Ready to make your move this year? Knowing how much conveyancing fees will cost in 2019 is crucial when buying or selling property.
At Homeward Legal, we are always up front and transparent about how much conveyancing fees are.
As costs vary depending on the value of property, it's almost impossible to produce a set fee. However, we can identify a ballpark figure. And this estimate will allow you to plan appropriately for the legal costs of a home move.
Cheapest conveyancing not best
Let's run through the various fees and charges you will be expected to pay and get an idea of the average costs of conveyancing fees in 2019. The price you are paying for your new home will have an influence on the fees your property solicitor will charge.
Add in the external charges, fees and duties your legal representative will have to pay on your behalf. Solicitors have no control over those costs, which will be included in the final bill.
Conveyancing costs add up
You can definitely find very cheap quotes online. But at Homeward Legal, we always remind our clients that cheap isn't necessarily always the best
Always take your own specific circumstances into account when considering quotes. Some online quotes fail to include the essential disbursements that are part of all conveyancing. This often means you won't get an accurate idea of eventual total costs.
Remember you must pay VAT (at 20 percent) on your fees, too.
Transparent fees from Homeward Legal
Last December, the Solicitors Regulatory Authority (SRA) introduced new mandatory obligations on price transparency for the solicitors' firms they regulate. Those obligations mean firms must publish information on the fees they charge. The new system should give buyers and sellers a better idea of costs. Fortunately, clients of Homeward Legal have always been able to testify to clarity on costs because of our transparent pricing. So, what could a final conveyancing bill include? Here are some of the main charges:
- Solicitors' fees
- Surveyor 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 costs
- Removal costs
Searching for best conveyancing price
The Halifax's house price index says the latest average price of a property in the UK is £229,729, so we took that as our purchase price.
We went to the conveyancing search engine, The Solicitor Finder, to get quotes for conveyancing fees on a freehold property valued at £230,000. The cheapest quote for solicitors' fees came in at £558. Disbursements were an additional £511. And the most expensive quote for solicitors' charges was £1070.
For a leasehold property, the cheapest quote was £660 with disbursements again at £511; the most expensive quote for a conveyancing solicitor on a leasehold property valued at £230,000 was £1134.
There's a substantial difference in the costs here. Do read any small print carefully for any hidden charges.
Don't forget stamp duty
We then used Homeward Legal's instant quote service to generate quotes based on buying both freehold and leasehold property valued at £230,000. For a freehold property, our quote was a total of £630 for solicitors' fees ( including VAT), plus £511 for disbursements.
For a leasehold property, our quote was a total of £810 for solicitors' fees (including VAT and leasehold supplement fee), plus £511 for disbursements.
Unless you're a first-time buyer, you'll need to factor in paying Stamp Duty Land Tax (LTT in Wales) on a property purchase.
An expert on your side
Property transactions can throw up occasional complications. These unexpected roadblocks sometimes mean extra costs and fees before completion.
Rather than save a few pounds on the final bill, find peace of mind with an experienced conveyancing solicitor through Homeward Legal. All the premium property law firms on our nationwide panel have to meet our exacting standards on service and delivery.
For greater peace of mind, all solicitors on our panel are regulated through the Law Society or the Council of Licensed Conveyancers.
Get your own instant, no-obligation quote from Homeward Legal now or talk to our friendly, professional team on to find out how much you can save on conveyancing costs in 2019. We're open seven days.