How Much Do Conveyancing Fees Cost When Selling?
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How much does conveyancing cost? We explore what conveyancing fees are, how much are conveyancing fees are and how you may be able to avoid them altogether...
It’s no secret that selling a house is a long and costly process. We all know we’ve got to pay advertising fees, estate agent fees, conveyancing fees, the list goes on…
But what are conveyancing fees, and how much do they cost when it comes to selling a house? A great question! In fact, it’s probably the reason you’ve ended up here!
We’re going to talk you through what conveyancing fees are, what the average cost of them is and how they’re calculated. Alongside this, we’re also going to go through whether or not you can negotiate on cost and how you could avoid these fees altogether…
What are conveyancing fees?
Conveyancing fees are what you will pay to make sure the legal side of the house sale is handled and completed correctly. The fees are often split into two parts; the legal fees (charged by the solicitor or conveyancer for actually doing the work) and the disbursements (which is what third parties charge for services).
When looking at conveyancing fees, you may come across ‘fixed fee conveyancing’. This means you will have a pre-agreed price for the conveyancing, and it won’t change throughout the process.
With fixed fee conveyancing, you need to ensure that you’re clear on what the fee is covering, as it may only cover the basic conveyancing fees and not the disbursements.
DIY Conveyancing - Can you do Conveyancing yourself?
DIY conveyancing refers to the process of completing the legal paperwork and procedures required to transfer property ownership without the assistance of a solicitor or conveyancer. It involves researching, preparing and submitting the necessary documents and dealing directly with the Land Registry.
Attempting to undertake conveyancing yourself involves numerous legal requirements and potential pitfalls that can have serious consequences if not handled correctly.
The conveyancing process involves a range of tasks, such as conducting property searches, drafting legal documents, exchanging contracts, and transferring funds. Each step of the process requires legal knowledge and expertise, and one mistake can result in significant financial loss or legal disputes.
Additionally, the conveyancing process is heavily regulated, and failure to comply with the applicable laws and regulations can result in severe penalties or even criminal charges.
Therefore, it is essential to engage a qualified and experienced solicitor to handle your conveyancing needs. While it may seem tempting to save money by undertaking conveyancing yourself, the potential risks and complications far outweigh any perceived cost savings.
You could also see if your chosen conveyancer offers a no sale no fee conveyancing.
In a no sale, no fee conveyancing arrangement, the solicitor or conveyancer only charges a fee if the sale of the property is successful. If the sale falls through for any reason, such as the buyer withdrawing or being unable to obtain a mortgage, the solicitor or conveyancer will not charge a fee for their services.
What are the main disbursements?
Anti-money laundering checks – Carried out by your conveyancer to verify your identity and ensure you’re not money laundering
Title deeds – For selling your property, you will need to get a copy of the Title Register and filed Title Plan held by The Land Registry. The title deeds prove you’re the owner of the property. If you’re selling a leasehold property, this cost will be more than a freehold
Searches – Local authority searches apply more when you’re buying a house than selling. Searches will include things like drainage or environmental searches and also planning searches
Transferring ownership – This conveyancing fee goes to The Land Registry for transferring the ownership of the property from your name to your buyer’s name on the deeds
Telegraphic transfer or bank transfer fee – This is a cost required when your conveyancer needs to transfer money, including when they’re going to pay the final sale funds into your account
What is the average cost of conveyancing fees?
If you're wondering how much a solicitor charges to sell your house, according to Compare My Move, the average conveyancing fees in 2021 are £1,046, when selling a house priced at the UK average of £251,000.
Your conveyancing fees will vary amongst different solicitors and will be based on:
The value of the property you’re selling
Whether you’re just selling or selling and buying another house at the same time
Whether you’re paying fixed conveyancing fees or paying for the work completed per hour
We’re going to go more into how conveyancing fees are calculated later on, so be sure to keep your eyes peeled!
To give you an idea of the average cost of conveyancing fees when selling, take a look at the table below:
| What to expect | Average solicitor fee |
|---|---|
| Solicitor’s Legal Fee | £948 |
| Bank Transfer Fee | £40 |
| Title Deeds Copy | £6 |
| Anti-money Laundering Checks | £6 |
Figures taken from Compare My Move
| Additional conveyancing fees for selling: | Average solicitor fee |
|---|---|
| House repayments Property Supplement Fee | £100 |
| Leasehold Property Supplement Fee | £150 |
| Leasehold Management Information Pack | £150-£500 |
| Unregistered Property Fee | £100-£200 |
Figures taken from Compare My Move
Please bear in mind, the average conveyancing costs will probably incur further fees if you’re selling a leasehold property.
