Conveyancing Fees and Hidden Solicitors Costs – And How To Avoid Them
Whether buying or selling a home, conveyancing fees are one expense that homeowners must pay. A conveyancer or conveyancing solicitor provides a valuable service – one that ensures that any property is bought and sold legally.
Homeowners can occasionally underestimate the cost of conveyancing fees, or end up paying for more than they expected to secure a property purchase or sale. Therefore, knowing what conveyancing fees should be is so important.
Springbok Properties aims to provide the very highest levels of service to our customers. We employ an expert team of conveyancers to ensure a smooth completion. All conveyancing costs are included in our fee, which means you pay nothing extra.
To speak to one of our experienced conveyancers about the cost of conveyancing fees charged with the sale of your property or to learn how we can sell your home for no upfront costs in as little as 7 days, call Springbok Properties TODAY on: 0800 068 7935.
An Accurate Quote
An accurate quote will consist of two parts. The first is the quote for a conveyancer’s time taken to process the transaction. The cost can vary, especially amongst solicitors, with the difference in cost being as great as £500. This is because conveyancing solicitors quote conveyancing fees in three different ways:
- Fixed Fee
- Per Hour
- Per Property Price
The second part of the quote is to cover any disbursements – what a solicitor must pay third parties to ensure the transaction of your property.
Disbursements should roughly be calculated at the same cost. They can vary between different conveyancers, but given that the services completed to cover disbursements by conveyancers are all charged at a fixed fee, the cost to homeowners should be very similar.
With a recommended panel of conveyancing solicitors, Springbok Properties can easily and swiftly complete the process on your behalf, ensuring that all conveyancing fees are fair.Click here to contact us and find out more about our conveyancing services.
The Actual Costs of Conveyancing Fees
The following conveyancing fees are applicable to homeowners selling a property:
Conveyancers or Solicitors Basic Fee
The cost to manage the legal aspects of your home transaction can vary. Choosing to employ the services of a conveyancing solicitor can cost between £300-£1200 plus VAT.
Homeowners selling a leasehold property can expect to pay higher conveyancing fees (typically £50 – £250) as leasehold properties require additional work by the conveyancer on your behalf.
Land Registry Office Copies
Required to prove ownership of the property as the registered titleholder, copies of this documentation are typically charged between £4-£8 once a change in property ownership has been agreed.
Electronic Transfer of Funds (Telegraphic Transfer Fee)
A telegraphic transfer fee (or TT) is required for homeowners with a mortgage of more than £60,000. This fee is applicable to all transactions in UK banking by the sender, but not always the recipient, and is typically charged at £20-£30.
The following conveyancing fees are applicable to homeowners buying a property:
When buying a property, homeowners need to be aware that the conveyancing fees will be slightly higher. This is because financial institutions will assess the qualifications of the buyer to ensure they have the funds to purchase the property.
In addition to the conveyancers’ basic fee, land registry copies fee and the electronic transfer of funds, homeowners can expect these conveyancing fees to include the following:
A bankruptcy search is part of any conveyancing fees when conducting a mortgage qualification search. Typically costing between £2-£4. All mortgage lenders need confirmation that you have the financial resources to repay the loan and haven’t recently filed for bankruptcy.
Local Authority Search
It should be noted that most quotes for conveyancing fees don’t include a local authority search. However as some boroughs in the UK still do, the costs of a local authority search is worth mentioning. If undertaken the charge can be anywhere between £100 – £200.
Environmental and Drainage Searches
Environmental and drainage searches check that the land homeowners are buying isn’t contaminated with environmental pollution. Should pollution be discovered once you own the property, homeowners can be financially responsible for any clean-up. As part of the conveyancing fees, the cost for an environmental search can be between £30-£35.
The conveyancing fees associated with drainage searches are to cover the cost of checking that the property has access to an appropriate sewage system. This cost does vary, but is typically charged at £30-£40.
Land Registration Fee
Homeowners must also pay a land registration fee on any property they buy. This is included in the conveyancing fees. Prices vary depending on the amount of land homeowners are purchasing and the size of the property. Typically, homeowners pay between £40-£700 in the UK.
Call Springbok Properties expert team of conveyancing solicitors TODAY on: 0800 068 4015 to have clarification on allconveyancing fees you may be expected to pay.
Hidden Conveyancing Fees for Homeowners to Watch Out For
When buying, or selling a home, it’s always important that homeowners read the fine print. This way they know precisely what they’re paying for.
When checking for hidden conveyancing fees, Springbok Properties advises homeowners to look for the following:
Negotiation with Your Mortgage Lender
On occasion, solicitors can charge a fee of anywhere between £100-£150 plus VAT for any negotiation with your mortgage lender. This service should be accounted for in the basic solicitors’ conveyancing fees.
Leasehold Property Management
Any conveyancing fees should be adjusted as per your leasehold agreement. The quote you receive from your solicitor or conveyancer should be in-line with a freehold or leasehold agreement you have.Conveyancing fees of between £50-£250 do not apply.
Business overheads can’t be written off against conveyancing fees. Homeowners shouldn’t be charged for any administration costs included in a property transaction. Conveyancing fees that can amount to between £5-£50 do not apply.
Springbok Properties aim is to ensure that you enjoy a seamless property transaction. A large reason why we’re able to sell your home fast anywhere in the UK is due to the expertise in which our solicitors manage conveyancing. To find out more, call us TODAY on: 0800 068 7935.