How much are average conveyancing fees in 2021?
Is 2021 the year you plan to make your home move? Are you ready to buy or sell property and want a clear idea of how much average conveyancing fees will cost in 2021?
Now is the ideal time to start your preparation for getting involved in the property market and doing some research on the conveyancing costs should be your No.1 task.
Are conveyancing fees fixed?
The costs of conveyancing are not fixed, so there's no such thing as an average conveyancing bill. The final bill you pay will vary because of factors such as the value of the property you are buying or selling or whether you're buying with a mortgage or the property is leasehold or freehold. By choosing Homeward Legal when you're looking for a property solicitor, the legal fee we quote you will be exactly what you pay, with no hidden costs*.
Fees that can't be avoided
When you get a no-obligation quote on conveyancing fees from Homeward Legal, our advisor will explain everything clearly and in plain English. This will include detail on external charges, fees and duties that a conveyancing solicitor MUST pay on your behalf to complete a sale or purchase transaction. Your solicitor has NO control over these costs, which will be included in your final bill, so it's important to know this information before making any commitment to instruct a solicitor.
Always transparent on fees
Law firms under the auspices of the Solicitors Regulatory Authority (SRA) are obliged to publish information on the fees they charge for conveyancing and other legal services. This transparency was introduced so that buyers and sellers have a clearer idea of their costs from the start of the conveyancing process. When you choose Homeward Legal for your conveyancing services, you are guaranteed transparency on fees every time. We only work with SRA-regulated law firms, and we offer our own guarantee on openness on the fees and charges involved in conveyancing.
Which disbursements are included?
When searching for sale and purchase conveyancing online, you will always find very cheap quotes. But the cheapest will not necessarily be the best option. For a start, most online quotes will not include essential disbursements that must be paid. A no-obligation conveyancing quote from Homeward Legal will ALWAYS include all fees. Any final bill from your solicitor must also include 20 percent VAT, so don't forget to add that on, too.
What do average conveyancing fees include?
Here are some of the typical charges included in a conveyancing bill:
- Solicitors' fees
- Surveyor fees
- Lenders' fees
- Stamp Duty Land Tax (Land Transaction Tax in Wales)
- Land Registry Fees
- Local Authority Searches
- Electronic bank transfer fee
- Management pack for leasehold properties
- Estate agent costsRemoval costs
- VAT at 20%
Always read the small print on all quotes for any hidden charges.
Finding best quotes for conveyancing
According to the latest house price index from the Halifax, the average price of a property in the UK is £253,243. We rounded that up to £254,000 to get our purchase price in quotes for a property transaction. At Homeward Legal, our instant quote service allows you to compare quotes from for conveyancing fees. To get a better idea of average conveyancing fees for 20201 through Homeward Legal, we used our own instant quote service, based on buying a freehold property valued at £254,000. For a freehold purchase, buying with a mortgage, our quote was £495.00, plus an £80 fee for acting for a mortgage lender (only payable when buying with a mortgage) and VAT at £115, adding up to total legal fees £690. Disbursements came in at £530, includingsearches and Land Registry fees, so your final bill for conveyancing would be £1,220.
What about Stamp Duty Land Tax?
In England, property buyers are currently enjoying a temporary holiday on the payment of Stamp Duty Land Tax in England, in place until March 31, 2021. This is part of the Government's economic response to the coronavirus pandemic. If you complete your purchase transaction before March 31, you will not pay any stamp duty. However, if you don't intend to buy a new home until later in the year, there's some vital information about stamp duty you need to know. Stamp duty is usually paid on a sliding scale on property purchases, with only property valued at £125,000 or less exempt from the duty. In England, first-time buyers are also exempt from paying stamp duty on any property valued at less than £300,000. Read more in ourdetailed guide to Stamp Duty Land Tax. In Wales, the threshold for paying Land Transaction Tax (formerly stamp duty) starts at £180,000 and is also paid on a sliding scale.
Why cheapest isn't always best
The cheapest option is not always the best or more economical choice in the long run because a property sale or purchase can often throw up unexpected problems or complications. At Homeward Legal, you will always have an expert legal professional on your side to negotiate any hurdles. Our nationwide panel includes top property law firms across England and Wales with the knowledge and experience to deal with any issues. You can get an instant, no-obligation quote from Homeward Legal now. Or talk to our friendly team on to find out what conveyancing fees will cost in 2021. We're open seven days and can arrange a callback at a time that suits you.
* Your quote from Homeward Legal will cover common conveyancing costs in line with the information you've provided to us. Depending on the specific circumstances of your transaction, and after discussion with your solicitor, there may be additional non-standard fees which would be in addition to the fee quoted by Homeward Legal.