How much does conveyancing cost?
Conveyancing costs are an important part to factor into the house-move equation, along with other known costs including the final purchase price, Stamp Duty and estate agent’s fees. Unsurprisingly, every buyer who approaches us about a house purchase (or sale, for that matter) asks about conveyancing costs early in our discussions.
There is no ‘one size fits all’ response to this question as the accuracy of our answer will depend on a whole range of variables, some of which will be unknown in those early stages. Every solicitor will need to review the transaction in detail before confirming a final cost. We have to discover how many exceptional or extra costs are likely to be incurred and what, if any, payments to third parties (Disbursements) we will be required to pay on your behalf during the process in order to complete the transaction.
Disbursements can take the form of any number of miscellaneous costs which are incurred throughout any buying or selling process, irrespective of the conveyancing solicitor you appoint.
We can give you a firm commitment about the fairness of our own charges, but these will vary because they are based on average house prices. The average house price in the UK is currently £230,292 (source: UK House Price Index).
Here’s our handy price guide (for illustrative purposes only):
Buying a house
Our average legal fees to act on the purchase of a property are £645 inclusive of VAT.
Please note that if there is a mortgage, an additional £125 plus VAT is added to our fees for also acting on behalf of the lender.
Completion of the mandatory Stamp Duty formalities will cost a further £95.00 plus VAT.
Selling a house
Our average legal fees to act on the sale of a property are £626 inclusive of VAT
These fees vary from property to property and these can vary significantly from the illustrations below:
- Notice of transfer fee: This fee (if chargeable) is set out in some Leases. Often the fee is in the range of 0 - £250 plus VAT.
- Notice of charge fee: (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between 0 - £250 plus VAT
- HM land registry fee: http://landregistry.data.gov.uk/fees-calculator.html
- Search fees: From £171 - £216 plus VAT - prices could increase subject to location of the property
- Certificate of compliance fee: To be confirmed upon receipt of the lease, and can range between 0 - £250 plus VAT
- Deed of covenant fee: This fee is provided by the management company for the property and can be difficult to estimate. Often it is between 0 - £250 plus VAT.
As can be seen from the above, disbursements could add anywhere between 0 - £1,216 to your bill.
There may also be some smaller additional fees to consider, which include:
- Chancel indemnity policy £12.79
- Bank transfer fee £17.00 plus VAT
- Land Registry Search £3.00
- Bankruptcy Search £2.00
- Anti-money laundering checks £5.00
Beyond our control
We can only give you an accurate figure once we know who the management company and/or freeholder are. The notice fees are set by the management company/freeholder and we have no control over these charges.