Every year, around 4-5% of people move house in the UK. Moving homes comes with extra costs such as conveyancing, insurance, mortgage fees and estate agency fees. We’re here today to let you know what to expect when it comes to conveyancing costs, when you need to pay, potentially how much you need to pay and more…
How much will conveyancing cost?
The amount you will pay in conveyancing fees depends on whether you’re buying or selling – or both. Selling a property involves fewer costs than if you were to buy a property. If you are buying and selling a property, you will, of course, pay more.
At Birchall Blackburn Law, we know moving house can be overwhelming, especially all the legal jargon. We find it’s helpful for our clients to know exactly what a conveyancer’s job involves.
If you’re buying a property, our conveyancing team carries out tasks such as:
- Obtain a draft contract, property information/leasehold information
- Checking documentation with you and approving it
- Investigating a title to a property
- Carrying out all necessary searches and enquiries on the property
- Obtaining funds from the mortgage lender (if applicable)
- Preparing and completing the transfer or purchase
If you’re selling a property, our conveyancing team carries out tasks such as:
- obtaining your title deeds (if appropriate)
- preparing a contract for the sale of the property
- checking and submitting to the buyer’s solicitors your completed property information forms and fittings and contents form
- redeeming the mortgages or charges of which we are aware
- unless you instruct us otherwise, paying your estate agent’s fees from the proceeds of sale
Take a look at our Conveyancing & Pricing brochure for more detailed information.
What are the average costs for conveyancing?
In 2019, according to Property Reporter, the average total fees for conveyancing, excluding disbursement costs such as Land Registry fees, searches, and banking fees, was £1,154. Specifically, first-time buyers paid an average of £677 excluding disbursements.
How is a typical conveyancing fee broken down?
The basic conveyancing charges for both buyers and sellers are as follows:
|Conveyancer’s fee||Conveyancer’s fee|
|A copy of your title eg. register and plan||Search fees:
|Bank transfer fees||Bank transfer fees|
|ID verification||ID verification|
|Stamp Duty Land Tax (SDLT)|
|SDLT return fee|
|Land Registry Fees|
However, there are extra charges to consider depending on the tenure of the property and how you intend to purchase the property. Some additional fees may include:
- Leasehold property supplements
- Help to Buy ISA admin fee
- Official copies of the title and lease
Can I get an estimate of my conveyancing costs before I choose a solicitor?
Yes! You can use the Birchall Blackburn Law Conveyancing Estimate Calculator to get an idea of what to expect in terms of conveyancing fees. The calculator covers several estimate types including:
- Sale and Purchase
- Purchase (Wales)
- Sale and Purchase (Wales)
You’ll need to have information to hand such as your sale/purchase price, the tenure type, and whether or not you’re using a mortgage. While it’s not possible for a conveyancing quote to be 100% accurate, they can give you a good idea of the price range to expect.
Will I need to pay conveyancing costs upfront?
You won’t need to pay all conveyancing costs upfront. Instead, you’ll typically pay a couple of hundred pounds upfront, which covers searches, ID checks and office copies from the Land Registry. You then pay the remainder just before completion. If you’re a buyer, you pay the deposit when you exchange contracts. If you’re a seller, you pay the remainder on completion. If you have any questions on paying conveyancing costs, you’re very welcome to contact us.
What about Stamp Duty Land Tax?
The pandemic has changed Stamp Duty Land Tax (SDLT) as we know it. From 1st July to 30th September 2021, SDLT is at a reduced rate. You only pay SDLT if your property is worth £250,000 or less, regardless of whether or not you’re a first-time buyer.
If the property is worth over £250,000 but under £925,000, you’ll pay 5% on any amount over £250,000. There are higher tiers of SDLT – you can find a more detailed breakdown on the government website. We recommend checking the government’s SDLT page to stay up to date with SDLT changes.
You can also work out your SDLT payable with the HMRC calculator.
What happens if my property transaction doesn’t complete?
Sometimes things don’t go to plan – a party on the other side of the transaction may pull out or we may advise you not to proceed for a number of reasons.
We operate a “No Completion No Fee” policy, which means in some cases you will not have to pay our legal fees if your transaction does not complete. The policy applies to our professional charges only, as we will not be able to refund any payments to third parties such as for searches or land registry documents.
If you’re looking to buy, sell or remortgage a property, get in touch with our conveyancing team today: