What is the Conveyancing Average Cost in the UK?
When purchasing a house, you’ll need the expertise and skills of a conveyancing solicitor. Of course, hiring a property solicitor requires paying conveyancing fees to complete the purchase of your property.
But, what are the average conveyancing fees in the UK? When do you pay conveyancing fees? Are there other legal fees involved in the conveyancing process?
To find out the answers to these questions, and more, continue reading below.
What is a conveyancing solicitor and what do they do?
A conveyancing solicitor is a practising solicitor that can conduct the conveyancing process.
Conveyancing solicitors carry out several different tasks depending on whether you’re purchasing or selling a house (or both).
The main role of conveyancing solicitors is to ensure the property transaction goes through legally and efficiently. As part of the conveyancing process, your solicitor will carry out local searches to determine if there are any issues with the property or the surrounding area, such as a flood risk.
A conveyancing solicitor will also:
- Liaise with the other party’s solicitors
- Arrange contracts and other paperwork
- Ensure your finances are in order
- Hire surveyors to check the property has no hidden issues
- On your behalf, pay Stamp Duty Land Tax and register the property in your name on the Land Registry
- Organise a completion date
- Transfer final funds
Your conveyancing solicitor is also there to answer questions and ease any concerns you may have.
How long does the conveyancing process take?
There is no set period for the conveyancing process to be completed. It varies depending on a range of factors, including how many parties are in the chain, your speed at signing documents and responding to your solicitor, and how quickly the other party responds.
The average conveyancing process takes between six and eight weeks. If you’re a first-time buyer purchasing a new-build property and already have an approved offer from a mortgage lender, the process is likely to take around eight weeks.
If you’re buying a leasehold property that requires an extension of the lease, the process can take longer and potentially up to six months.
What are the UK’s average conveyancing fees?
Just like timescale, conveyancing costs are not a set figure for every property transaction. They vary depending on the size and value of the property, and the types of searches and surveys required. Conveyancing costs can also differ depending on the type of property, such as a freehold property or a leasehold property.
Again, this price can change depending on whether the buyer has a mortgage agreed upon or is using either of the ‘help to buy’ or ‘shared ownership’ schemes.
At GD Property Solicitors, we always aim to provide excellent value for money. We believe our service is second to none and is often performed efficiently and leaves our clients feeling satisfied.
The below figures for conveyancing costs are based on a property that is valued up to £450,000.
- Legal fees: £450 – £1000 (excluding VAT)
- Search fees, depending on the location of the property: £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: £95 – £540
- Bank transfer fees: £30 (excluding VAT)
- VAT is payable at the current rate
The overall price of legal costs for conducting conveyancing involves a standard set fee that depends on the value of the property, any conveyancing disbursements (surveys, searches, Land Registry, etc.) and VAT.
If you’re remortgaging your freehold property, we would charge legal fees between £600 and £950 (excluding VAT) and charge VAT at the current rate.
When do I pay conveyancing fees?
Usually, you’ll pay for your conveyancing service at completion. Once your deposit is transferred and all money has been passed over to the selling party, you will receive your bill from your conveyancing solicitors.
At GD Property Solicitors, we offer a commitment to all our clients that if, for whatever reason, your purchase falls through, we won’t charge you for our conveyancing services.
What is fixed-fee conveyancing?
Fixed-fee conveyancing is also known as a fixed price and is an all-inclusive quote offered by conveyancing solicitors for clients.
It involves zero hidden charges or added extras so the client knows exactly what they’re paying for from the first step to the last.
One of the only times conveyancing costs could increase would be if a client was purchasing a leasehold property that required the lease to be extended upon completion. Not only can this extend the amount of time the conveyancing solicitor works on the account, but it can increase the price.
Choose affordable, reliable conveyancing solicitors
If you’ve found a property you’d like to purchase, you’ll need our expert services. Our conveyancing fees cover the entire property purchase process, and our qualified team of solicitors will provide you with the very best service.
At GD Property Solicitors, we understand how stressful a house purchase can be, so we aim to make the entire process as simple and smooth as possible. We can provide our services across the UK having worked in several major cities for years.
One way we ensure our service is efficient for everybody is by offering 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.
So, how much are conveyancing fees at GD Property Solicitors? Find out by requesting a free quote to discover how much we expect you to pay for our service.
If you’re interested in our conveyancing services for freehold and leasehold properties, 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.