Conveyancing Quotes Explained: Breaking Down the Costs for 2024

When buying or selling a home, obtaining, understanding and agreeing conveyancing quotes can seem like a further complex task, in addition to an already stressful situation. In this guide, you’ll learn about the key elements within a conveyancer quote – legal fees, supplements, disbursements, searches, and more.

With insight into typical conveyancing costs in England and Wales for 2024, our aim is to help you make sense of the numbers and fees on your quote. Although cost is just one factor when deciding who to instruct, understanding conveyancing quotes places you in a stronger position to give your property transaction the best possible start.

In 2024, typically you can expect to pay the following as the total of your conveyancing fees in England and Wales :

• £500 – £1000 for straightforward sales of lower value properties
• £1000 – £1500 for purchases and sales of standard properties
• £2000+ for high value or complex transactions involving leaseholds, new builds etc.

Your conveyancer should be able to provide a clear breakdown of their fees and what is included from the outset. Understanding precisely what you are paying for will help ensure there are no surprises down the line. Don’t hesitate to ask questions if you need any clarification on the legal costs, supplements or disbursements. We will now take a closer look at what all these different fees mean.

Understanding Conveyancing Quotes: The Main Components

When reviewing conveyancing quotes, it is important to understand the different components that make up the total costs.

There are three key elements:

• Legal Fees: These cover the solicitor’s time and expertise for the basic work involved in the property transaction i.e. for their advice. Expect fees of £500-£1500 for a standard transaction. This will apply to all transactions.
• Additional Fees or Supplements: In addition to the above, additional charges may apply for more complex cases requiring extra work on the conveyancer’s part, such as leasehold properties, new builds, shared ownership, right to buy, mortgage finance is involved etc. These fees are case specific and vary depending on your exact transaction.
• Disbursements: These are necessary fixed costs that must be paid to third parties during the conveyancing process. Common disbursements are search fees, Land Registry fees, and stamp duty taxes, which can range from a few hundred to thousands of pounds.

A thorough quote will break down all these components clearly, providing transparency on what you are paying for. Be sure to ask your solicitor to explain any vague fees or unfamiliar disbursements listed.

It is advisable to obtain several itemised quotes for comparison, as conveyancing fees can vary significantly between providers. Opting for a cheap quote may result in hidden costs later or a lower quality of service, while an expensive quote does not guarantee better results. Find the right balance between cost and quality of service for your needs.

With a detailed understanding of what goes into conveyancing costs, you can better evaluate quotes and make an informed decision when choosing your solicitor. A small upfront investment from a reputable firm can prevent much larger expenses resulting from hidden costs down the road.

Legal Fees: What You Are Paying Your Conveyancing Solicitor For

The legal fees charged by your conveyancer or solicitor cover their time and expertise in handling all of the legal work involving your sale or purchase.

A very simplified overview of what your conveyancing solicitor attends to as part of proceedings include:

• Reviewing and advising on the contract, transfer deed, mortgage offer, and other legal documents.
• Liaising with all parties – the buyer, seller, estate agents, mortgage lender etc.
• Submitting and responding to enquiries raised by the counterpart solicitor during the conveyancing process
• Advising you on the legal aspects at each stage and keeping you updated on progress
• Preparing for exchange of contracts and advising you through this critical stage
• Organising the completion date and handling matters with finances
• Registering the property with the Land Registry and paying any related fees

In 2024, typically you can expect to pay the following as the total of your conveyancing fees in England and Wales

Supplements and Extra Charges to Watch Out For on Conveyancing Quotes

Let’s now look at what common supplemental fees that come up on conveyancing quotes –

• Leasehold supplements – If purchasing a leasehold property, expect supplement fees of £100-£350 for the additional legal work involved. This covers reviewing and advising on the terms of the lease.
• Mortgaged property supplement – A supplement of around £125-£250 applies for the extra administration when a mortgage is involved. Conveyancers usually also act for your mortgage lender whilst the lender expects their legal fees to be covered by you, the borrower.
• Help to Buy ISA‘s and LISA’s supplement – If utilising the Help to Buy scheme, additional legal fees of approximately £50-£300 will be incurred to handle the equity loan paperwork.
• Disbursements – These include charges paid to third parties, such as land registry fees and stamp duty. Disbursements can significantly increase the total conveyancing costs.

