How much does a conveyancing service cost?

Choosing a conveyancer or solicitor to take care of the legal aspects of buying a new home can seem like a daunting and time consuming task, but it’s important to get it right. As Fulham estate agent, Lawsons & Daughters advises, “Cutting costs by choosing the cheapest option available has potential to land you in hot water and cost you more in the long run- this is something that requires skill, experience and a lot of knowledge to do properly.”

Conveyancing fees

You’ll need to pay your solicitor or conveyancer to undertake legal work on your behalf, so it won’t be cheap. As a guide, you should expect to pay between £500 and £1500 for conveyancing work. Exactly how much it’s going to set you back depends on a number of issues, such as:

·         The amount of work needed

·         The complexity of the sale

·         The company you choose

If you’re buying and selling at the same time you will have to pay your conveyancer to undertake the work on both properties, which usually means you’ll be paying anything up to about £2,500. Kubie Gold estate agents reiterates the importance of paying for a quality service- “Some companies claim they can do all the work for a couple of hundred pounds, but in truth that probably either means there will be hidden costs that rear their heads further along the line or they’re not very experienced or thorough in the work. “

Moving house is one of the most stressful life events you can experience, and it’s even more frustrating if you’re working with poor conveyancers who won’t communicate with you throughout. It’s always wise to accept the costs if you can and go with a trusted professional rather than cutting corners.

How your fees are calculated varies from company to company. Some charge an hourly rate, some a fixed fee and others take a percentage of the property price. Take your time and do your homework before signing on the dotted line so you won’t have to worry about nasty surprises later. Obtain a few quotes from different companies so you can choose the best one for your budget AND your specific requirements.

Conveyancing quotes should be broken down as follows:

·         Local council searches

·         Bank transfers

·         Land Registry fees

·         Extras like expenses, postage and couriers

·         Additional charges for more complex work

·         Stamp Duty (this only applies to properties valued at £125k or more or buy to let second homes valued at £40k or more) 

Here’s a breakdown of how these fees work:

Conveyancing- £400- £1500 per property

Help to Buy- £200-£300

Land charges/bankruptcy search- £4

Land Registry- £20- £900

Leasehold Supplement- £150

Searches- £200- £400

Stamp Duty- 0% - 12%

Bank Transfer Fee- £25- £50

Proskips concludes, “Buying a house is a time consuming and complex process that most people need professional legal help with. Take the time to shop around, checking quotes and looking into your potential conveyancer’s reputation before committing.”