrears before completion of your sale. Your Conveyancing Solicitor will need to give an undertaking to pay the outstanding amount, if any, at the point of completion. Such fees might range from £50 to £85.

HOW TO AVOID BEING STUNG BY HIDDEN CONVEYANCING FEES WHICH WEREN’T DISCLOSED ON YOUR QUOTE?

The most straightforward and easiest option is to ask questions from the firm providing you with the conveyancing fees quote and check the quote properly to ensure that it is realistic. It is also recommended that you use a ‘No Completion, No fee’ service which gives you the added peace of mind from the outset that should your transaction abort for any reason, for example an adverse mortgage valuation or defective title, you will not be liable for any legal fees you have incurred.

All our conveyancing quotes, through Express Conveyancing outline the conveyancing fees at the outset. As long as you have supplied the correct information when you initially obtained your quote, our fees will remain the same. Most common mistakes tend to be the property tenure (freehold/ leasehold or share of freehold), the use of a mortgage lender and significant variations in the transaction.

Why not contact our team of property experts to find out how our conveyancing fees compare to most other firms and if we can assist you on your next property move?