If you’ve been looking into selling your house and buying another, you’ve more than likely seen lots of information about conveyancing fees. Conveyancing is an essential aspect of buying and selling a property. As a legal process, there is a lot to know about conveyancing but it isn’t always put in an easy to understand manner. That’s why I’ve compiled all of the information that you need to know before you embark on your conveyancing journey.
What is conveyancing?
You will need a solicitor or a conveyancer when you’re selling or buying a house to handle the legal aspects of the transaction. You are able to do these yourself if you have the knowledge and have done so previously. Still, it’s recommended to go to a professional to make sure that everything is done correctly and that the legal work is confirmed. Conveyancing isn’t a cheap part of moving and is definitely something you should factor it in when you’re considering moving to a new house.
What do conveyancing fees cover?
Several fees can be involved in the conveyancing process. Not all of these will be relevant for your particular situation, but I have decided to label as many as I can to ensure you are aware.
An Identification Fee – This will cost around £10 per person involved in the sale. Conveyancers have to confirm the identity of each person to comply with the regulations of money laundering and the lender requirements.
Bank Transfer – When you’re buying a house, the funds will be electronically transferred to ensure the arrival in the seller’s account on the agreed completion date. These cost between £15-£45, depending on the sale amount.
Fraud Prevention – This confirms the identity and the details of the bank account for the seller’s solicitor. This usually costs £7-£12.
Stamp Duty Form Fee – This isn’t the same as stamp duty. It’s the fee that solicitors will charge for completing stamp duty forms on your behalf. This form has to be completed on every house that’s bought, even if stamp duty isn’t due. It will cost between £20 and £50.
Leasehold Supplement – If you’re buying a leasehold property, it tends to be a longer process than a freehold. More documents are involved in the legal process that will need to be checked by your conveyancer. This typically costs £100-£350.
Bankruptcy Searches – A bankruptcy search is mandatory and required by your mortgage lender. This will usually only cost £2.
Land Registry Fees – This is the fee charged for changing ownership of a property. A title register and a title plan cost £3 each.
Searches – Your conveyancer will perform various searches on the property that you’re buying. They will also complete surveys on the surrounding area to ensure there are no problems that could reduce the value of the house. These fees will vary on the area but can cost anywhere from £190 up to £400.
Land Registry – There are fees when a property changes hands and they differ depending on the price of the property.
What Is The Overall Cost Of Conveyancing?
On average, the fee for a conveyancer is between £500 and £1500. This could go up if more location-specific services are required. It is also important to remember that these fees will be doubled if you are selling a property to buy another. If this is the plan, it may be a good idea to contact a conveyancer and ask for a deal on both fees for sticking with their service. Remember to always check into a conveyancers reputation as higher cost does not always mean a better service.
When Are The Fees Paid?
Once the sale has completed, you will need to pay your conveyancing fees. It will need to be paid upfront and cannot be added to your mortgage fees like some of the other costs involved in buying or selling a house. If you’re being asked to pay the fees before the completion, you should check your conveyancer’s credentials as you shouldn’t need to pay anything until the process is formally completed.
How Long Should Conveyancing Take?
Conveyancing can take from four to as many as twenty weeks when you’re buying or selling a house. It is a legal process with several steps, and each step must be done correctly for the whole process to be a success. If one part is completed incorrectly, there could be severe repercussions down the line with your ownership of the house. Conveyancing cannot be rushed, so if it’s taking longer than you expected it’s best to wait it out until your conveyancer updates you. If you’re not sure on the process of conveyancing, we’ve outlined it for you in one of our previous blog posts (hyperlink).
One of the reasons that homeowners choose to use Olivia Rose Estates is because we take care of all of your legal fees when you’re selling your house to us. We also handle all the paperwork, making it as easy as possible for you to achieve your sale.
If you’ve been looking to sell your house but are put off by the various fees involved, then get in touch with us today. We are here to help you sell your house fast. We can offer a guaranteed cash purchase for your property in a timescale that suits you. It could be a couple of weeks, or even just a few days. You no longer have to pay estate agents fees and deal with the potential long delays of a traditional sale process. It is not uncommon for house sales and purchases to fall through due to broken chains or mortgages not being approved at the last minute.
We will help guide you through the process of selling your home, whatever your reason for selling. From the initial valuation to the final completion date, rest assured you are being guided by trusted property professionals who are here to help you get the most out of your house sale and ensure you have a hassle-free experience.
