Talk Money Week is a recognition of the importance of breaking down the taboo, encouraging people to have a conversation about money and so, we’re talking the costs of conveyancing.
What is it?
Conveyancing is the legal transfer of home ownership from the seller, to the buyer. It begins as soon as an offer on a house is accepted and it follows the whole house-buying process, right up until you receive the keys. Conveyancing is commonly conducted by a solicitor or your estate agent’s in-house conveyancer, but in rare occasions, some people choose to complete the process single handily. This can be difficult and only be done successfully if you are not taking out a mortgage, as costs can soon be too complicated to handle.
How much are conveyancing fees?
There is no set pricing scheme for conveyancing as it can vary depending on the number of factors involved. The legal portion of the fees, taken out by the conveyancing solicitor themselves, can be anything from £500 to over a thousand. For disbursements you will have to add up the costs of the following, to gather a final cost:
- Anti-money laundering checks
- Title deeds
- Property fraud
- Transferring ownership
- Telegraphic transfer or bank transfer fee
- Stamp duty land tax
- Help to Buy supplement
What other fees should I consider?
The fees above are the most commonly associated with conveyancing however there can be additional costs for sellers who don’t have building regulation certificates and so, will need an insurance policy. If a sale falls through then you may be exempt from paying fee if your solicitor offered a ‘no sale, no fee guarantee’. Ensure you have a clear idea of what may happen, before you go forward.
When do I pay conveyancing fees?
When hiring a conveyancing solicitor, you may be asked to pay a deposit of up to 10%. For some costs, you will have to pay in advance and for others, they will be paid after the sale of the house.
Conveyancing can be complicated, but it is an essential part of buying a house. If you’re looking at buying and need some advice when it comes to conveyancing, get in touch with us today.