Do you pay upfront for conveyancing fees?
For selling a property, you will likely have to pay a small amount of the conveyancing fees upfront. You will then pay the rest of the fees either throughout the process and on completion.
Having said this, each conveyancer will be different, and some will demand the full conveyancing fees upfront, whereas others may not ask for the amount until the property sale completes – when you will pay will be reliant on which conveyancer you choose.
There may be some room to negotiate when you pay the conveyancing fees, so it’s always worth speaking to your conveyancer about this.
How are conveyancing fees calculated?
As we mentioned earlier, your conveyancing fees will be calculated based on a few different aspects. These are:
The price of the property
Whether the property is freehold or leasehold
If you’re selling with a house repayments
Whether you’re just selling or selling and buying another house at the same time
Whether you’re paying fixed conveyancing fees or paying for the work completed per hour
Your conveyancing fees will also depend upon the firm you choose to use and whether they charge per hour or whether they have a fixed fee.
Can you negotiate conveyancing fees?
As a seller, it’s easy to forget that the conveyancing process is actually very lengthy, meaning solicitors are unlikely to be unfairly charging high prices, making negotiation a little difficult.
The only real negotiation you can do when it comes to conveyancing fees is asking your solicitor to give you a fixed fee rather than an hourly, as this should work out slightly cheaper.
You will need to bear in mind if you do negotiate your conveyancing fees to be slightly lower, the disbursements most likely won’t be included, so you will need to take this into account when trying to get a better ‘deal’.
Now, you’re probably wondering, ‘if I’m able to slightly negotiate conveyancing fees, is there a way to avoid them altogether?’ Well hold that thought, we’re just about to get onto that…
Can you avoid conveyancing fees?
So, after seeing the cost of conveyancing fees, the burning question is can you avoid conveyancing fees altogether? Well – we have some good news…
Yes, there is a way you can sell your house and completely avoid all conveyancing fees and that method is…
Sell to us!
Yes, really…
Here at The Property Buying Company, we’re a cash buyer of houses, buying any property in any location. Alongside offering you CASH for your property, we cover all the fees associated with selling your house – yes that does mean no conveyancing fees!
As well as covering all your fees, we will complete your house sale in a FAST time scale to suit you, with our average completion time being 2 to 3 weeks. That’s two things that no other sales method can offer you!
Another great part of our cash house buying process is our trustworthy and honest method, backed up by the multiple good reviews we have on Trustpilot (feel free to check them out!)
We also don’t pull out of our sales – once you’ve accepted our cash offer you have a guaranteed sale, with your receiving the full amount in cash in your bank ASAP!
Want to put us to the test to see if we really will buy your house and cover the conveyancing fees? Give us a call or fill in our online form today for a no-obligation cash offer on your property, which you could have in FULL in your bank as soon as next week…
Solicitors fees for buying a house?
The solicitor's fees for buying a house in the UK can vary depending on a number of factors such as the complexity of the transaction, the value of the property, and the location of the property.
As a general guide, the solicitor's fees for buying a house in the UK can range from £500 to £1,500 or more, excluding VAT, disbursements and other additional costs.
Disbursements are additional fees that the solicitor may have to pay on your behalf, such as stamp duty land tax, land registry fees, search fees, and bank transfer fees. These disbursements can add up to a significant amount of money and can vary depending on the location of the property and the type of searches required.
It is important to note that some solicitors may charge a fixed fee for their services, while others may charge an hourly rate. It is advisable to obtain several quotes from different solicitors and to compare their services and fees before making a decision on which one to use. Additionally, it is always recommended to check the solicitor's credentials and reputation before hiring them.
How do solicitors fees for buying a house compare with solicitors fees for selling a house?
Solicitors fees for selling a house are generally lower than for buying a house, as the work involved is usually less complex and time-consuming.
The solicitor's role in a property sale is mainly to prepare the legal documentation, such as the contract of sale and transfer deed, and to ensure that the seller complies with their legal obligations, such as disclosing any defects in the property. The solicitor may also deal with the repayment of any mortgage and the release of the title deeds to the buyer's solicitor.
As a general guide, the solicitor's fees for selling a house in the UK can range from £400 to £1,000 or more, excluding VAT and disbursements.
However, it is important to note that the actual solicitor's fees for selling a house can vary depending on the complexity of the transaction, such as if there are any issues with the property title or if the sale involves a leasehold property.
It is advisable to obtain several quotes from different solicitors and to compare their services and fees before making a decision on which one to use for either buying or selling a house. Additionally, it is always recommended to check the solicitor's credentials and reputation before hiring them.
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