What are the average solicitor fees for buying a house?

During a property purchase, everybody knows that you must have a deposit and most will have to apply for a mortgage. However, there are some other upfront costs when buying a house, such as conveyancing fees, solicitor fees, and other legal fees, that you also must pay.

This can, occasionally, surprise a buyer who may have thought that the only things they have to save up for are the deposit on their dream home and their solicitors’ fees.

There is plenty to pay for before the house purchase is complete. If you’re unsure of what you may need to save on top of your deposit, continue reading to discover every additional cost you’ll be expected to pay when buying a house, including the average conveyancing fees.

What role does a solicitor play when buying a house?

Buying a house is a huge step in a person’s life, but it’s a complex process that should be left in the hands of professionals who know exactly what they’re doing.

For this reason, you must hire a solicitor. Yes, that does involve having to pay solicitor fees but handing control of this sometimes difficult process to somebody who knows how to approach each step and problem is a much smarter way of handling things than trying to do it all yourself.

So, what does a solicitor do for you during a house purchase?

Legal checks

Your solicitor will perform thorough checks to ensure the property you’re interested in purchasing doesn’t have hidden legal problems, such as disputes or unpaid debts.

Contracts

Your solicitor will also draw up and review contracts between you and the seller – liaising with the seller’s solicitor throughout this legal process.

The contracts outline the terms of the sale, what’s included in the purchase price and the agreed-upon completion date.

Both parties have to agree to everything within the contracts and sign before the process can continue.

Property searches

Your solicitor will also conduct property searches that help to discover more about the property and its surroundings. A drainage search and environmental search can uncover potential flooding risks, planning restrictions are checked, and searches to check if there is any future development planned in the area.

Money transfers

Once everything has been agreed and signed, the transfer of funds will be completed by your solicitor. They’ll ensure everyone gets paid the right amount at the correct time, allowing you to pick up the keys and move into your new home.

Average solicitors fees & conveyancing fees

Of course, when hiring a solicitor, there will be some standard conveyancing costs and solicitors fees for buying a property. They vary depending on the value of the property purchase and are broken down into three main categories:

• Basic legal fees
• Conveyancing Disbursements
• Value Added Tax (VAT)

There will be a standard fee to pay your solicitor but disbursement and VAT will add to that. Disbursements are third-party costs your solicitor pays on your behalf. It includes property search charges, Land Registry fees, Stamp Duty Land tax, and more.

In the UK, the average conveyancing fees amount to around £2339 once disbursements and VAT have been included.

For the sale of a freehold property, our fees cover all of the work required to complete the sale of your property, which would be:

• Legal fees between £450 and £1000 (excluding VAT)
• VAT payable at the current rate (20%)
• Search fees, depending on the location of the property between £300 – £400 (excluding VAT)
• HM Land Registry fee depending on the value of the property and whether it is already registered at the Land Registry between £95 – £540
• Bank transfer fee: £30 (excluding VAT)

Other upfront costs when buying a house

So, now you know the average conveyancing solicitor fees for buying a house in the UK, it’s time to delve into the typical types of upfront payment you’ll be expected to pay on top of your conveyancing fees.

During the conveyancing process, you’ll also have to pay for:

Stamp Duty Land Tax

You must pay Stamp Duty on properties that cost more than £250,000 unless you’re a first-time buyer.

A first-time buyer doesn’t have to pay Stamp Duty on properties up to £425,000. When buying a second home, you must pay an extra 3% Stamp Duty on properties more than £40,000.

Deposit

Of course, the biggest expense when buying a house is the deposit. On average, you need at least 5% – 20% of the property price. For example, for a property valued at £250,000, the deposit would range from £12,500 to £50,000.

Valuation fees for buying

Your mortgage lender will assess the property’s value to establish how much they’re prepared to lend. A valuation can cost between £150 to £1500 depending on the property price.

Surveyor’s fee

You must survey the property you intend to purchase to discover any hidden issues that could cost thousands to repair. Surveys range from a basic cost of around £250 to a full structural survey of around £600.

Electronic transfer fee

The electronic transfer fee usually costs between £40 and £50. This covers the lender’s cost of transferring the mortgage money to the solicitor.

Mortgage lender fees

A mortgage has other fees included aside from your standard monthly repayments. They can include a booking fee of between £99 and £250 and an arrangement fee of up to £2000.

Choose affordable, reliable conveyancing solicitors

If you’ve found the house of your dreams and you’re ready to get the ball rolling on the conveyancing process, come and speak to us.

At GD Property Solicitors, we boast an experienced team of highly qualified solicitors who can efficiently conduct your conveyancing process. We understand how stressful a house purchase can be, so we aim to make the entire process as simple and smooth as possible.

One way we do this is by offering you a 24/7 online portal that allows you to check the progress of your account, sign documents and make payments – thus reducing the risk of losing important documents in the post.

With our conveyancing fees calculator, you can request a free quote to discover how much we charge in conveyancing fees.

If you’re interested in our Manchester conveyancing solicitors services, don’t hesitate to contact us today. You can give us a call at 0161 710 1786 or send an email to info@gdlegal.co.uk.