Conveyancing Fees for Buying and Selling Explained
Conveyancing covers all the legal processes involved with buying and selling a property.
Conveyancing fees depend on whether you are buying or selling a property and can be dependent on other factors too. For example, if you’re using a Help to Buy Scheme, the fees may be slightly higher to cover the extra legal work involved.
The conveyancing fees involved with selling a property are different to those involved when buying a property, as there are different processes you’ll need to go through for each.
Often when you are planning on moving you might be selling one property and buying another, so it’s important you understand the conveyancing fees involved in both processes.
Our nationwide team of Conveyancing Solicitors have years of experience in helping people with both buying and selling property. We offer free initial advice and our free, fixed fee Conveyancing Quotes include all our fees and the stamp duty costs too.
Conveyancing fees can vary a lot and sometimes cheaper quotes have hidden costs and don’t cover all the disbursements – these are fees not covered by the legal costs, such as property searches.
Our free instant online conveyancing quote will give you a breakdown of the disbursements based on your individual case. Our Conveyancers and Conveyancing Solicitors are always transparent about the fees involved for buying or selling a property, so you won’t be surprised with any hidden costs.
We’ve listed the kinds of fees you might come across in both buying and selling property below.
The fees involved with buying a property are generally higher than those involved with selling a property. Buying a leasehold property or using a Help to Buy scheme will likely increase fees too, as there is more legal work involved with these kind of properties.
It’s important to be aware of the extra costs involved with buying a house as the deposit for the property will already be a great expense. Some of the disbursements involved in buying a property include:
Stamp Duty Land Tax - If the property you’re buying costs more than £125,000 you’ll have to pay Stamp Duty. Unless you’re a first time buyer in England, in which case you’ll only have to pay Stamp Duty Land Tax if the property you’re buying costs more than £300,000 (£500,000 in London). If you’re buying a property as an investment, different Stamp Duty Land Tax rates may apply. For more information on how much Stamp Duty Land Tax you may have to pay, see What is Stamp Duty Land Tax.
Transferring Ownership - This is done by the Land Registry and the cost will depend on the value of your property.
Property Searches - Conveyancing searches include Local Authority and environmental searches, among others. Your Conveyancer will advise you on which searches your property may need. For standard searches, we charge a fee of £300.
Property Surveys - Paying for a property survey by a qualified Surveyor can flag up any issues that might cost a lot of money to correct. The fee depends on the type of survey you get and on the price of the property.
Conveyancing Fees for Selling Only
Generally, the fees involved with selling a property are a lot cheaper than those involved with buying a property. Some of these may include:
Estate Agent Costs - You may want to use an estate agent to help you market the property. Not everyone uses an estate agent but they can help market your property to a wider customer base. The fee of getting an estate agent is normally about 1-3% of the sale price of the property. Every estate agent is different and you’ll be able to negotiate their price at the start of the process.
Title Deeds - Getting a copy of the Title of Deeds from the Land Registry is vital if you are selling a property. This costs around £6.
Conveyancing Fees for Buying and Selling
One fee that is involved with both buying and selling property is the Bank Transfer Fee:
Bank Transfer Fee - Bank transfers are used to transfer the funds from buyer to seller and guarantee that the money is paid on the agreed day. Our Bank Transfer Fee is £40 +VAT.
Unless you’re a first time buyer, it might be the case the case that you’re selling one property and buying another. Your mortgage might be portable, which means that you can transfer your mortgage from one property to another when you move. But if your mortgage isn’t portable, there may be extra costs to sell your property.
Your current mortgage company or financial advisor can help you determine what kind of mortgage you’re on and if you can move this to your new property.
Our Conveyancing Fees
We offer a fixed fee conveyancing quote and we guarantee our fees are transparent. If any additional work is needed due to unforeseen circumstances we will discuss this with you, so you aren’t surprised with any hidden costs.
Our conveyancing service is No Sale, No Fee. This means if you don’t exchange and complete, we won’t charge you legal fees for the work that we’ve done. You will only need to pay for any disbursements that have already been carried out.
We pride ourselves on our friendly and straight-forward service. We can help you with buying or selling a home and will tailor our conveyancing services to suit your needs.
Our Conveyancers and Conveyancing Solicitors will speak to you in plain English and will make the process run as smoothly and as quickly as we can, so you know what’s happening with your property every step of the way.
Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London and Manchester.