The Complete Guide to Conveyancing Solicitors Fees
Firstly, this guide will explain what conveyancing involves, what fees include, average costs in the UK, fees for different property types, ways to save on fees, how to choose a conveyancer, and answer common questions. Read on for a comprehensive overview of what to expect and budget for with conveyancing fees!
Table of Contents
- What Does Conveyancing Involve?
- What’s Included in Conveyancing Fees?
- Average Conveyancing Fees in the UK
- Conveyancing Fees for Different Property Types
- Additional Costs to Factor In
- How to Save on Conveyancing Fees
- Choosing the Right Conveyancing Firm
- AVRillo’s Conveyancing Services
- Conveyancing Fee Calculator Tools
What Does Conveyancing Involve?
Conveyancing is the legal process of transferring property ownership from the seller to the buyer. A licensed conveyancing solicitor or conveyancer handles the legal work.
Key stages include:
- Conducting searches related to the property
- Preparing the contract of sale
- Exchanging contracts when terms are agreed
- Transferring funds to complete purchase
- Registering the sale with Land Registry
The conveyancer facilitates the transaction, communicates between parties, and ensures the exchange and completion process legally transfers the property ownership. Their fees cover this required legal work.
What’s Included in Conveyancing Fees?
Conveyancing fees consist of:
Legal Fees – The core charges for the licensed solicitor or conveyancer to handle the legal work in the transaction. This covers their time and services.
Disbursements – Costs incurred on the client’s behalf for searches, stamp duty, land registry fees and other services needed to progress the conveyancing. Disbursements are paid to third parties.
Additional Costs – Any supplementary fees like indemnity insurance, leasehold supplements, VAT on legal fees, or bank transfer fees.
It’s important to get a detailed conveyancing quote upfront breaking down each of these costs so you know exactly what to budget for. All things considered, avoid firms that only provide fee estimates.
Average Conveyancing Fees in the UK
Average conveyancing fees in the UK generally fall within these ranges:
- £850-£1,850 for a standard freehold property purchase
- £950-£1,750 for a standard leasehold property purchase
- £500-£900 for remortgage conveyancing
- £500-£1,000 for a property sale
However, many factors impact your actual conveyancing costs including:
- Property location – London and rural areas cost more
- Property value – Higher value means higher fees
- Property type – leasehold, shared ownership, new builds etc. add fees
- Mortgage lender – some charge solicitors directly for work
For example, a conveyancer provides a quote tailored to your unique transaction details. Be wary of advertised average or estimated fees that don’t account for your specifics.
Conveyancing Fees for Different Property Types
Conveyancing fees vary depending on if you are buying, selling, remortgaging, or handling different property types:
Freehold Purchase – £750-£1200 is typical for a straightforward freehold purchase.
Leasehold Purchase – £900-£1500+ is common for leasehold purchases which require extra lease-related work.
Remortgage – £500-£900 for remortgage conveyancing to change mortgage lender, often simpler than purchases.
Property Sale – £650-£1000 is standard for selling a freehold property with no chain.
New Builds – £750-£1500+ as additional legal work is needed around building warranties, Help to Buy, etc.
Understanding how fees differ for your scenario helps you budget realistically. Be sure to get quotes tailored to your specific transaction.
Additional Costs to Factor In
Beyond the core conveyancing fees, additional costs may apply:
- Stamp Duty – Tax paid to HMRC based on property value and first-time buyer status. This can equate to thousands.
- Searches – £250-£350+ for required searches related to the property.
- VAT – 20% VAT is added to legal fees for leasehold purchases and remortgages.
- Bank Transfer Fees – £20-£50 for each bank transfer made, such as sending purchase completion funds.
- Land Registry – £20-£500 to officially register property ownership depending on the property value.
Knowing these supplementary costs helps you budget the true total for your conveyancing transaction.
How to Save on Conveyancing Fees
First thing to remember are top tips for reducing conveyancing costs:
- Compare Quotes – Get at least 3 quotes to find the best value legal fees for your transaction specifics.
- Fixed Fee – Some firms offer transparent fixed fee conveyancing which provides cost certainty.
- First Time Buyer Discounts – Ask conveyancers if they offer discounts for first time buyers to save on fees.
- Volume Discounts – Larger conveyancing firms may discount fees if you are buying/selling multiple properties.
- Incentives – Conveyancers may offer free searches, cashback rewards or other perks to win your business.
As shown above, shopping around, negotiating, and taking advantage of special offers can lead to substantial conveyancing fee savings.
Choosing the Right Conveyancing Firm for your house sale
Basically, choosing the right conveyancer is about more than just fees – it ensures your transaction goes smoothly. Consider:
- Specialist vs Generalist – Specialist conveyancing firms have more focus and experience than general solicitors.
- Check Reviews – Look for 5-star online reviews mentioning great service and value fees.
- Customer Service – Ask about communication standards and guarantees offered.
- Conveyancing Volume – Higher transaction volume indicates greater expertise.
- Queries Upfront – Get fee details, process timelines, communication channels etc. in writing.
While conveyancing fee comparisons help, take a holistic view in choosing your conveyancer for the best experience.
AVRillo’s Conveyancing Services
As a leading specialist conveyancing firm, AVRillo offers:
- Transparent Fees – Competitive fixed fees detailed upfront in writing, no surprises.
- Award Winning Service – Voted UK’s Best Conveyancer with 98% 5-star reviews.
- Speed – Complete transactions in nearly half the average time.
- Communication – Regular updates via phone, email, SMS and portal.
- Satisfaction Guarantee – 60 day free trial and switch guarantee provides assurance.
Finally, for fast, stress-free conveyancing from true specialists at great value, AVRillo comes highly recommended by past clients and property experts.
Conveyancing Fee Calculator Tools
Online conveyancing fee calculators like AVRillo’s provide free, instant estimates based on your property details:
- Enter property value, type, lease info, first-time buyer status etc.
- Instantly receive an estimated conveyancing fee range.
- Modify details to compare costs for different scenarios.
While not a formal quote, calculators give you an indicative idea of potential fees to budget for. Also, get formal quotes from multiple conveyancers before deciding.
Understanding typical conveyancing fees, what they cover and how costs break down helps you accurately budget for your property transaction. Be sure to get quoted conveyancing fees tailored to your specifics.
This makes paying for a reputable conveyancer well worth the investment – problems from cut-rate fees can be extremely expensive long-term.
For that reason, specialist firms like AVRillo provide an optimal balance of great service, swift completions, and transparent pricing through fixed conveyancing fees. Their expertise and award-winning reputation give confidence that your transaction is in good hands.
Use this guide to make informed conveyancing decisions and budget wisely. With the right conveyancer as your ally, you’ll navigate property transactions with ease.