Conveyancing fees will vary from case to case, company to company and town to town. However, with Your Conveyancing Solution, you can rest assured that our entire panel of property solicitors have signed up to one, low, cost fee structure for each case type. Whether that be buying or selling your home. This way we can ensure that no matter where you are located, we can help select the solicitor that specialises in your type of situation and the cost to you will not be affected. This conveyancing charge is associated with covering all of the legal work associated with buying or selling your home.
Property solicitors fees can be broadly split into two parts, the conveyancing (or legal) fee, this is the cost charged by the company to pay for the many hours of work a conveyancer will put into making sure your sale, purchase or remortgage of your home proceeds as smoothly as possible.
The second portion relates to what is termed as disbursements, costs associated with paying a third party, for example, the local authority for your searches.
Some costs will only be associated with buying your new home, while others will relate to a sale only.
Every conveyancing solicitor on our panel will charge £600 as their legal fee, this is typically lower than the industry average with many sources citing £850-£1000 +. Please note if you are buying or selling a property with a leasehold tenure, this figure could change.
When tackling a disbursement, you could face multiple different checkpoints in the process, these include the following:
Anti-money Laundering Checks
A legal check to verify your identity and ensure that all transactions are legitimate.
Shows ownership of the property and land officially registered at land registry, if you have a mortgage, the lender will retain this.
Provided by the local authority, these will include a drainage search, environment search and planning search. Again, if you have a mortgage these are a must.
Land Registry Fee/Transfer of Ownership
A charge for transferring the documents into the new buyer’s name.
Mortgage Supplement fee
Covers the cost of liaising with the mortgage lender, processing documents and possibly redeeming the mortgage balance.
Telegraphic Transfer or Bank Transfer Fee
In order to ensure these large sums are transferred on a certain day, the solicitor and lender need to charge a fee to guarantee this happens.
Help to Buy or Shared ownership Schemes
This type of purchase will create additional work via further documentation and liaising with people involved at these schemes.
Mortgage lenders insist on this to ensure that the money lent is going towards a reliable recipient. Things such as Bad Credit can affect this.
Stamp Duty Land Tax
This varies on factors such as; are you a first time buyer? Are you buying an additional property? And of course the property price. Please refer to our guide to stamp duty page.
Estate agent fee – generally paid by the person selling, upon completion in most instances.
Leasehold Tenure (Additional Charges) – £150
With a leasehold property, there will be vital additional and complicated work for your property solicitor and therefore a small supplement fee. This will include work pertaining to the management company, including the process of when work to the property may need to be undertaken, important information regarding, length of remaining lease, service charges and ground rent and possibly deed of covenant work.
What if the Transaction does not Complete?
Our entire panel operates a no sale, no fee policy. This relates to the conveyancing fee charged by your property solicitor, if you don’t complete the sale, they will not charge you. If you have paid for disbursements that cannot be transferred to another transaction, this will unfortunately not be refunded, as payment would have been sent to a third party.
When Payment of Fees is Due
Like most conveyancing solicitors, there will be a request for ‘money to be placed on account’. This enables the initial work to begin. This will generally be circa £275. There will then be a request for searches to be paid for. Or the land registry charge (if you are buying) thereafter and possibly other disbursements, with the majority due upon completion of the sale or purchase.
Our group of solicitors are also on the panel of every lender in the UK, therefore you never need to be concerned about an additional cost which can sometimes be levied upon a buyer if they choose a conveyancer that is not part of their mortgage lenders preferred panel. This saves time and indeed money, the whole reason we created this service for you.
We hope that you found the information presented useful. If you wish to discuss any of our services or you are looking for cheap conveyancing quotes then feel free to contact us or call us on 01536 238660