Comparing conveyancing quotes can be a great way to save money buying or selling a house. By better understanding the fees involved, you can be better prepared to compare quotes and make a more informed decision. This guide can help you understand what to look for when getting quotes and what to expect regarding fees.
The normal charges to buy or sell a home are around £2,239 and £1,690, respectively. These prices incorporate the expense of employing a solicitor to carry out the legal work, disbursements for the conveyancing, and any additional costs applicable when buying or selling a house at the average price of £277,000 (with 20 per cent VAT included).
We've looked at the conveyancing fees from 46 conveyancers from different regions of the UK to determine the conveyancing costs for 2023. The fees may vary depending on the property's locality, the solicitor or conveyancer chosen, the price of the home and the level of service required. However, the costs may vary from one property to another.
First, What Are Conveyancing Fees?
Conveyancing fees are the money you pay a conveyancer or solicitor when purchasing or liquidating a property. These expenses cover the legal work associated with the transaction, such as preparing legal documents, title searches, and conducting the settlement process. These fees can also include the following:
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Conveyancer's legal fee: The conveyancer will be compensated for their service, including their time and effort. The fee may be charged by the hour or at a fixed rate.
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Disbursements: Your lawyer may need to pay for services from outside sources to handle your case. This could include things like expert testimony or access to legal documents. If your case is more complex and requires more specialist services, you may have to pay additional fees for these services.
Legal Fees
The complexity of your case and the experience of the lawyer you choose. It is important to ask your lawyer for an estimate of the cost of their services before you hire them, such as:
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A solicitor instead of a conveyancer
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Property price
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Online conveyancing
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Shared Ownership or Help to Buy
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Lease extension, transfer equity, remortgage
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Cash buyer
Conveyancing Fees For Multiple Scenarios
Buying a home with a mortgage involves taking out a loan from a bank or lending institution to purchase the property. Buying with Help to Buy involves taking out a loan from the government to help purchase a property.
Selling a leasehold property with a remortgage is transferring the ownership of the property to a new owner while keeping the same mortgage agreement. Selling with the transfer of equity is transferring the ownership of the property to a new owner while making changes to the mortgage agreement.
There is no one-size-fits-all fee for conveyancing. The cost of the process varies depending on the situation and the service required. We've gathered data to provide average costs for various circumstances, such as purchasing a home, remortgaging, and transferring equity. However, the amount you will pay will depend on the particular details of your case and the service you select. These figures come straight from our conveyancing network and average conveyancing fees:
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Buying a freehold property without any mortgage - £2,119: The average cost of buying a freehold property does not include an additional fee of £220 for a mortgage supplement, but it does include the solicitor's legal fee and any other related costs.
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Buying a leasehold property with help to purchase - £2,774: We've calculated the normal expenses associated with a lease, which include the typical legal costs of a solicitor and any other associated fees.
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Selling a leasehold property to remortgage - £2,333: We calculated the average cost for selling a leasehold property by looking at the typical fees for a solicitor, adding any additional costs associated with the sale, and then factoring in the cost for remortgaging the property.
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Selling a freehold property to transfer equity - £1,888: We calculated the total cost of buying a freehold property, including the average legal fee, other relevant expenditures such as disbursements, and the cost of transferring equity.
On Disbursements
The legal fees associated with buying or selling a home will usually be the largest expense. However, additional costs are associated with the process, known as conveyancing disbursements.
These include Land Registry searches, Stamp Duty, and other fees based on the property's price. A full list of the conveyancing disbursements and the associated costs for 2023 can be found below.
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Conveyancing searches - £290: The conveyancing search pack costs an average of £290, ranging from £250 to £450 and varies by location. It includes a Local Authority, Environmental and Water, and Drainage search and only applies to buyers.
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Anti-money laundering checks - £5: Anti-money laundering checks ensure the money is legitimate. This usually costs about £5.
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Bank transfer fee - £40: Bank transfer fees for sums of money over £60,000 can cost between £25-£45, with an average cost of around £40, including VAT. If selling and redeeming a mortgage, another fee may be charged.
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Bankruptcy check - £3: A bankruptcy check costs around £3 on average and is commonly used by mortgage applicants.
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Mortgaged property supplement fee - £220: If you have a mortgage, your solicitor must liaise with your mortgage lender to process your mortgage's redemption. This extra work will cost around £220 on average.
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Title deeds copy - £4: Your conveyancer must obtain updated official copies of the freehold Title Register and file Title Plan from HM Land Registry at the cost of £4. This is a solicitor fee for sellers only.
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Transferring ownership with the land registry - £438: Your conveyancer must officially transfer the property to you. Depending on the value of your home and if the property has been previously registered, this may cost between £20 and £455 electronically or between £40 and £910 if done through the post. The typical expense is £438. This includes the solicitor's fees for purchasing the house.
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Stamp Duty Land Tax - £3,850: Stamp Duty on a house purchase is typically around £3,850 and varies depending on the value and location of the property. Use our Stamp Duty Calculator to determine how much you'll need to pay. Applies to buyers only.
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SDLT Return - £110: If you're purchasing a property and need to inform HMRC, you must pay an average of £110 within 14 days of completion day.
In Closing
Estate agents may have recommended conveyancers, but they could be biased. Ask trusted people for recommendations and use comparison websites to save costs. Ensure the solicitor can handle your specific query if it's complex.
Confidently Confirm the Right Rates with Conveyancing Calculator
Our Conveyancing Calculator allows you to quickly and easily obtain an estimate for the cost of your residential conveyancing services. All you have to do is enter basic information about your property. We will provide a free, no-obligation quote from a UK-regulated SRA property solicitor or CLC-licensed conveyancer. This will give you ease that you are dealing with a reputable and reliable provider and getting the best price for your conveyancing services. Get a quote for conveyancing fees in Christchurch today!
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