The calculation of Conveyancing fees may be daunting to a first time buyer, but they are in fact simple when broken down into their component parts. We will give you a full explanation of what conveyancing fee is, what you can expect to pay when buying, selling or remortgaging a property and some idea of what to expect when you get quotes from different solicitors for your conveyancing costs. We also advise that a conveyancing fee should be agreed before you start the transaction.
What is a Conveyancing fee?
There is no exact definition of a conveyancing fee but it can be described as a fee demanded by conveyancing solicitors for paperwork in process of selling a house. Conveyancing fees are charged to the clients (buyer and seller) as the remuneration for the conveyancers work with relation to the property transfer. The charge is basically for paperwork that is being done by the Conveyancer which is enormous in a property transaction. These fees can vary significantly among Conveyancers depending on the type of conveyancer chosen, the type of property involved and the ease of the transaction.
A Sellers charge is usually less than a Buyers charge. It is the Conveyancer’s job is to be sure all paperwork that is needed is received and correct. However, it is a very important aspect of the transaction and also very complex. Mistakes can be very expensive, and such work should be left to the professional.
Classification of Conveyancing fee.
Conveyancing fees are separated into 2 different sections – the profit costs (what the solicitors or licensed conveyancers charge for their services) and the Disbursements (these are payments made to third parties on your behalf for dealing with certain aspects or services required in the transaction and do not vary much amongst firms).
Profit Cost: The profit costs are the legal fees and other charges that the firm of solicitors or licensed conveyancers make. The total charges in this part of the conveyancing fees may be split up in to different headings by the conveyancing firm, however it is the bottom line total and VAT that you should be looking for.
For example, some conveyancing firms may charge an all inclusive fee, which will include all costs that a firm might reasonably be expected to charge for. However, some firms will break these costs out separately, therefore giving a lower “legal fee” and charging extra for required services. Most firms will always charge separately for a bank transfer (also known as a telegraphic transfer). Other fees that you should ensure are included in the profit costs section of your conveyancing fees are acting for your mortgage lender whether on the sale remortgage or purchase of a property, completing and filing the Stamp Duty Land Tax Form and all letters and telephone calls.
2. Disbursements: These are generally fixed costs, however the cost of the searches can vary depending on the location of the property and whether the conveyancing firm uses a personal search company or obtains the Local Authority search directly from the Council in question. When looking at the conveyancing fees you have been quoted then you can expect the disbursements to be as follows:
On a freehold sale – Office Copies (Land Registry copies of your title to the property).
On a freehold purchase – Land Registry Fee, Bankruptcy Search, Land registry search, a Local Authority Search (dependent on the local Council), Drainage Search (depends on the local water board) and then any area specific searches such as coal mining or tin mining. You may also then come across Chancel searches and environmental searches, but these are often dependent on whether you request them and what the policy of the particular conveyancing firm is.
We work as legal advisers as well as taking care of all of the legal procedures relating to Conveyancing.
We work for both buyers and the sellers. You will be able to discuss all costs in full with us and we offer free no obligation quotes .
We work on a fixed legal fee basis with no hidden charges. Read more about our fixed fee promise
Ola Leslie Solicitors