Keep an eye out for these extra fees and factor them into your budget. Ask your conveyancer to clearly explain any supplements or disbursements that apply to your particular transaction. They should be transparent about all costs involved. Some firms provide a round single figure in their quotation, others provide a cost breakdown. It is important to consider this and ask questions to make sure you are clear what you are paying for.

Disbursements: Additional Expenses Explained

In addition to the basic conveyancing fees, there are a number of supplementary expenses known as ‘disbursements’ which will be included in your conveyancing quote. Understanding what these entail will help you accurately compare quotes.

Common Disbursements You Find On Conveyancing Quotes

• Local authority search fees – Your conveyancer will carry out a local authority search to check if there are any planned developments or changes which could affect the property, such as new roads. This costs around £250.
• Drainage search fees – A drainage search provides information about the location of public sewers and water pipes around the property. This is approximately £50-£100.
• Environmental search fees – An environmental search identifies any potential contamination risks, flood risks, and other environmental factors. Expect to pay £50-£100.
• Bank transfer fees – When purchasing a property, your conveyancer will need to transfer large sums of money. Bank transfer fees are usually £20-£50.
• Land Registry fees – You’ll need to pay fees to register your ownership with the Land Registry. This depends on the property value but expect £20-£500.
• Stamp Duty Land Tax – This is a tax paid to HMRC on property purchases over £250,000. The amount varies based on the purchase price.
• Identity checks – Conveyancers are required to carry out identity checks on buyers. This costs around £10-£30 per person.
• VAT – Your conveyancer may charge VAT at 20% on their fees and some disbursements. Check if VAT is included or excluded.

Ways to Reduce Your Conveyancing Fees

There are a few ways you may be able to reduce the costs associated with conveyancing:

• Compare quotes. Get quotes from several conveyancing solicitors or licensed conveyancers. This allows you to compare their fees and services to get an idea of what others are charging and the overall costs and what benefits you receive from various providers.
• Look for volume discounts. Some firms offer discounts if you are buying or selling multiple properties.
• Consider an online firm. Online conveyancing companies like Express Conveyancing often charge lower fees by using automation and technology to work more efficiently.
• Avoid extra fees. Carefully review what is included in a quote. Extra fees for supplements, disbursements, or additional work can add up. It is perfectly acceptable for you to ask questions. Understand what you are paying for.

Following one or more of these tips can potentially help you reduce your conveyancing fees by a meaningful amount. Do your research to find the best value service for your needs.

Questions to Ask When Comparing Conveyancing Quotes

When comparing conveyancing quotes from different solicitors or licensed conveyancers, it is essential to understand exactly what is included in their fees.

Asking the right questions upfront can help you avoid unexpected costs down the line. Consider asking the following:

• What is included in your legal fees? This should cover work such as conducting searches, preparing transfer documents, and other legal work. Get a breakdown of each service.
• What supplementary fees or additional costs may apply? Some firms charge extra for certain services like electronic ID checks or telegraphic transfers. Know what these are. Where an itemised statement quote has been supplied, carefully check the small print. You will be surprised as to what hidden fees are there!
• What disbursements will I be responsible for paying?
• Do you charge a percentage fee or offer no-completion, no-fee if your transaction aborts?

Asking these questions will empower you to make an informed decision when selecting a conveyancer. Scrutinising the fine print prevents budget shocks. Seek clarification on any vague, ambiguous, or concerning charges. With all costs and services explicitly outlined, you can choose the best value conveyancing quote with confidence.

Conclusion

As you have seen, conveyancing quotes can be complex, with various fees and costs involved. While legal fees make up the bulk of the quote, additional disbursements and supplements can quickly increase the total.

Typical conveyancing costs in England and Wales in 2024 range from £500-£1500, but many factors influence the final amount.

Understanding precisely what’s included in your quote is crucial. Analyse the breakdown thoroughly and don’t hesitate to request clarification from your solicitor on any ambiguous charges. With an informed perspective on common fees, you can decipher quotes accurately and find the best value conveyancer for your needs. Equipped with this knowledge, you can navigate the conveyancing process smoothly.