If you’re planning a house move in Wandsworth, Clapham, Battersea, or Balham, you need to factor the cost of conveyancing into your budget. How much your conveyancing fees cost will vary depending on the firm you use and the complexity of your house move. It’s a good idea to start looking around for a conveyancer once you’ve decided to sell. You’ll need to instruct them as soon as an offer is accepted on your property or you find a buyer.
Conveyancing costs are a mixture of basic legal fees and disbursements – other costs such as local authority searches. To help you plan and choose a conveyancer, we explain more about the fees and what you should expect to pay.
What is conveyancing?
Conveyancing is the legal process of transferring a property from seller to buyer. Your solicitor or conveyancer will:
– review all legal documents
– carry out the necessary local authority and environmental searches
– check the contract
– liaise with your mortgage lender
– register the property with the Land Registry.
What are conveyancing fees?
Conveyancing fees come in two parts:
1. Legal fees
Legal fees are the basic costs which you pay to your solicitor or conveyancing for their time and expertise. The amount you are quoted can vary quite a lot but be careful of quotes which sound too good to be true! It’s a competitive market and sometimes firms give you a very low quote to get your business, adding items to the bill later.
2. Disbursements
Disbursements are all the necessary searches and other duties by third parties which your conveyancing solicitor will organise on your behalf. These fees are usually fixed and will cost you the same, whichever conveyancer you opt for.
The main disbursements you are likely to pay are:
Local authority searches – to check for listed building status, tree preservation orders, planned road or rail links that could affect the property. You will also need to pay for drainage and environmental searches. Expect to pay between £150-£300. You can find out more about search costs in Wandsworth on the council website.
Transferring ownership – £200-£300.
Anti-money laundering checks – £20.
Title deeds from the Land Registry for sellers – £7.
Property fraud checks – to establish that the seller’s conveyancer exists and that you’re not involved in property fraud – the fee is around £10.
Telegraphic Transfer fees – charged by a bank or building society to send sums of money larger than £60,000. They can cost between £20 and £50.
You will need to pay additional fees if you are buying though a help to buy scheme.
Conveyancing costs for leasehold properties
If you’re buying or selling a leasehold property, conveyancing fees will be higher. This is because there are additional costs associated with your agreement with the landlord and property management company, service charges and lease length. The costs could range from £100 to £1,000.
How much are typical conveyancing fees in London?
How much are conveyancing fees to sell a house?
You’ll pay between £600 and £2,000 for a freehold property with a mortgage. Add up to £400 for leasehold. It will be slightly cheaper if you don’t have a mortgage.
The most expensive service is unlikely to be necessary for a simple sale alone.
How much are conveyancing fees to buy a house?
You will pay more to buy – around £1,000-£3,000 for a freehold property with a mortgage. Again, you’ll pay up to £400 more for leasehold. And £100 less if you’re a cash buyer. It is worthwhile investing more on conveyancing when buying than selling to protect you from making an expensive mistake.
You are likely to pay more if there’s anything complex about your purchase or unusual about your home.
How much are conveyancing fees to buy and sell together?
If you’re buying and selling it usually makes sense to use the say conveyancing solicitor for both. You will pay more than for buying or selling alone but usually less than the two amounts added together.
What is fixed fee conveyancing?
Fixed fee conveyancing means you will only pay the price quoted for legal fees with no extras. While your disbursements will be included in your original quote, they won’t be part of the fixed fee, as additional searches may be needed during the buying process.
What happens if my sale falls through?
Some solicitors may waive their basic fees if things go wrong but this is at their discretion. Other conveyancers will quote on a ‘no sale, no fee’ basis. This will apply to legal fees, not any disbursements incurred before the sale falls through. The benefit of this approach is that you won’t pay as much if the sale doesn’t happen, and your conveyancer has a definite incentive to make sure things work out. But you may pay more for this type of arrangement.
When do I pay conveyancing fees?
You will usually pay a deposit up-front and the balance on completion, but you may be asked to pay for searches as they happen.
Do I need a conveyancer to transfer equity?
Yes, it’s likely you will need a conveyancer for the legal aspects of transferring equity in a property, after a relationship breakdown, for example. You may need to pay for a bankruptcy search, Land Registry search, identification search and transfer fees as well as the legal costs.
Do I have to hire a conveyancer?
It is possible to do your own conveyancing, and there is no legal reason why you can’t, but be aware that it takes and time and you need to know what you’re doing. You could end up paying more if you don’t carry out the correct searches. Plus, you won’t have negligence insurance, so are personally liable for any mistakes.
How do I find a good conveyancing solicitor?
Get personal recommendations from people who have bought and sold in the area and check online reviews. According to the Law Society, you should check a solicitor is part of its Conveyancing Quality Scheme. For conveyancers, make sure they are registered with the Council for Licensed Conveyancers.
If you are thinking of a house move in South West London, we can advise you on all the things to think about when buying or selling. Contact us, to talk about our services today.