Our Guide to Conveyancing Fees
Buying and selling property can be a long and expensive process - and moving home is a big decision both on a personal level and financially too.
Whether you are upsizing or downsizing and for whatever reason you decide to move, it is important to consider where you will be financially after the move so you can get your finances and life in check. You must have an estimate of how much things cost and including the conveyancing fees and other fees along the way.
Read the article if you wish to know more about conveyancing fees and to hear our guide to conveyancing fees, including everything you need to know - so keep reading to gather more information on this topic.
Introduction to Conveyancing
Conveyancing refers to the legal aspect of purchasing a home - specifically the legal transfer of property from the seller to the buyer.
When going through the conveyancing process, you will have a conveyancing solicitor to help guide you through. They will help through the legal side of things which can be difficult to understand if you are not an expert and know all of the ins and outs.
The process will involve raising enquiries and reviewing the contracts. The property will also have to be registered with the Land Registry are just some of the things that your conveyancing solicitor will be able to help you with.
The process of conveyancing begins the moment you make an offer on a property and it gets accepted - it finishes only when the exchange of keys happens.
The Different Types of Conveyancing Fees
Within conveyancing, there are fees of two types, these fees include:
- Legal Fees - these are the basic conveyancing solicitor fees for dealing with all the legal stuff and the process of home sale and purchase.
- Disbursements - these are costs that you will get charged on your behalf by your licensed conveyancer for third parties.
Basic Legal Conveyancing Fees
These fees can vary, and it can largely depend on your case. Average conveyancing fees can be anywhere from £300 - £1500 or more depending on your property’s price, your mortgage and the type of property, whether that be freehold or leasehold.
When you come to get a quote for conveyancing fees (for buyers and sellers), we will be as accurate as possible when giving your details, no matter if you're transferring ownership or gaining shared ownership. Being as detailed as possible at this stage can help you to better gauge the expected cost.
We want you to receive accurate quotes so that you can manage your finances. If you want to receive an instant conveyancing quote you can use Bell Lamb & Joynson's online conveyancing fees calculator on our website.
Disbursements are the costs that your conveyancer will pay on your behalf when conducting your property sale or buying a house. When you get your conveyancing quote remember to check whether the total quote price includes the disbursements.
Examples of disbursements can be found down below, so keep reading to learn more.
Every mortgage lender will require a bankruptcy check to be carried out to ensure you haven’t gone bankrupt in recent times. These searches aren’t expensive and usually cost between £2 - £4.
Money Laundering Check
Conveyancing as a business is targeted by export money launderers. This is due to the natural circulation of large amounts of cash in the property industry. Criminals who are money launderers are therefore able to push illegally gained amounts of money into the legitimate economy - so checking for money laundering at this stage is an essential part of the process for anyone transferring and buying property.
The process will involve a solicitor checking your money is coming from a reliable source. Legal documentation may be asked to be provided by you, showing evidence of where your money is coming from to pay for your new property, including your deposit funds.
The Land Registry will also be checked to ensure that you are the rightful owner of your current property that you intend on selling, in exchange of contracts.
Property searches need to be carried out to ensure that there are no hidden unpleasant surprises that you may have to deal with later on down the line.
The searches that will be carried out will include local, environmental searches and drainage. This is crucial in the house-buying process. Prices of searches can vary and it can depend on the location of the property.
It can be a very good idea to carry out a building survey too. This is the highest level of search and gives a comprehensive insight into the property.
It is usually recommended for older or larger properties in particular and can be the best decision for you if you are planning on doing any major building renovations on your future property. Building surveys can be more expensive but can be extremely worthwhile.
Title Deeds Copy
The title deed will need to be checked by your conveyancer, specifically the legal documents that prove that you own your property.
Electronic Transfer Fee
When the completion time comes, your conveyancing will make the funds transfer online and will charge a fee for doing so.
As a buyer, your money will be transferred to the seller’s conveyancer and if you are selling, the funds will be transferred to your mortgage lender. Funds that are remaining will be transferred to you.
Land Registry Registration
To officially transfer the property into your name when you are buying the property, you will need to pay the Land Registry Registration Services Fee.
For whatever reason your application is complex, this will cause costs to be higher and may not be able to be done online.
Stamp Duty Land Tax
Stamp Duty Land Tax, also referred to as SDLT, is a government tax on property purchases that exceed certain price brackets. This only applies when purchasing a property and your conveyancer will calculate the amount of SDLT you’re required to pay. Paperwork and registration also come at a small fee.
If you are buying a leasehold property then you will need to cover some added costs as the process can be more complicated and complex.
Your conveyancer may need a legal agreement between you and the owner of the land such could include things like carrying out repair work. This is known as a Deed of Covenant.
Selling leasehold property means you will have to cover extra costs too, for additional information required.
You should also check the terms and conditions with your conveyancers to ensure you are both fully clear of your situation so they can inform you of the additional charges you need to expect.
Bell Lamb & Joynson
Now that we have explained this, we hope you are aware of the conveyancing fees involved in the conveyancing process from the start and right the way through the process. Please browse our website for more information on our conveyancing services at Bell Lamb & Joynson.
If you need any further information, help or advice on conveyancing or any other topic you might need help with, then please don’t hesitate to get in touch with our expert team at Bell Lamb & Joynson. All of our contact details can be found on our website and we look forward to helping you.