When you buy or sell a property it is important that you make sure that all the relevant legal aspects of the sale or purchase of that property are handled properly, and preferably by a professional – namely a conveyancing solicitor. The conveyancing fees are what you will pay for this service, and they cover the cost of carrying out the work by a solicitor (legal costs) and disbursements, which are payments made on your behalf to other parties such as the local authority for searches.
What and When can you Expect to Pay?
The choice of conveyancing solicitor will be a major factor in determining the final bill, depending on whether you choose a traditional solicitor or use an online service. The size of the property, its location and whether it is mortgaged will also have a significant impact on the conveyancing fees.
Some conveyancing solicitors will require a deposit, typically 10%, which helps with some of the disbursement costs, or you may have to pay some of them as the transaction progresses. The balance of the fees will usually be paid on receipt of the Completion Statement once the sale or purchase has been finalised.
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Legal Fees
The work carried out by the conveyancing solicitor is covered by the legal fees and can vary enormously. A traditional solicitor will typically charge £800-£1200 depending on how many hours are spent on the project, whilst an online conveyancing service can start as low as £199 and some will offer fixed-price conveyancing. The area of law that has the most Ombudsman complaints is conveyancing, so it’s important to evaluate and fully understand what is being offered by the provider rather than just deciding based on price alone. To understand more about conveyancing costs visit Sam conveyancing for info on conveyancing costs.
Typical Disbursements
Disbursements can be many and varied and will not always be relevant, so it is better to understand from the beginning what will apply to your property transaction. Some of the disbursements are relatively inexpensive, but others can be costly so the total can grow to a sizeable sum. The main costs to be aware of are title deeds (£6), anti-money laundering checks (£6-£20), local authority searches (£250- £500) and Land Registry fees (£200-£300), and you will probably have to pay a fee of up to £45 for your solicitor to make a bank transfer to settle with your mortgage provider.
Mistakes are made in conveyancing, and they can have expensive consequences – using a low-cost service can increase the risk, so when seeking quotes make sure you check the small print and be sure you know what to expect.